It feels like every time I read the newspaper, I see another article about how artificial intelligence (AI) is taking over our lives and our jobs. Commentators discuss the vast capabilities of these tools as well as their potential dangers. As these new forms of AI become increasingly accessible, it’s important for estate-planning practitioners to evaluate how and when it’s appropriate to use AI in their work. To help in this endeavor, an article in this month’s issue gives us a variety of issues to consider when incorporating AI into our practices. In “The Role of Artificial Intelligence in the Future of Estate Planning,” p. 30, Imaan Moughal outlines both the opportunities and challenges for the estate-planning industry when it comes to adapting to the use of AI. She notes that AI-powered legal drafting tools are becoming increasingly popular and more accessible to both attorneys and clients.
This month’s issue also includes our Retirement Benefits Committee Report. Many of the articles in that report focus on a common theme: the various nuances of the SECURE 2.0 Act of 2022. These include how the SECURE 2.0 Act deals with special needs planning, qualified charitable transfers and spousal elections. The remaining article in the report discusses the penalties and excise taxes that can be imposed on individual retirement accounts and how to avoid them.
Finally, we welcome Alvina Lo, chief wealth strategist at Wilmington Trust, to the Family Businesses Committee of our editorial advisory board.
