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After careful review of the orders of Governor Polis and the Order of March 25, 2020 by the Tri-County Health Department, which has authority over Arapahoe County, the law firm of Chayet & Danzo, LLC, will not be conducting in-person appointments in our offices until April 20, 2020, or until such date as the restrictions of the Governor and Tri-County Order are lifted.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m Monday through Thursday and 8:00 a.m. to 4:00 p.m. on Fridays. We will also respond to e-mails as soon as we can.

This decision is not only required by the orders of our public officials, but is in the best interest and health of our team, clients, and community.

We will be accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

Decanting may make it easier to change an irrevocable trust

An irrevocable trust has long been known to be challenging to change, even if it is the trustee wanting to do the changing, but they are still used because of the tax advantage. Decanting a trust provides one solution by letting the trustee move the assets from the old trust to a new one and change some terms at the same time. It is called decanting because the person is "pouring" from one trust to another.

Twenty-one states currently have laws governing the decanting of trusts, and a model law is being created that would make it easy for other states to allow for decanting as well. This may eventually create a uniform decanting law across most of the country, as states that already have decanting laws in place may decide to alter them to fit with the model.

Decanting is also cost effective for the trustee, who does not have to go to court or deal with any unwanted publicity. Because the decanting is not done in court, it normally costs less than $10,000. Decanting a trust, however, does not create a free for all. The already-vested interests of the trust must stay the same, for example.

It is also important to understand that each state has its own laws about trust decanting, and just because you read about someone being able to change one aspect of a trust in another state does not mean it's possible in every situation. The IRS may finally be releasing guidelines on taxes and trust decanting some time in 2014, so getting legal and tax advice before going through the process is important to make sure that everything is done in the best interests of all of involved.

Source: The Wall Street Journal, "When to 'Decant' a Trust" Liz Moyer, Jan. 03, 2014

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