Chayet & Danzo, LLC Chayet & Danzo, LLC
Law Pay

Call for a Free Initial Consultation

Direct 303-872-5980
Toll-Free 888-472-1088
Email Us


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.

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

Part 3: Making updates as business or family needs change

A business is not static. A merger with another company or increase in value as business booms or land prices skyrocket should be a time to review a succession plan.

While a child who is a part of the company may have been at the table, other siblings may not understand what is happening. With valuation increases it may be important to analyze whether you might owe estate and gift tax.

As the last part of our series on business succession planning, this blog discusses the importance of updates to an estate plan. This goes to the point we made in the first part of this series: succession planning is an ongoing process rather than a one-time exercise.

Adjust as situations change

It’s not just your business that changes over the years; the tax code goes through revisions (the current $5.45 million individual exemption could be lowered) or your family dynamics might change. An out-of-date business succession plan may no longer accomplish your goals. One child may be saddled with the family enterprise even though he or she had other dreams. A surprise tax burden could close a farm or ranch if assets have to be liquidated to pay the bill.

Once you have worked with an estate planning attorney on the initial business succession strategy, a subsequent call and update usually takes less time. Luckily, it is not necessary to reinvent the wheel each time that changes are needed.

Having a conversation about how a business move might affect the transition of the company might also factor into your ultimate decision. Meetings between family members and any advisory team members can be used to ease a transition and make revisions when necessary.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-888-472-1088
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-888-472-1088
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet
  • Rated by Super Lawyers Frank J. Danzo, III
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell