A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Lawyer Tasha Dickinson said she gets calls every week from clients asking about legal advice they got from ChatGPT, Claude or another artificial intelligence chatbot. Some don’t admit it, but she can tell from their line of questioning, she said.
One client, a high-net-worth Florida resident, asked Dickinson about creating a community property trust — an attractive option for married couples — saying he got the suggestion from AI to save on taxes for his heirs, she said. Dickinson quickly pointed out a problem: The client’s wife had recently died.
“I said, ‘Well, you do understand that a community property trust is between husband and wife, right?’ And there was silence on the phone,” said Dickinson, a partner at Day Pitney. ”’They’re like, ‘Oh, well, AI thought it was a good strategy.’ Well, like, in the universe, maybe it’s a good strategy, but it’s not a good strategy for you.”
Lawyers to the wealthy told Inside Wealth that their clients are increasingly using AI not only to research tax topics but to second guess their lawyers’ advice. While some lawyers said AI helps clients come up with informed questions and learn basic concepts, they also say it poses a headache and legal risks.
