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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.

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

Trusts Archives

Revocable living trusts and wills

Although both types of documents are designed to aid people in distributing their assets according to their wishes, there are significant differences in how wills and trusts work. In some situations, a living trust is more advantageous, and in others, a will is the better option. There are a number of situations where the use of both kinds of documents is advisable.

The living trust as an estate planning tool for Colorado citizens

Benefactors in Colorado have the option of using a living trust to provide a safe method of transferring assets to named beneficiaries. This instrument of estate planning differs from the traditional will in that a living trust includes directions for the management of property while the benefactor is alive. This can be especially useful if the benefactor serves as the trustee and loses the ability to manage the trust.

Understanding assets for estate planning and management

One of the most important estate planning issues for Colorado residents may be having enough money saved to address living expenses during retirement years. Without sufficient funds, there could be the need to get rid of some assets in order to handle the costs of living. Whether or not enough money has been saved, however, an estate plan is important for prescribing how one's remaining assets will be distributed after death. With a revocable trust, these directions can be changed as often as necessary to account for changes in holdings based on the liquidation of bad assets or the decrease in value of a good asset.

Covering all the bases with a special needs trust

Almost all Colorado residents need to make a will. This most basic of estate planning documents details how you want your assets and possessions disbursed after your death. But even more importantly, it allows you to name a guardian for any minor or disabled children. Without it, your child(ren) may become the center of a courtroom battle between family members fighting for the right to physical custody.

Paul Walker's estate points out advantages of trusts

The death of famous actor Paul Walker in November of last year was a tragedy that left fans of his movies devastated. While there are often many lessons that can be learned from tragedies such as this, an important but possibly overlooked lesson includes how the deceased person's estate is handled. It's safe to say that Walker had more assets than the average person in Colorado -- he was worth around $25 million including the real estate he owned, which was worth around $8.5 million. Nevertheless, the setup of Walker's estate may provide some insight and useful estate planning lessons to people with much fewer assets, especially with regards to trusts.

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.

Court to decide future of Andy Warhol portrait of Farrah Fawcett

A portrait of the late actress Farrah Fawcett, painted by art legend Andy Warhol, has an uncertain fate. Fawcett's will decrees that all of her artwork is to be given to the University of Texas at Austin. However, Ryan O'Neal, her partner for 30 years, claims that Warhol gave the painting to him as a gift. The dispute has resulted in a court proceeding which will ultimately decide where the painting should end up.

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