From the Internal Revenue Service’s (IRS’s) release of the 2024 lifetime exemption and annual gift exclusion amounts, to the Social Security Administration’s announcement of 2024 cost-of-living adjustments and a new final rule regarding the use of FinCEN identifiers under the Corporate Transparency Act, we have recently seen significant developments in estate planning, elder law, and business law. To ensure that you stay abreast of these legal changes, we have highlighted some noteworthy developments and analyzed how they may impact your estate planning, elder law, and business law practice.

More industries are increasingly using artificial intelligence (AI), and the legal field is no exception. News breaks regularly about new tools that utilize and incorporate AI technology. The outer limits of a machine’s ability to think and act on its own are unknown—AI creators have even expressed fears of its ultimate capabilities. 

The drawbacks of generative AI chatbots such as ChatGPT, Google Bard, and Jasper for the legal industry in particular include their inability to consider all necessary information when crafting legal documents and their collection and storage of private data, which could breach client confidentiality. As we recently showed in a case study, AI solutions are also significantly limited in their abilities to accurately draft estate planning documents. 

Despite these drawbacks, AI tools may offer some solutions to help legal professionals streamline their processes. Keep reading to learn how AI can help improve your productivity.

Millions of small businesses will need to file electronic reports to comply with the Corporate Transparency Act (CTA) starting in 2024. While existing businesses will have the entire year to follow the federal government’s new requirements, startup businesses will have to report their identities and officers much sooner. Keep reading to learn more about which businesses will be affected by the CTA and how Business Docx® has been improved to help your clients file their reports.