Thanks to extensive press coverage, you have probably heard of the lawyer who submitted a legal brief prepared using ChatGPT that cited cases that didn’t exist. ChatGPT just made them up. Artificial intelligence (“AI”) tools like ChatGPT are increasingly being...
The failure of several banks in early 2023 raised fears among many individuals and businesses that their cash deposits were at risk. Most depositors were covered by FDIC insurance but others were not. The best way to protect your cash holdings is to understand the...
The federal government, and some state governments, have a gift and estate tax that applies to assets transferred to another party. However, the tax only applies if the transfers exceed a specific threshold. Amounts below that threshold are exempt from tax. In 2017,...
Trustees can have significant discretion in how they manage assets depending on the language of the trust instrument. However, as fiduciaries, they owe a duty of loyalty to beneficiaries and can be charged with breach of fiduciary duty for acting or failing to act in...
Individuals usually create a trust because they want to protect and provide for loved ones. However, it’s common for them to be concerned about how knowledge of the trust assets might affect their beneficiaries and the actions of third parties. Beneficiaries might be...
