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COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

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 – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue 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.

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guiding colorado families and Their Trusted Advisors During Times of Need

Is it difficult to transfer wealth and assets to a living trust?

| Jan 5, 2016 | Trusts |

We have talked about trusts quite a bit in the past, and one of the more common (and important) types of trusts is called the “living trust.” A trust is an arrangement between the grantor, a trustee and a beneficiary. The grantor gives wealth, assets and/or property to the trustee, who holds it on their behalf for a certain amount of time until the estate is ready to be executed. Then, the beneficiary may utilize the assets, wealth and/or property contained within the trust.

A living trust is exactly this, except that it is created during the grantor’s life, as opposed to being created upon his or her death. Setting up the living trust isn’t necessarily difficult, though you do need to follow procedure. Transferring assets, wealth and property to the living trust is a little more difficult. So how do you do it?

In some cases, you will have to transfer the title of the asset. So, for example, if you are transferring a 401(k) or real estate to your living trust, the title associated with those assets would be changed to reflect the trustee having “ownership” of it.

However, some assets don’t have titles. Furniture, jewelry and other intangible assets won’t have a title, so you have to transfer your rights to the property to the trustee. Each process is a little different, and you need to make sure it is being handled appropriately — no matter what asset you are transferring to your living trust. To ensure this, get in touch with an experienced attorney.

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