Simplified websites and clever chatbots make AI use for estate planning seem like an easy solution for busy millionaires. But when you've worked hard to build a net worth between $2-5 million, you can't afford to leave your legacy to chance. Our experienced New York estate planning attorneys provide the human insight and local expertise that algorithms simply can't replicate.
At Landskind & Ricaforte Law Group, P.C., we know that there are a variety of AI tools that may tempt people away from hiring legal professionals to create their estate plans. But we also know that AI is unsuitable for legal documents and ensuring your legacy. With our planning, administration, and litigation experience with local courts and judges, along with all the different types of family dynamics we’ve worked with in the almost 50 years we’ve been working with wills, trusts, estates, elder law, and estate litigation, we know we are the best choice for your New York estate planning. Here, we explain why.
Why You Can’t Rely on AI Estate Plans
Cheap AI tools can introduce errors that might invalidate your entire estate plan. AI relies on you to input all the correct information about your assets, debts, and intentions. A single omission or mistake can derail your entire plan. And since you're not an estate expert, you likely won't spot the error until it's too late.
Out skilled NY estate lawyers will exhaustively inventory your estate, cross-check your documents, and ensure every detail aligns with your goals. You can trust their trained eye to catch issues that AI simply can't.
Additionally, if you rely on AI to create your own plan, you may make critical errors that might mean your plan isn’t even legal or it doesn’t do what you intend. You might:
- Not use correct legal language or accurate terminology
- Not use words that are clear or have enough definition or description but you believe speak for themselves
- Not realize that you’ve included or excluded a beneficiary you didn’t intend
- Not distribute your assets the way you intend
When you create an estate plan using AI tools, you’re typically using a one-size-fits-all document that can leave dangerous gaps in your content. While AI tools can generate basic wills and trusts, they rely on fill-in-the-blank templates that fail to address the unique needs of high-net-worth individuals and families. Some other problems with AI tools include the following:
- They offer a generic mold. AI estate plans are designed to be as broad as possible to cover the widest customer base. But when you're dealing with millions in assets, vague boilerplate documents don't provide the rock-solid protection you need. Your estate plan should be carefully tailored to your specific assets, family dynamics, philanthropic goals, and tax concerns. These things are individual and unique to your particular situation, and a generic template can’t handle the size or specifics of people with a high net worth. There’s no room for errors.
- They miss opportunities. AI systems are programmed for the bare minimum, not the savvy strategies a seasoned attorney employs to maximize wealth protection and minimize tax liability.
- They lack foresight. Algorithms can't anticipate how life changes or market shifts might impact your estate—leaving you vulnerable to unintended consequences down the road.
While AI estate plans may seem like a bargain, they can trigger a financial nightmare for your loved ones. If your plan has holes, inaccuracies, or outright mistakes, your family may end up spending a fortune in legal fees and court costs to untangle the mess.
Other Estate Planning Knowledge AI Doesn’t Have
Estate planning is deeply entwined with state and local laws, court procedures, and complex family dynamics. An AI tool simply can't navigate these nuances the way a human can. Here are factors that make it important to have our skilled lawyers on your team:
- NY-specific regulations. From property ownership rules to estate tax thresholds, New York has many unique statutes an experienced local attorney knows inside and out.
- Courthouse know-how. After decades of working with area judges and court staff, a New York lawyer understands the unwritten quirks and customs that can make or break your estate plan.
- How to deal with family issues. When money mixes with relationships, even close-knit families can unravel. A seasoned counselor provides the emotional IQ to defuse tensions and align interests.
What Does Landskind & Ricaforte Law Group, P.C. Provide that AI Can’t?
Our knowledgeable attorneys can provide tailored strategies to preserve and protect our clients’ wealth. For estates over $2M, sophisticated and strategic planning tools can provide an extra cushion of asset preservation—but they demand specialized knowledge to set up properly. Our lawyers can do the following:
- Leverage trusts. From ILITs to QTIPs to GRATs, our attorneys draw on an arsenal of trust vehicles to safeguard your legacy while minimizing gift and estate taxes.
- Shield assets. When structured properly, strategic tools like LLCs and FLPs can add a layer of protection from creditors, lawsuits, and prying eyes.
- Help charitable planning. Optimize your philanthropic impact and reap tax benefits with tailored strategies like donor-advised funds, private foundations, and charitable trusts.
Additionally, our law firm can provide peace of mind. With our nearly 50 years of collective experience, our team puts hard-earned wisdom to work for our clients. We provide:
- Unmatched excellence. We draw on an unparalleled depth of knowledge to craft plans that withstand the test of time and the most rigorous legal scrutiny.
- Trusted relationships. Our long-standing ties with local courts, judges, and court personnel grease the wheels in estate administration and litigation.
- Compassionate counsel. We've helped many families navigate the toughest times with clarity, sensitivity, and an unwavering commitment to your best interests.
If you've built a net worth between $2-5 million, you've already defied the odds. But without an ironclad estate plan, all your hard work could unravel in an instant. Securing your estate requires more than a generic algorithm—you need a dedicated advocate who understands your unique goals, family, and community. There's simply no substitute for the human insight of our experienced New York estate planning lawyer. Read our testimonials to learn how we’ve helped other high-net-worth clients with their estate planning.