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Machine Learning
Large Language Models
https://en.wikipedia.org/wiki/General-purpose_technology
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AI got a few things right, but many important elements fell short. The estate plan generated by AI would be problematic for any person whose estate would be subject to estate taxes, as AI did not consider the relevant tax component involved in estate planning.
There was no attention given to minimizing or avoiding estate taxes, no direction relative to the way estate taxes should be paid (i.e., should it be apportioned?) and no follow-up question seeking asset or net worth information from the user to determine if estate taxes needed to be considered for this particular individual.
In not doing so, the AI-user forfeited the opportunity to utilize techniques to minimize or even eliminate estate tax. AI also neglected to consider the impact that beneficiary designation forms or transfer-on-death (TOD) accounts have on estate plans as these assets will pass outside the estate planning documents that AI crafted.
The equal split of assets between the two categories of spouse and children is interesting, as it deviates from the most common approach whereby the individual passes all of his or her assets to the surviving spouse. In a simple estate plan, the children do not generally inherit any substantial amounts until the death of the surviving spouse.
More alarming is the option of the spouse’s share to be distributed “outright or in further trust”. Presumably the successor trustee would be tasked with this determination, but it opens the door for the spouse to litigate if they disagree with the successor trustee’s decision.
If a trust for the spouse’s benefit is created, what are the terms? The trust agreement does not actually provide the terms for a continuing trust for the spouse’s benefit.
The trust was also silent on what would happen to a beneficiary’s share if the beneficiary did not survive the grantor. What if a child did not survive the grantor but was survived by children of his or her own?
Who gets the predeceased child’s share – the child’s surviving children, or should it be split among the surviving children of the grantor? Similarly, what happens to the spouse’s share if he or she predeceased the grantor?”