Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Law Pay

Call for a Free Initial Consultation

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

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.

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

3 considerations for creative types in estate planning

Musicians, artists, writers, photographers and other creative types often miss an opportunity to have a say in what happens with their work by overlooking estate planning. The Queen of Soul, Aretha Franklin, who died of pancreatic cancer Aug. 16, did not complete a will or trust even though her entertainment lawyer spent several years recommending that she set up a trust.

Dying without a will (intestate) requires probate and Colorado law decides inheritance issues. The value of an estate and any disputes among extended family members also become public. You can avoid this by planning for the future care of your work.

 

Management of a portfolio

First, create an inventory. Key locations, formats and contacts familiar with your work provide a starting point for a trusted personal representative tasked with managing your portfolio. Also, identify and detail the framework for royalty-generating work.

Finding the right person to manage this portfolio is an important decision. The person needs your trust, but also some knowledge of the industry. And leave instructions for incomplete works; what should happen with an unfinished screenplay or painting?

Primary purpose

Second, think about the following questions: Would you want the public to have access to a vault of unreleased recordings? Are there any works you want donated rather than sold?

This can tie in with your preference for generating money for family or ensuring public accessibility to your work. Depending on the size of your estate, the needs of family members and the value of a copyright in an image, you may prefer to direct profits to a charitable cause.

Your estate plan can guide decisions. It is a road map that avoids the need to guesstimate your wishes.

Extended 'life span'

Third, consider that works or rights to your works – for example, a stage adaptation of a novel – may be of interest beyond the lifetime of the person named to manage your portfolio. Establishing a trust may be the solution, depending on your wishes.

As the years pass, time has a way of accelerating. It’s crucial to start estate planning conversations if you have created a valuable portfolio over your lifetime. Protect your family members by sharing your wishes, so they do not have to fight over what they think you would have wanted.

 

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.
#D-201
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 SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • 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