Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:12):
He served at the Pentagon as an army jag. He
graduated from Notre Dame and has two law degrees from
Boston University and Georgetown University. He's been practicing law for
over thirty years. He's your family's personal attorney. It's time
for the David Carrier Show.
Speaker 2 (00:33):
Hello, and welcome to the David Carrier Show. I'm David Carrier,
your family's retirement laws specialist. What does that mean, Well,
it means whatever you want to mean. I guess what
it means is if you're retired, you want to retire,
you think to somebody, think of retiring someday, and you'd
like not to go broke. Now's the time to give
us a call. Sixty one six seven four twenty four
(00:54):
twenty four. That's sixty one six seven seven four twenty
four twenty four. Here's something else you can do. Have
you ever heard of event Bright event Bright b r
I t E. Event Bright. It's a place where there's
all kinds of stuff going on and next week. Next
week you're getting a preview of it today, but next
week you can go to the AI and estate planning.
(01:17):
We've got I don't know, like a thousand people signed
up for it. It's a webinar on event bright. You
just go there, click on it. It's free, just like
this is free. But it's a video, you know. And
we've got an AI specialist coming in and all the
rest of it. Because here's the deal. The estate plan
that you have from anybody else and including ours to
(01:40):
some extent, I mean, we're rethinking this whole thing, right.
Your estate plan is the same thing that has been
done for millennia. It solves the problem, supposed to solve
the problem when I die, I have stuff? Where does
my stuff go when I die? I don't want to
be embarrassed because I left them? And I would like
(02:01):
to benefit people I like, people I love. I would
like to benefit those. But those are the number one
and two goals of so called the state planning. Okay,
is state planning routinely fails to do this. Anybody's been
involved with that. You already know this, I do. I
don't have to convince you, Okay, just look at your
(02:22):
own experience. You know that most of the time this
doesn't work. And we're in a situation right now where
the tools that have been used to accomplish the goal
of moving stuff from one generation to the next. Okay,
are the tools we've been using for centuries, centuries. I
(02:42):
always like to say, William Shakespeare, would you know, except
for the language, I guess would recognize your He had
a will like yours. Okay, Abraham Lincoln did wills. So
these are things that have been done routinely for a
very long time, and the fights that go on. Charles
Dickens wrote a whole novel about just how bad going
(03:03):
through probate was. Jarndyce read Jarnis Okay, you can look
it up. So the question is how do we make
things easier. The one big development in the last fifty
years has been using trusts for regular folks. The promise
of the trust was you don't have to worry about probate.
(03:23):
Now it was a probate free will. It was a will,
did the same thing a will did, but now it
didn't need probate. And it's the same mistake, same mistake
that people made when they took the telephone off the
kitchen wall and put it in a shoe box and said,
(03:44):
here you go, this is what you've been living for,
this is what you want, a big, clunky thing. But
now you can make a call wherever you are. Or
if you think about I don't know how many farmers
we got here, but if you think about tractors, Henry
Ford thought of the tractor as a horseless horse. All right,
(04:05):
all it did was pull stuff. Well, he almost went
broke with the horseless horse to look at what everybody
else was doing, and said, no, it's it's a sawmill,
it's a corn grinder, it's a combine, it's all these things. Right.
A tractor is all these things can do, all these
amazing things. Right. Steve Jobs said, hold, wait a second,
(04:27):
I don't have a phone that just happens to be
off the wall that I can take with me. Steve
Job said, no, look at all the other things I
can do with it, all the associated things. The problem
that we have in estate planning is people think about
it as estate planning. Big mistake to think about it
(04:48):
that way. I learned long time ago, when I first
started doing this stuff that the estate planning, the trust planning,
the oh you won't go through probate was just a
bunch of hocum because nobody followed through. And when I
say nobody, I mean hardly anybody. Some people did very few, okay,
very few people actually followed through to make their trusts work,
(05:12):
and they sold a lot of trust. Why because everyone
was afraid of probate. And a will is probate. That's
what it is. It's instructions to probate court. Okay, So
the question now is how do we avoid Oh, I
want to avoid probate. No yet, don't you're like the
you like the farmer who says, oh, I just want
(05:33):
a horse that doesn't poop. I want a horse I
don't have to feed. I want a horse I don't
have to keep in a barn. I want a horse
that pulls stuff and doesn't get tired, all right. And
Henry Ford said, yep, here you go for a tractor,
and everybody else said, no, I don't think so. I
think what you want is a portable threshing machine, a
portable sawmill, a portable did all the additions, and the
(05:58):
farmer said, right, that's what I really need. With the phone,
it's more than just a portable phone. It's all kinds
of other It's your diary, it's your calendar, it's your
pictures of the grandkids, cat videos, it's all kinds of stuff, right,
More than the phone on the wall, in the in
(06:21):
the kitchen. Okay, so what if we rethink estate planning
in that way. When I first started doing the stuff,
I realized that there was a failure. There, a massive
failure in the basic promise of trust based planning. And
the major failure was. The major failure was people didn't
(06:43):
follow through and actually get the benefits of it because
they didn't put their stuff in the trust. Back in
the day, we did an awful lot of estate tax
death tax planning. Hardly any of it worked because people
just ignored it. When spouse would die, the other one
would ignore it, and by the time that the second
(07:04):
spouse died, the tax laws had changed and it didn't
matter anyway. Okay, so people did something to accomplished a
certain goal, it didn't accomplish the goal. And guess what.
Guess what, most folks don't like to come see attorneys.
Why don't people like to come up and see us?
It hurts my feelings that you don't come and see me. Well,
(07:26):
because I'm expensive, because I'm annoying, because all the reasons
that you don't come to see you know, it's confusing,
and you don't feel good about it. And you're not welcomed,
and it's going to be really expensive for all those reasons. Okay, well,
what if there was a lot more you could do
with your statement. I figured this out again three decades ago.
(07:51):
And I didn't figure it out because I'm so smart.
I figured it out because my clients were coming back broke.
Why broke? Because the husband is the first case I
ever had. It was the husband was in nursing home.
People went from a stable, you know, looking good moving forward.
We did fund the trust. We did follow through because
(08:12):
I realized early on that that wasn't happening, so we
had to fix that. So we did fix that. All right,
more expensive, Yes, there's more work that other people weren't doing.
And that's now. That's still true today. But here's the difference.
Here's the other thing that I found out was that
you can use the trust to accomplish other things. You
(08:35):
can use the trust to protect assets from lawsuits. You
can use the trust to protect assets from long term care.
You don't have to lose the cottage, you don't have
to go broke, you don't have to lose your life savings,
you don't have to impoverish your spouse, None of that
has to happen if you plan your estate properly. And
(08:57):
so for quite a long time, now decades, right, we've
been really focused on that. But you know what we've
been doing. You know what it is. It's the bag phone,
it's the horseless horse. Okay, it's the tractor that's just
pull stuff. Yeah, we do a little bit more. We
do morey not short selling us. Okay, we do more,
(09:18):
but it's still clunky. You still don't like coming in
to see us. I put together the Red Wagon Club,
why so to get you to paint and sip wine
with us, for you to come in on a monthly
basis and learn new stuff from other experts, all kinds
of activities and things like that. To keep things going.
(09:39):
We have a fee. Why so that in future when
you make changes, it's not going to be a gigantic
Oh my god, I'm not going to change that because
look how expensive it is. No, you already took care
of that. So we're working hard right to actually deliver
what you actually need. But now the world has changed.
The world has changed in the same way that miniaturization
(10:02):
enabled your smartphone, in the same way that doing a
power takeoff unit turned a tractor into everything. Okay, it's changed,
and the change is artificial intelligence. This does not take
the lawyer out of the loop. This has not removed
the human element. But just as your think about your car,
(10:25):
would you like to drive in a model A, the
one with no windows? You want one of them? Or
would you rather have something with all the stereo speakers,
the airbags to crumple zones and all the rest. And
now some of these things actually drive themselves. You're saying, oh,
that's crazy. I say, well, I don't know how crazy
it is. I gues it's pretty cool. That's what we're
going to be talking about today. How does AI affect
(10:48):
estate planning in a way that opens up possibilities for
You've been listening to the David Carrier Show. I'm David Carrier,
your family's personal attorney.
Speaker 1 (11:14):
This hour of the David Carrier Show is pro bono,
so call in now at seven twenty four. This is
the David Carrier Show.
Speaker 2 (11:25):
Welcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now I know that you're expecting
me to address the fact that elite opinion in the
United States it seems to be favoring somebody who insulted
the American people. And it's like when you throw a
(11:48):
birthday party for somebody and that complained I wanted a
chocolate cake and that's vanilla. Oh come, we we got
thirty two presents. I wanted thirty five. And as much
sympathy as you can have for the very difficult situation
that they find themselves in. People find themselves in difference,
very very difficult situations. Does that create an obligation on
(12:09):
the part of other people right to rescue them from
their bad situation? Especially you know when they throw themselves
back in. You know, you save somebody from the raging waters,
you pull them out, and then they're like, oh, you
didn't pull me out quite correctly. Here, let me throw
myself back in. Now pull me out again, usob You
(12:30):
know what, In meantime, the other people on the deck
right on the dock who can't even swim, who, yeah,
they're like, yeah, here, here, here, have a floaty ring.
Oh they're the good people. They're the good people. And
we're like, what, I'm not diving back in after you again.
(12:51):
I already fixed out several times, and you know, a
great cost to myself. Let me think about it. It's
just it's phenomenal. But I'm not going to talk about
that because why because that's not this kind of show.
What we're talking about today is the transformation that artificial
intelligence is bringing to a state planning what we think
(13:13):
of as a state planning. Suggest is the wrong way
to think about it. I think what you need to
be thinking about. I suggest that what you might want
to think about is what are the things we need
in retirement? Okay, I get the I'm working hard, I'm
doing this, I'm building up my four O one K. Yeah,
go for that. Do that. Okay. Now, there's all kinds
(13:35):
of other stuff that goes on along those lines. But
we get to a certain point and now we are
we are retired. And when we're retired, that's when, for
most of us, this is when the dementia happens. This
is when physical infirmity occurs. We're getting older, Okay, we're
(13:55):
more dependent. Now at some point we're gonna die. And
when we die, if we've worked, if we've been good people, right,
we probably and Americans we probably have a whole pile
of stuff left over. We probably do. Who gets the
stuff on what terms and conditions do they get the stuff?
(14:17):
Oh and by the way, that whole dementia physical infirmity
thing that's very expensive. How do I get that handled? Now?
That whole retirement thing, the whole physical infirmity thing, that's new.
I don't know if you realize this. It's like it's
(14:38):
like they talk about American children, this whole extended adolescence
in the history of the world. That's not how it worked.
You know, look at the age of the Founding fathers
that were like in their thirties. Why because the average
life expect was like thirty five. They had to get
it done quick. Well for us, what do we do
where our kids are on our health insurance till they're
twenty six years old? Twenty six years old? Are you
(15:02):
kidding me? I'm not that old. But I had my
first kid when I you know, I did when we
were twenty six years old. Right, I wasn't staying at home?
Are you kid staying at home? Stop it? Right? Things
are changing, right, these these periods of time like extended
(15:23):
adolescents for kids. Well, you're past that one, right, You're
now on to the other end of the spectrum, right,
and estate planning is how do we maneuver that period
of time. People used to get sick and die. Now
people get sick, they get better, then they get dementia
and they live for the years and it's not you know,
(15:47):
we can talk about that, but the point is, it's
an extended period of time and what you built up
during your lifetime evaporates like a snowflake on a hot griddle.
How do we stop that? How do we make sure
that in your interactions with the system, the system, how
do we make sure that it doesn't rip you off?
(16:07):
How do you make sure that you get back what
you paid in? How do you make sure of that? Well,
most people aren't even thinking about it. This is why
they go broke. This is why nursing home for most
people is a financial death sentence. Why because at twelve
thousand a month, fifteen thousand a month, eighteen thousand dollars
(16:28):
a month, that's what it costs in a skilled nursing facility.
Good luck finding anything that's cheaper that you'd like to
go into. And even at those prices, you don't want
to go in there. The point is it's very expensive
and you already paid into the system. To pay for
long term care, but you won't benefit from it. You
will not benefit from it because you don't know how
(16:50):
to take advantage of it. It's like the tax code.
Why is the tax code a gazillion pages long? And
you know it's like those monkeys typing out experien you
know what I mean. You just keep typing in and
eventually you get the tax code. Why how did that happen?
How did that happen? Well, you don't know how to
maneuver it, and a lot of it is special dealing.
(17:13):
But here's the game changer. And I speak as somebody
who for thirty years has been trying to get as
much benefit for middle class people right, common sense planning
for middle class folks. Why, because if you don't plan ahead,
you're gonna miss out. It's just as simple as that.
(17:34):
And when everybody thinks that, what's going on here is
how do I not embarrass myself when I'm dead by
leaving a horrendous mess? How do I actually benefit my kids?
Right when those are the two top things that people
want to do right, trying to convince you that, hey,
you're not dead yet, maybe we could make where you
(17:54):
are right now better it's been a difficult thing to do,
especially because doing it correctly is anybody surprised by this.
Doing it correctly is more expensive than doing it shoddy,
and most of what you see is shoddy. It's not
done correctly. It's not done with an appreciation of what
(18:16):
the law actually says. In no way is it intended
for you to maximize your life. Instead, at best, it's
about how do I get the stuff that I died
with to the next generation one way or the other,
and without a lot of thought about that either. Artificial
(18:37):
intelligence AI is the way. This is what Believe me,
I was not a I'm a convert, right, I'm thinking, Well,
you always got to keep the lawyer in there. You
always got to have somebody who's thinking about this stuff
really really, and you do, you absolutely do. Artificial intelligence
(18:59):
does not replace does not replace conscientious thought, conscientious interaction
with the attorney. It doesn't do that. What it does
do is it makes all the stuff that gets to
be very expensive in terms of implementing the plan, very inexpensive,
and now you can actually do what you want to do.
(19:23):
Think about what computers were like in the fifties versus
what they're like now you have more computing power in
your pocket than the Apollo astronauts had to get to
the moon, which is crazy, right, it is. It's mind boggling.
What if we applied that kind of power to making
(19:44):
sure that your life was maximized, that your finances were
done exactly right, that your assets were protected, that you
did not go broke in the long term care, that
you got to stay home instead of being forced into
a residential care facility. What if we could do all that?
What if AI could do that for you and at
(20:06):
the same time, and at the same time communicate not
only your property transfer, not only your property, but communicate
your values to the next generation as well. What if
it could enhance your life and the lives going forward,
in the lives of your family, your project, and your descendants.
What if that's what we're talking about today. You've been
(20:28):
listening to the David Carrier Show. I'm David Carrier, your
family's personal attorney. Catch you, bustchens, gotcha.
Speaker 1 (20:59):
David's got the how to you're looking for. It's just
call seven seven, twenty four, twenty four. Now, this is
the David Carrier Show.
Speaker 2 (21:07):
Beautiful, wellcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now we're talking about AI, and
I'm saying, oh, look at this AI. It's wonderful stuff.
It's really going to change your life, et cetera, et cetera,
well at least as far as the state planning goes.
And then the question is, well, how's it going to
do that? So here's my challenge to you. If you,
(21:28):
if you wonder, go to the website David Carrier Law
dot com Davidcarrier Law dot com. Now just click that,
you know, go to that one. If you wait about
twenty seconds, you'll see my my smiling face pop up.
And there are some questions on there that are kind
of routine questions people ask. But you can click if
(21:48):
you've got a microphone, attach to your computer, and you
can ask it a question and see what kind of
answer you get. Okay, it's it's not a chatbot. It's
not something that's just going to say, oh question, Uh,
leave me your phone number and I'll have an attorney
call you back with the answer. No. I mean it
actually gets into on a you know, it's not as
(22:08):
a deep level, it's not as personal level, but it's
a pretty substantial answer. It's it's still magic to me
to put questions in and and just free form it. Right,
don't even don't even try to be precise about what
you're saying. Don't try to be like legal ease or
anything like that. Just say, uh, you know, I'm I'm
(22:30):
putting the milk in the broom closet and my shoes
and the refrigerator and blah blah blah h whatever, I
got three kids, stuff like that, and see what it
see what it comes up with. Now, the point is
not that this computer is going or the AI is
going to write a software excuse me, is going to
write a trust for you and a state plan. It's
(22:52):
not going to do that. But what it does do
is it starts the thought process moving, gives you some options, right,
tells you, hey, maybe you should go to a workshop
with a live person and here's how you sign up for.
That makes all that easier instead of you know, phone
people calling you on the phone and back and forth
and all that makes that easier, explains why you might
(23:12):
want to do this. And then see, and this is
the thing that I think most people miss out on
that you think of a state planning. You think of
this interaction as limited to who gets my stuff when
I'm dead. It's a lot more than that. It can
be so much more than that. It can be how
do I protect my assets from random lawsuits because you know,
(23:37):
car insurance or because this, that or the other thing.
I'm running a business, I have rental properties, I have
a cottage. I don't have a cottage rental properties. I'm
living in an apartment and I've got two hundred thousand dollars.
How do I make sure that I don't go broke
all at once? Right, those are the sorts of issues
that regular people have, that middle class folks have. And
(24:01):
the problem is that up until this point in history,
up until this point in history, right, the only people
who could really use the legal solutions right that have
been developed are wealthy folks because they've got enough money
that they can skim ten percent off the top or
whatever the heck. It is right to pay a lot
(24:23):
of lawyers to figure out, how do I pay no
more than the minimum taxes? How do I avoid pay
an extra tax? How do I get every benefit I'm
entitled to from the government. How do I arrange my
stuff so that I have the highest degree possibility of success?
How do I do all these things? And a lot
(24:43):
of these are legal things that are built into the
law which you will never hear about because your lawyer
is there. Because what you want to do, and this
is what you tell them to do, and this is
what the lawyer's going to do. Right, They're going to
avoid probate, save taxes, get to the kids. That's what
you're going to say that. They'll give you some documents,
(25:03):
and the documents will not be implemented correctly because follow
through is too expensive. The rich people follow through? Why
because they're paying people to follow through? Right, But in
this price competenty Oh no, I can get a steak
dinner and a trust for five hundred bucks. Let's do that,
all right? I know people who multimillionaires' is like, oh,
(25:30):
you know, what do you mean? I don't even get
the steak dinner and you're charging me more than that guy. Oh,
forget about it. Well, the problem is that there's this
whole price thing going on. People think you're still going
to go through probate. In generally you're correct, and that's
where it's going to come out. There's no perceived value
in what we're doing, and in fact, there's so much
(25:52):
that can be done right to protect you now and
then make sure that everything goes correctly, funding the trust,
moving assets into the trust. As I said, eight to
ten hours of paralegal time on average is what it
takes us to do that being on the phone, going
back and forth, blah blah blah. We don't give you
(26:12):
a letter that says here, do it all by yourself.
All right, there are things you have to do by
yourself because we can't do it for you. There are
things like that, but most of it is behind the scenes. Well,
what if I could have an AI, a computer making
the phone calls. What if I didn't have to have
a live person hanging on the phone. What if the
(26:33):
computer could call every five milliseconds instead of what you know?
What if we could do all that and you can.
That's the beauty of this AI stuff, right. It enables
us to bring solutions that till now have only been
available to wealthy people to regular folks, like asset protection,
(26:56):
like long term care protection like devising, and a state
plan that leaves stuff to your kids so your kids
are one correct protected right, so that the inheritance actually
gets to the kids in the most tax efficient way possible.
What if all that stuff could now be done and
(27:17):
at a much lower cost. That's what AI is doing
for us. That it's making things possible that we're not
possible before. Not because you couldn't have done it, but
just from a car you couldn't. You couldn't actually do it,
right unless you're Jeff Bezos or you know, Bill Gates
or somebody with more money than God, and you know,
(27:38):
and at that point, well, okay, fine, so pay for it.
But what if we could use the techniques? All right?
This is this is what we've really focused on. We
use the techniques that millionaires developed for millionaires, and we're
using them for regular folks. That's what's going on. Okay,
we're developing, we have developed, and we are implementing at
(28:02):
regular folks level multi millionaire quality of work. Because it's
not enough to have a phone on the kitchen wall anymore.
It's not enough to have a shoe box phone. Okay,
you want something that is your calendar, is your camera,
is your every other thing? Why why do you want it?
(28:24):
Because we can make it happen? Okay, you know, go
back go back a century, all right, go back one
hundred year, go back to the twenties. Right, I don't
have to I don't have to get the exact statistic,
but a large percentage of Americans had an outhouse. They
(28:45):
did not have indoor plumbing, they didn't have central heat,
nobody had air conditioning. Are you kidding me?
Speaker 1 (28:53):
Right?
Speaker 2 (28:54):
Well, we've all got that stuff.
Speaker 1 (28:55):
Now.
Speaker 2 (28:56):
Did they have TVs?
Speaker 1 (28:57):
No?
Speaker 2 (28:58):
Every once in a while, multi millionaire would have a
screening room with movies in it. Okay, and you go
back one hundred and twenty years and nobody even had movies.
And now we've got all that in the little box,
a little cool looking thing that you carry around in
your pocket. But the law has not kept up with that. Okay. Yeah,
you've got the same technology that you know the super
(29:20):
expensive people have. Right, you've got the same technology basically
everybody drinks Coca cola. Right, you've got that level. But
what's not there and which is now coming on, is
the intelligence is the way to actually implement sophisticated planning
for everybody. It's going to be as big I believe
(29:42):
it's going to be as big a game changer as
the smartphone. Smart TVs, you know, computers at home, all
the rest of this stuff. It is going to make
your life much better. And the beauty part of it
is you won't notice it when it's all implemented. You
won't even notice it. It'll just be done for you
(30:04):
in a way that maximizes your life. And that's the
point of technology. That's what this AI stuff is all about.
Now you say, oh, but they're going to snoop on me. Oh,
come on, you're right. I don't disagree with that. You're
absolutely correct, But what do you think the current situation is?
(30:25):
Your life is online now, once you took that smartphone
and you agreed to the updates or the offline storage
or something, you know, the whole privacy thing, we've lost
that battle. Okay, that's over. Now. The question is, all right,
let's get past that. How do we how do we
live our lives to the maximum? How do we use
(30:46):
the tools that are available to the maximum. That's what
we're talking about. You're listening to the David Carrier Show
on David Carrier your Family's retirement law specialists.
Speaker 1 (31:13):
This is the David Carrier Show on news Radio Wound
thirteen hundred and one six nine f M.
Speaker 2 (31:23):
Come back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. So what is all to SAI
stuff about? How do we make sure it works for you? Well,
the first thing you can do. Something you can do
is go right to the website Davidcarrier Law dot com.
Right and like I say, my smiling face will pop up.
Just put in there, how can this help me describe
(31:44):
your situation? Right? It will give you an answer. Now
it's not the end, it's not the final answer, right,
but it will get things moving. We're using it. We're
developing systems now so that instead of eight to ten
hours of paralegal time in order to get a trust funded,
instead we'll put the documents in, scan them in, the
(32:07):
bot will go through, will produce the tables that right
now take us a long time to do with human beings,
and now you have greater accuracy. Now we can go
out the computer I mean it's in development so that
they can the AI can go out and get the
right forms, the most recent forms for the for a
(32:31):
given bank or financial institution, financial advisor, all that stuff
which right now takes hours and hours of individual person
time we can now take that talent that we're using
to do routine tasks and apply it now to your
specific situation. What should your estate plan do? Should it
(32:52):
get your stuff, your leftovers after you're dead to your kids. Yeah.
Should it make sure that you're not embarrassed by the
mess that you leave behind? Yeah? What should have protect
the assets while you're here? Yes? Should it make sure
that you don't go broke in long term care? Yes?
Should it delivered the stuff to your kids in a
way that not only transmits the stuff but also transmits
(33:15):
your values. Yes, These are all the things that can
be done which heretofore you couldn't do it. You got
a cookie cutter. Here's the thing that I give to everybody.
Just the other day, I'm looking at them. I'm looking
at somebody's trust. They brought it in. They just had
it done. They heard me talking. They said, well, this
is different than what we just did. Can you take
(33:37):
a look at our trust. The document hadn't been updated
in the last seven years. In fact, it was quoting
a legal provision right that is updated every few years.
You know, you had to go back ten years to
when that thing was accurate. What does that tell you.
It tells you that the attorney who cranked out that
(33:58):
trust just cranked it out out right, using computers, no doubt,
to fill in the names. It didn't betray any thought,
It didn't indicate that there was any customization that it
was going to work for this family, that it reflected
their values. Right, these are all things that the AI
enables us to do. We can be much much more effective. Right,
(34:22):
you don't need you don't need to have, right, all
the all the time spent on the stuff. If we
can automate, and we can now, we can automate the
individual tasks that we've had to have people do. What
if we don't need that anymore? Okay? What if we
don't need to write out every legal document, you know,
(34:46):
in script? What if I don't need I've got some
old and come to the office. I'll show you. We've
got some huge old you know, three by five, bigger
than that legal documents. Right that we're done on parchment.
It's pretty cool, pretty neat, Okay, but that's how it
used to be done, not the way it's done now
(35:06):
with a you know, it's all a standard form piece
of paper printed out real quick. All right, Well, all
we're doing now. See, this is the frustration that I have.
All we're doing now is we automated what we were
doing hundreds of years ago. Yeah, we're doing more of it,
but we're not thinking any differently about how it's we're
not accomplishing anymore other than cranking out the same old
(35:31):
stuff on more pieces of paper. And and we've deceived
ourselves and so somehow thinking that this is better, and
we're leaving so much on the table that middle class
families can do. Look, it's hard enough. You had to
work pretty hard to get what you got. Let's make
it work. Let's make the legal part of it work harder. See,
(35:53):
if you're a multimillionaire, you know, you get ten million dollars,
let's say, and you lose two million, you lose five
hundred dollars, all right, because you made a stupid mistake
or whatever. Guess what, you're still okay. If you're middle
class and you make a two hundred thousand dollars mistake,
it's freaking devastating, and you don't have to that's the See,
(36:15):
that's the beauty of it.
Speaker 1 (36:16):
Now.
Speaker 2 (36:17):
These tools enable us to take insight and make it
available to everybody, everybody, And it's like smartphones, it's like TV.
Why have the costs come down so much because so
much more of it is automated. That's why. Okay, we're
using machines to make ourselves more efficient, to make things
(36:41):
better for regular folks. That's what That's what's going on.
But it has completely bypassed it seems to me it
has completely bypassed the legal profession. Your trust should do
so much more than it's been doing. It should be
so much more fail safe. Look, if you we're in
a car accident now and you can't walk away from it,
(37:04):
what the hell I mean with all the airbags and
seatbelts and crumple zones and all the rest of the
stuff that's engineered into your modern automobile, right, if it
doesn't steer out of the way of the other car
coming on right, Well, you're not trying. Right. There's so
much more that everything around us does, But the legal
(37:26):
profession is still mired in the mud. We're still doing
the same old things. Okay, Now I pat myself on
the back. Ooh, I'm so much better. Why Because I
realized I didn't want to be a lawyer to start with,
but when you look at a problem, it's like, that's
a problem. How come nobody fixed that problem? I don't know,
But I don't have any fielt I don't have any
(37:46):
loyalty not to perpetuating the way things have been done. Right.
My whole thing is, let's fix it. Hey, look, there's
all these great things we can do. Okay, let's do them.
There are all these techniques that are available, let's employ them.
And because of the AI, because it is now lowered,
(38:09):
the cost lowered, the intellectual and the actual cost of
producing these things. Now it can be much more precisely
reflecting your values. What do you want to have happen?
How do you want it to be? If you change
your mind, we can change the documents. It's not that
hard anymore. It's not that hard anymore. We can do
(38:34):
all these things. And the artificial intelligence thing is just now.
You can't just ask it, you know, You've got to
You've got to have that common sense human being reviewing
what the AI produces, because at least so far, at
least so far, it makes stuff up. All right, It's
(38:54):
not that it's very helpful. What it does it does
very well, but it has a tendency to go, you know,
over the boundaries. That's why you need to have somebody
who's been doing this for a while, right, who understands
what you're trying to do. That's why you need the
human touch at the same time. But what it does
is it takes each individual human who's aware of this
(39:17):
and you know, dedicated to doing what you need to
have done. It is a force multipler. In the military,
we just call it force multiplier. It makes you much
more effective, much more efficient, right, which means much more accurate,
much more responsive to you. There are things we can
do with these documents that no one does. You can
(39:39):
have it now, it's not beyond your ability. In listening
to the David Carrier Show. On David Carrier your family's
personal attorney.
Speaker 1 (40:10):
You've been listening to the David Carrier Show a lively
discussion addressing your questions and concerns, but not legal advice.
There is a big difference. So when making decisions that
affect your family, your property, or yourself, the best advice
is to seek good advice specific to your unique needs.
If you missed any of today's show, or would like
additional information about the law offices of David Carrier. Please
(40:32):
visit Davidcarrier law dot com
He served at the Pentagon as an army jag. He
graduated from Notre Dame and has two law degrees from
Boston University and Georgetown University. He's been practicing law for
over thirty years. He's your family's personal attorney. It's time
for the David Carrier Show.
Speaker 2 (00:33):
Hello, and welcome to the David Carrier Show. I'm David Carrier,
your family's retirement laws specialist. What does that mean, Well,
it means whatever you want to mean. I guess what
it means is if you're retired, you want to retire,
you think to somebody, think of retiring someday, and you'd
like not to go broke. Now's the time to give
us a call. Sixty one six seven four twenty four
(00:54):
twenty four. That's sixty one six seven seven four twenty
four twenty four. Here's something else you can do. Have
you ever heard of event Bright event Bright b r
I t E. Event Bright. It's a place where there's
all kinds of stuff going on and next week. Next
week you're getting a preview of it today, but next
week you can go to the AI and estate planning.
(01:17):
We've got I don't know, like a thousand people signed
up for it. It's a webinar on event bright. You
just go there, click on it. It's free, just like
this is free. But it's a video, you know. And
we've got an AI specialist coming in and all the
rest of it. Because here's the deal. The estate plan
that you have from anybody else and including ours to
(01:40):
some extent, I mean, we're rethinking this whole thing, right.
Your estate plan is the same thing that has been
done for millennia. It solves the problem, supposed to solve
the problem when I die, I have stuff? Where does
my stuff go when I die? I don't want to
be embarrassed because I left them? And I would like
(02:01):
to benefit people I like, people I love. I would
like to benefit those. But those are the number one
and two goals of so called the state planning. Okay,
is state planning routinely fails to do this. Anybody's been
involved with that. You already know this, I do. I
don't have to convince you, Okay, just look at your
(02:22):
own experience. You know that most of the time this
doesn't work. And we're in a situation right now where
the tools that have been used to accomplish the goal
of moving stuff from one generation to the next. Okay,
are the tools we've been using for centuries, centuries. I
(02:42):
always like to say, William Shakespeare, would you know, except
for the language, I guess would recognize your He had
a will like yours. Okay, Abraham Lincoln did wills. So
these are things that have been done routinely for a
very long time, and the fights that go on. Charles
Dickens wrote a whole novel about just how bad going
(03:03):
through probate was. Jarndyce read Jarnis Okay, you can look
it up. So the question is how do we make
things easier. The one big development in the last fifty
years has been using trusts for regular folks. The promise
of the trust was you don't have to worry about probate.
(03:23):
Now it was a probate free will. It was a will,
did the same thing a will did, but now it
didn't need probate. And it's the same mistake, same mistake
that people made when they took the telephone off the
kitchen wall and put it in a shoe box and said,
(03:44):
here you go, this is what you've been living for,
this is what you want, a big, clunky thing. But
now you can make a call wherever you are. Or
if you think about I don't know how many farmers
we got here, but if you think about tractors, Henry
Ford thought of the tractor as a horseless horse. All right,
(04:05):
all it did was pull stuff. Well, he almost went
broke with the horseless horse to look at what everybody
else was doing, and said, no, it's it's a sawmill,
it's a corn grinder, it's a combine, it's all these things. Right.
A tractor is all these things can do, all these
amazing things. Right. Steve Jobs said, hold, wait a second,
(04:27):
I don't have a phone that just happens to be
off the wall that I can take with me. Steve
Job said, no, look at all the other things I
can do with it, all the associated things. The problem
that we have in estate planning is people think about
it as estate planning. Big mistake to think about it
(04:48):
that way. I learned long time ago, when I first
started doing this stuff that the estate planning, the trust planning,
the oh you won't go through probate was just a
bunch of hocum because nobody followed through. And when I
say nobody, I mean hardly anybody. Some people did very few, okay,
very few people actually followed through to make their trusts work,
(05:12):
and they sold a lot of trust. Why because everyone
was afraid of probate. And a will is probate. That's
what it is. It's instructions to probate court. Okay, So
the question now is how do we avoid Oh, I
want to avoid probate. No yet, don't you're like the
you like the farmer who says, oh, I just want
(05:33):
a horse that doesn't poop. I want a horse I
don't have to feed. I want a horse I don't
have to keep in a barn. I want a horse
that pulls stuff and doesn't get tired, all right. And
Henry Ford said, yep, here you go for a tractor,
and everybody else said, no, I don't think so. I
think what you want is a portable threshing machine, a
portable sawmill, a portable did all the additions, and the
(05:58):
farmer said, right, that's what I really need. With the phone,
it's more than just a portable phone. It's all kinds
of other It's your diary, it's your calendar, it's your
pictures of the grandkids, cat videos, it's all kinds of stuff, right,
More than the phone on the wall, in the in
(06:21):
the kitchen. Okay, so what if we rethink estate planning
in that way. When I first started doing the stuff,
I realized that there was a failure. There, a massive
failure in the basic promise of trust based planning. And
the major failure was. The major failure was people didn't
(06:43):
follow through and actually get the benefits of it because
they didn't put their stuff in the trust. Back in
the day, we did an awful lot of estate tax
death tax planning. Hardly any of it worked because people
just ignored it. When spouse would die, the other one
would ignore it, and by the time that the second
(07:04):
spouse died, the tax laws had changed and it didn't
matter anyway. Okay, so people did something to accomplished a
certain goal, it didn't accomplish the goal. And guess what.
Guess what, most folks don't like to come see attorneys.
Why don't people like to come up and see us?
It hurts my feelings that you don't come and see me. Well,
(07:26):
because I'm expensive, because I'm annoying, because all the reasons
that you don't come to see you know, it's confusing,
and you don't feel good about it. And you're not welcomed,
and it's going to be really expensive for all those reasons. Okay, well,
what if there was a lot more you could do
with your statement. I figured this out again three decades ago.
(07:51):
And I didn't figure it out because I'm so smart.
I figured it out because my clients were coming back broke.
Why broke? Because the husband is the first case I
ever had. It was the husband was in nursing home.
People went from a stable, you know, looking good moving forward.
We did fund the trust. We did follow through because
(08:12):
I realized early on that that wasn't happening, so we
had to fix that. So we did fix that. All right,
more expensive, Yes, there's more work that other people weren't doing.
And that's now. That's still true today. But here's the difference.
Here's the other thing that I found out was that
you can use the trust to accomplish other things. You
(08:35):
can use the trust to protect assets from lawsuits. You
can use the trust to protect assets from long term care.
You don't have to lose the cottage, you don't have
to go broke, you don't have to lose your life savings,
you don't have to impoverish your spouse, None of that
has to happen if you plan your estate properly. And
(08:57):
so for quite a long time, now decades, right, we've
been really focused on that. But you know what we've
been doing. You know what it is. It's the bag phone,
it's the horseless horse. Okay, it's the tractor that's just
pull stuff. Yeah, we do a little bit more. We
do morey not short selling us. Okay, we do more,
(09:18):
but it's still clunky. You still don't like coming in
to see us. I put together the Red Wagon Club,
why so to get you to paint and sip wine
with us, for you to come in on a monthly
basis and learn new stuff from other experts, all kinds
of activities and things like that. To keep things going.
(09:39):
We have a fee. Why so that in future when
you make changes, it's not going to be a gigantic
Oh my god, I'm not going to change that because
look how expensive it is. No, you already took care
of that. So we're working hard right to actually deliver
what you actually need. But now the world has changed.
The world has changed in the same way that miniaturization
(10:02):
enabled your smartphone, in the same way that doing a
power takeoff unit turned a tractor into everything. Okay, it's changed,
and the change is artificial intelligence. This does not take
the lawyer out of the loop. This has not removed
the human element. But just as your think about your car,
(10:25):
would you like to drive in a model A, the
one with no windows? You want one of them? Or
would you rather have something with all the stereo speakers,
the airbags to crumple zones and all the rest. And
now some of these things actually drive themselves. You're saying, oh,
that's crazy. I say, well, I don't know how crazy
it is. I gues it's pretty cool. That's what we're
going to be talking about today. How does AI affect
(10:48):
estate planning in a way that opens up possibilities for
You've been listening to the David Carrier Show. I'm David Carrier,
your family's personal attorney.
Speaker 1 (11:14):
This hour of the David Carrier Show is pro bono,
so call in now at seven twenty four. This is
the David Carrier Show.
Speaker 2 (11:25):
Welcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now I know that you're expecting
me to address the fact that elite opinion in the
United States it seems to be favoring somebody who insulted
the American people. And it's like when you throw a
(11:48):
birthday party for somebody and that complained I wanted a
chocolate cake and that's vanilla. Oh come, we we got
thirty two presents. I wanted thirty five. And as much
sympathy as you can have for the very difficult situation
that they find themselves in. People find themselves in difference,
very very difficult situations. Does that create an obligation on
(12:09):
the part of other people right to rescue them from
their bad situation? Especially you know when they throw themselves
back in. You know, you save somebody from the raging waters,
you pull them out, and then they're like, oh, you
didn't pull me out quite correctly. Here, let me throw
myself back in. Now pull me out again, usob You
(12:30):
know what, In meantime, the other people on the deck
right on the dock who can't even swim, who, yeah,
they're like, yeah, here, here, here, have a floaty ring.
Oh they're the good people. They're the good people. And
we're like, what, I'm not diving back in after you again.
(12:51):
I already fixed out several times, and you know, a
great cost to myself. Let me think about it. It's
just it's phenomenal. But I'm not going to talk about
that because why because that's not this kind of show.
What we're talking about today is the transformation that artificial
intelligence is bringing to a state planning what we think
(13:13):
of as a state planning. Suggest is the wrong way
to think about it. I think what you need to
be thinking about. I suggest that what you might want
to think about is what are the things we need
in retirement? Okay, I get the I'm working hard, I'm
doing this, I'm building up my four O one K. Yeah,
go for that. Do that. Okay. Now, there's all kinds
(13:35):
of other stuff that goes on along those lines. But
we get to a certain point and now we are
we are retired. And when we're retired, that's when, for
most of us, this is when the dementia happens. This
is when physical infirmity occurs. We're getting older, Okay, we're
(13:55):
more dependent. Now at some point we're gonna die. And
when we die, if we've worked, if we've been good people, right,
we probably and Americans we probably have a whole pile
of stuff left over. We probably do. Who gets the
stuff on what terms and conditions do they get the stuff?
(14:17):
Oh and by the way, that whole dementia physical infirmity
thing that's very expensive. How do I get that handled? Now?
That whole retirement thing, the whole physical infirmity thing, that's new.
I don't know if you realize this. It's like it's
(14:38):
like they talk about American children, this whole extended adolescence
in the history of the world. That's not how it worked.
You know, look at the age of the Founding fathers
that were like in their thirties. Why because the average
life expect was like thirty five. They had to get
it done quick. Well for us, what do we do
where our kids are on our health insurance till they're
twenty six years old? Twenty six years old? Are you
(15:02):
kidding me? I'm not that old. But I had my
first kid when I you know, I did when we
were twenty six years old. Right, I wasn't staying at home?
Are you kid staying at home? Stop it? Right? Things
are changing, right, these these periods of time like extended
(15:23):
adolescents for kids. Well, you're past that one, right, You're
now on to the other end of the spectrum, right,
and estate planning is how do we maneuver that period
of time. People used to get sick and die. Now
people get sick, they get better, then they get dementia
and they live for the years and it's not you know,
(15:47):
we can talk about that, but the point is, it's
an extended period of time and what you built up
during your lifetime evaporates like a snowflake on a hot griddle.
How do we stop that? How do we make sure
that in your interactions with the system, the system, how
do we make sure that it doesn't rip you off?
(16:07):
How do you make sure that you get back what
you paid in? How do you make sure of that? Well,
most people aren't even thinking about it. This is why
they go broke. This is why nursing home for most
people is a financial death sentence. Why because at twelve
thousand a month, fifteen thousand a month, eighteen thousand dollars
(16:28):
a month, that's what it costs in a skilled nursing facility.
Good luck finding anything that's cheaper that you'd like to
go into. And even at those prices, you don't want
to go in there. The point is it's very expensive
and you already paid into the system. To pay for
long term care, but you won't benefit from it. You
will not benefit from it because you don't know how
(16:50):
to take advantage of it. It's like the tax code.
Why is the tax code a gazillion pages long? And
you know it's like those monkeys typing out experien you
know what I mean. You just keep typing in and
eventually you get the tax code. Why how did that happen?
How did that happen? Well, you don't know how to
maneuver it, and a lot of it is special dealing.
(17:13):
But here's the game changer. And I speak as somebody
who for thirty years has been trying to get as
much benefit for middle class people right, common sense planning
for middle class folks. Why, because if you don't plan ahead,
you're gonna miss out. It's just as simple as that.
(17:34):
And when everybody thinks that, what's going on here is
how do I not embarrass myself when I'm dead by
leaving a horrendous mess? How do I actually benefit my kids?
Right when those are the two top things that people
want to do right, trying to convince you that, hey,
you're not dead yet, maybe we could make where you
(17:54):
are right now better it's been a difficult thing to do,
especially because doing it correctly is anybody surprised by this.
Doing it correctly is more expensive than doing it shoddy,
and most of what you see is shoddy. It's not
done correctly. It's not done with an appreciation of what
(18:16):
the law actually says. In no way is it intended
for you to maximize your life. Instead, at best, it's
about how do I get the stuff that I died
with to the next generation one way or the other,
and without a lot of thought about that either. Artificial
(18:37):
intelligence AI is the way. This is what Believe me,
I was not a I'm a convert, right, I'm thinking, Well,
you always got to keep the lawyer in there. You
always got to have somebody who's thinking about this stuff
really really, and you do, you absolutely do. Artificial intelligence
(18:59):
does not replace does not replace conscientious thought, conscientious interaction
with the attorney. It doesn't do that. What it does
do is it makes all the stuff that gets to
be very expensive in terms of implementing the plan, very inexpensive,
and now you can actually do what you want to do.
(19:23):
Think about what computers were like in the fifties versus
what they're like now you have more computing power in
your pocket than the Apollo astronauts had to get to
the moon, which is crazy, right, it is. It's mind boggling.
What if we applied that kind of power to making
(19:44):
sure that your life was maximized, that your finances were
done exactly right, that your assets were protected, that you
did not go broke in the long term care, that
you got to stay home instead of being forced into
a residential care facility. What if we could do all that?
What if AI could do that for you and at
(20:06):
the same time, and at the same time communicate not
only your property transfer, not only your property, but communicate
your values to the next generation as well. What if
it could enhance your life and the lives going forward,
in the lives of your family, your project, and your descendants.
What if that's what we're talking about today. You've been
(20:28):
listening to the David Carrier Show. I'm David Carrier, your
family's personal attorney. Catch you, bustchens, gotcha.
Speaker 1 (20:59):
David's got the how to you're looking for. It's just
call seven seven, twenty four, twenty four. Now, this is
the David Carrier Show.
Speaker 2 (21:07):
Beautiful, wellcome back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. Now we're talking about AI, and
I'm saying, oh, look at this AI. It's wonderful stuff.
It's really going to change your life, et cetera, et cetera,
well at least as far as the state planning goes.
And then the question is, well, how's it going to
do that? So here's my challenge to you. If you,
(21:28):
if you wonder, go to the website David Carrier Law
dot com Davidcarrier Law dot com. Now just click that,
you know, go to that one. If you wait about
twenty seconds, you'll see my my smiling face pop up.
And there are some questions on there that are kind
of routine questions people ask. But you can click if
(21:48):
you've got a microphone, attach to your computer, and you
can ask it a question and see what kind of
answer you get. Okay, it's it's not a chatbot. It's
not something that's just going to say, oh question, Uh,
leave me your phone number and I'll have an attorney
call you back with the answer. No. I mean it
actually gets into on a you know, it's not as
(22:08):
a deep level, it's not as personal level, but it's
a pretty substantial answer. It's it's still magic to me
to put questions in and and just free form it. Right,
don't even don't even try to be precise about what
you're saying. Don't try to be like legal ease or
anything like that. Just say, uh, you know, I'm I'm
(22:30):
putting the milk in the broom closet and my shoes
and the refrigerator and blah blah blah h whatever, I
got three kids, stuff like that, and see what it
see what it comes up with. Now, the point is
not that this computer is going or the AI is
going to write a software excuse me, is going to
write a trust for you and a state plan. It's
(22:52):
not going to do that. But what it does do
is it starts the thought process moving, gives you some options, right,
tells you, hey, maybe you should go to a workshop
with a live person and here's how you sign up for.
That makes all that easier instead of you know, phone
people calling you on the phone and back and forth
and all that makes that easier, explains why you might
(23:12):
want to do this. And then see, and this is
the thing that I think most people miss out on
that you think of a state planning. You think of
this interaction as limited to who gets my stuff when
I'm dead. It's a lot more than that. It can
be so much more than that. It can be how
do I protect my assets from random lawsuits because you know,
(23:37):
car insurance or because this, that or the other thing.
I'm running a business, I have rental properties, I have
a cottage. I don't have a cottage rental properties. I'm
living in an apartment and I've got two hundred thousand dollars.
How do I make sure that I don't go broke
all at once? Right, those are the sorts of issues
that regular people have, that middle class folks have. And
(24:01):
the problem is that up until this point in history,
up until this point in history, right, the only people
who could really use the legal solutions right that have
been developed are wealthy folks because they've got enough money
that they can skim ten percent off the top or
whatever the heck. It is right to pay a lot
(24:23):
of lawyers to figure out, how do I pay no
more than the minimum taxes? How do I avoid pay
an extra tax? How do I get every benefit I'm
entitled to from the government. How do I arrange my
stuff so that I have the highest degree possibility of success?
How do I do all these things? And a lot
(24:43):
of these are legal things that are built into the
law which you will never hear about because your lawyer
is there. Because what you want to do, and this
is what you tell them to do, and this is
what the lawyer's going to do. Right, They're going to
avoid probate, save taxes, get to the kids. That's what
you're going to say that. They'll give you some documents,
(25:03):
and the documents will not be implemented correctly because follow
through is too expensive. The rich people follow through? Why
because they're paying people to follow through? Right, But in
this price competenty Oh no, I can get a steak
dinner and a trust for five hundred bucks. Let's do that,
all right? I know people who multimillionaires' is like, oh,
(25:30):
you know, what do you mean? I don't even get
the steak dinner and you're charging me more than that guy. Oh,
forget about it. Well, the problem is that there's this
whole price thing going on. People think you're still going
to go through probate. In generally you're correct, and that's
where it's going to come out. There's no perceived value
in what we're doing, and in fact, there's so much
(25:52):
that can be done right to protect you now and
then make sure that everything goes correctly, funding the trust,
moving assets into the trust. As I said, eight to
ten hours of paralegal time on average is what it
takes us to do that being on the phone, going
back and forth, blah blah blah. We don't give you
(26:12):
a letter that says here, do it all by yourself.
All right, there are things you have to do by
yourself because we can't do it for you. There are
things like that, but most of it is behind the scenes. Well,
what if I could have an AI, a computer making
the phone calls. What if I didn't have to have
a live person hanging on the phone. What if the
(26:33):
computer could call every five milliseconds instead of what you know?
What if we could do all that and you can.
That's the beauty of this AI stuff, right. It enables
us to bring solutions that till now have only been
available to wealthy people to regular folks, like asset protection,
(26:56):
like long term care protection like devising, and a state
plan that leaves stuff to your kids so your kids
are one correct protected right, so that the inheritance actually
gets to the kids in the most tax efficient way possible.
What if all that stuff could now be done and
(27:17):
at a much lower cost. That's what AI is doing
for us. That it's making things possible that we're not
possible before. Not because you couldn't have done it, but
just from a car you couldn't. You couldn't actually do it,
right unless you're Jeff Bezos or you know, Bill Gates
or somebody with more money than God, and you know,
(27:38):
and at that point, well, okay, fine, so pay for it.
But what if we could use the techniques? All right?
This is this is what we've really focused on. We
use the techniques that millionaires developed for millionaires, and we're
using them for regular folks. That's what's going on. Okay,
we're developing, we have developed, and we are implementing at
(28:02):
regular folks level multi millionaire quality of work. Because it's
not enough to have a phone on the kitchen wall anymore.
It's not enough to have a shoe box phone. Okay,
you want something that is your calendar, is your camera,
is your every other thing? Why why do you want it?
(28:24):
Because we can make it happen? Okay, you know, go
back go back a century, all right, go back one
hundred year, go back to the twenties. Right, I don't
have to I don't have to get the exact statistic,
but a large percentage of Americans had an outhouse. They
(28:45):
did not have indoor plumbing, they didn't have central heat,
nobody had air conditioning. Are you kidding me?
Speaker 1 (28:53):
Right?
Speaker 2 (28:54):
Well, we've all got that stuff.
Speaker 1 (28:55):
Now.
Speaker 2 (28:56):
Did they have TVs?
Speaker 1 (28:57):
No?
Speaker 2 (28:58):
Every once in a while, multi millionaire would have a
screening room with movies in it. Okay, and you go
back one hundred and twenty years and nobody even had movies.
And now we've got all that in the little box,
a little cool looking thing that you carry around in
your pocket. But the law has not kept up with that. Okay. Yeah,
you've got the same technology that you know the super
(29:20):
expensive people have. Right, you've got the same technology basically
everybody drinks Coca cola. Right, you've got that level. But
what's not there and which is now coming on, is
the intelligence is the way to actually implement sophisticated planning
for everybody. It's going to be as big I believe
(29:42):
it's going to be as big a game changer as
the smartphone. Smart TVs, you know, computers at home, all
the rest of this stuff. It is going to make
your life much better. And the beauty part of it
is you won't notice it when it's all implemented. You
won't even notice it. It'll just be done for you
(30:04):
in a way that maximizes your life. And that's the
point of technology. That's what this AI stuff is all about.
Now you say, oh, but they're going to snoop on me. Oh,
come on, you're right. I don't disagree with that. You're
absolutely correct, But what do you think the current situation is?
(30:25):
Your life is online now, once you took that smartphone
and you agreed to the updates or the offline storage
or something, you know, the whole privacy thing, we've lost
that battle. Okay, that's over. Now. The question is, all right,
let's get past that. How do we how do we
live our lives to the maximum? How do we use
(30:46):
the tools that are available to the maximum. That's what
we're talking about. You're listening to the David Carrier Show
on David Carrier your Family's retirement law specialists.
Speaker 1 (31:13):
This is the David Carrier Show on news Radio Wound
thirteen hundred and one six nine f M.
Speaker 2 (31:23):
Come back to the David Carrier Show. I'm David Carrier,
your family's personal attorney. So what is all to SAI
stuff about? How do we make sure it works for you? Well,
the first thing you can do. Something you can do
is go right to the website Davidcarrier Law dot com.
Right and like I say, my smiling face will pop up.
Just put in there, how can this help me describe
(31:44):
your situation? Right? It will give you an answer. Now
it's not the end, it's not the final answer, right,
but it will get things moving. We're using it. We're
developing systems now so that instead of eight to ten
hours of paralegal time in order to get a trust funded,
instead we'll put the documents in, scan them in, the
(32:07):
bot will go through, will produce the tables that right
now take us a long time to do with human beings,
and now you have greater accuracy. Now we can go
out the computer I mean it's in development so that
they can the AI can go out and get the
right forms, the most recent forms for the for a
(32:31):
given bank or financial institution, financial advisor, all that stuff
which right now takes hours and hours of individual person
time we can now take that talent that we're using
to do routine tasks and apply it now to your
specific situation. What should your estate plan do? Should it
(32:52):
get your stuff, your leftovers after you're dead to your kids. Yeah.
Should it make sure that you're not embarrassed by the
mess that you leave behind? Yeah? What should have protect
the assets while you're here? Yes? Should it make sure
that you don't go broke in long term care? Yes?
Should it delivered the stuff to your kids in a
way that not only transmits the stuff but also transmits
(33:15):
your values. Yes, These are all the things that can
be done which heretofore you couldn't do it. You got
a cookie cutter. Here's the thing that I give to everybody.
Just the other day, I'm looking at them. I'm looking
at somebody's trust. They brought it in. They just had
it done. They heard me talking. They said, well, this
is different than what we just did. Can you take
(33:37):
a look at our trust. The document hadn't been updated
in the last seven years. In fact, it was quoting
a legal provision right that is updated every few years.
You know, you had to go back ten years to
when that thing was accurate. What does that tell you.
It tells you that the attorney who cranked out that
(33:58):
trust just cranked it out out right, using computers, no doubt,
to fill in the names. It didn't betray any thought,
It didn't indicate that there was any customization that it
was going to work for this family, that it reflected
their values. Right, these are all things that the AI
enables us to do. We can be much much more effective. Right,
(34:22):
you don't need you don't need to have, right, all
the all the time spent on the stuff. If we
can automate, and we can now, we can automate the
individual tasks that we've had to have people do. What
if we don't need that anymore? Okay? What if we
don't need to write out every legal document, you know,
(34:46):
in script? What if I don't need I've got some
old and come to the office. I'll show you. We've
got some huge old you know, three by five, bigger
than that legal documents. Right that we're done on parchment.
It's pretty cool, pretty neat, Okay, but that's how it
used to be done, not the way it's done now
(35:06):
with a you know, it's all a standard form piece
of paper printed out real quick. All right, Well, all
we're doing now. See, this is the frustration that I have.
All we're doing now is we automated what we were
doing hundreds of years ago. Yeah, we're doing more of it,
but we're not thinking any differently about how it's we're
not accomplishing anymore other than cranking out the same old
(35:31):
stuff on more pieces of paper. And and we've deceived
ourselves and so somehow thinking that this is better, and
we're leaving so much on the table that middle class
families can do. Look, it's hard enough. You had to
work pretty hard to get what you got. Let's make
it work. Let's make the legal part of it work harder. See,
(35:53):
if you're a multimillionaire, you know, you get ten million dollars,
let's say, and you lose two million, you lose five
hundred dollars, all right, because you made a stupid mistake
or whatever. Guess what, you're still okay. If you're middle
class and you make a two hundred thousand dollars mistake,
it's freaking devastating, and you don't have to that's the See,
(36:15):
that's the beauty of it.
Speaker 1 (36:16):
Now.
Speaker 2 (36:17):
These tools enable us to take insight and make it
available to everybody, everybody, And it's like smartphones, it's like TV.
Why have the costs come down so much because so
much more of it is automated. That's why. Okay, we're
using machines to make ourselves more efficient, to make things
(36:41):
better for regular folks. That's what That's what's going on.
But it has completely bypassed it seems to me it
has completely bypassed the legal profession. Your trust should do
so much more than it's been doing. It should be
so much more fail safe. Look, if you we're in
a car accident now and you can't walk away from it,
(37:04):
what the hell I mean with all the airbags and
seatbelts and crumple zones and all the rest of the
stuff that's engineered into your modern automobile, right, if it
doesn't steer out of the way of the other car
coming on right, Well, you're not trying. Right. There's so
much more that everything around us does, But the legal
(37:26):
profession is still mired in the mud. We're still doing
the same old things. Okay, Now I pat myself on
the back. Ooh, I'm so much better. Why Because I
realized I didn't want to be a lawyer to start with,
but when you look at a problem, it's like, that's
a problem. How come nobody fixed that problem? I don't know,
But I don't have any fielt I don't have any
(37:46):
loyalty not to perpetuating the way things have been done. Right.
My whole thing is, let's fix it. Hey, look, there's
all these great things we can do. Okay, let's do them.
There are all these techniques that are available, let's employ them.
And because of the AI, because it is now lowered,
(38:09):
the cost lowered, the intellectual and the actual cost of
producing these things. Now it can be much more precisely
reflecting your values. What do you want to have happen?
How do you want it to be? If you change
your mind, we can change the documents. It's not that
hard anymore. It's not that hard anymore. We can do
(38:34):
all these things. And the artificial intelligence thing is just now.
You can't just ask it, you know, You've got to
You've got to have that common sense human being reviewing
what the AI produces, because at least so far, at
least so far, it makes stuff up. All right, It's
(38:54):
not that it's very helpful. What it does it does
very well, but it has a tendency to go, you know,
over the boundaries. That's why you need to have somebody
who's been doing this for a while, right, who understands
what you're trying to do. That's why you need the
human touch at the same time. But what it does
is it takes each individual human who's aware of this
(39:17):
and you know, dedicated to doing what you need to
have done. It is a force multipler. In the military,
we just call it force multiplier. It makes you much
more effective, much more efficient, right, which means much more accurate,
much more responsive to you. There are things we can
do with these documents that no one does. You can
(39:39):
have it now, it's not beyond your ability. In listening
to the David Carrier Show. On David Carrier your family's
personal attorney.
Speaker 1 (40:10):
You've been listening to the David Carrier Show a lively
discussion addressing your questions and concerns, but not legal advice.
There is a big difference. So when making decisions that
affect your family, your property, or yourself, the best advice
is to seek good advice specific to your unique needs.
If you missed any of today's show, or would like
additional information about the law offices of David Carrier. Please
(40:32):
visit Davidcarrier law dot com
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