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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

Senior$afe Act makes progress in Senate

Creating a catchy title for federal legislation must be its own niche on Capitol Hill. The aptly named Senior$afe Act must have been coined by a financial planner.

It begins to answer the question of how we reduce senior financial fraud. Brokerages and financial advisors would play a stronger role as a first line of defense. Of cases reported, an overwhelming majority have gone undetected for too long. These delays have devastating consequences on seniors who rely on their accumulated life savings to cover expenses.

Training component

This recent legislation aims to protect seniors from financial abuse by encouraging reports of suspected fraud. It passed the Senate Banking Committee in early December. In the House, the Financial Services Committee passed a similar bill in October.

The bill requires additional standardized training for financial advisors on how to identify and report instances of suspected financial abuse.

Immunity from liability

Concerns about violating privacy laws have at times tied the hands of financial advisors. The legislation addresses this by providing certain civil and administrative immunity to financial service firms and advisors who receive training. This would allow companies to and regulators to work together to better protect retirement saving.

There has been bi-partisan support for the bill.

Recognizing financial fraud

It can be nearly impossible to uncover that an elder loved one is losing his or her savings due to financial fraud. Any “new” friend who takes an unusual interest in finances or accounts should be a red flag. Several others include:

  • Abrupt changes to account beneficiaries or estate planning documents
  • A caretaker or relative who suddenly starts handling financial transactions

Age-associated financial vulnerability is the term given to patters of imprudent financial decisions that start to occur in the 70s and 80s. An Allianz survey estimates that on average a victim of elder financial abuse loses almost $40,000. Other surveys place the figure higher, but even a small financial loss can affect financial security and even health.

While financial professionals are well placed to identify signs of financial fraud, you may also spot behavior that causes alarm. When it is time to step in and assist with financial decisions or seek a change in who is helping with these decisions? Discuss your unique situation with an experienced attorney who can provide individualized legal advice.

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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.

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