AI Agent for Tailored Inheritance Tax Advice

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Rafael_Cardoso
Project Owner

AI Agent for Tailored Inheritance Tax Advice

Funding Awarded

$5,000 USD

Expert Review
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Status

  • Overall Status

    🛠️ In Progress

  • Funding Transfered

    $0 USD

  • Max Funding Amount

    $5,000 USD

Funding Schedule

View Milestones
Milestone Release 1
$1,500 USD Pending TBD
Milestone Release 2
$500 USD Pending TBD
Milestone Release 3
$2,000 USD Pending TBD
Milestone Release 4
$1,000 USD Pending TBD

Status Reports

Mar. 28, 2024

Status
🙂 Pretty good
Summary

"We've just been funded. We provided the details for our contract. We've reunited the team to deliver the project, and discussed the plan to be able to deliver it Successfully. We come up with 25 legislations we believe make sense to research, and from these legislations we are narrowing it down to 10 to 15 legislations that we will research further for the development for the research of the Inheritance Tax AI Agent."

Full Report

Project AI Services

No Service Available

Overview

This proposal aims to lay the groundwork to develop an AI Agent to provide tailored Tax Advice. To minimize risks, in this ideation proposal, we intend to research the feasibility of the proposal and define features, requirements, and a plan for the development of this AI agent to provide tailored legal advice on inheritance tax across different legislations. The service would be developed with the assistance of GenWealth, the first Inheritance Protocol on Cardano, which has agreed to assist in the development and pilot of an MVP AI agent in the future. From this ideation work the goal is to create a proposal in the future, and make this AI Agent available in the Singularity Net Marketplace.

Proposal Description

Company Name (if applicable)

Decentralized Nation + GenWealth

The core problem we are aiming to solve

Law is complicated for the average individual. There are so many laws that is difficult to be on top of everything, especially with inheritance law which is a very specific kind of law that we rarely need to deal with. In addition, many individuals find it complicated to understand the legal jargon and know what to do. Getting tailored tax advice that minimizes the taxes we need to pay is even harder, as we need to find a good expert and have the money to pay for such services, which drives many to try to do things on their own.

This AI agent will make the process of paying your inheritance taxes much easier and accessible for everyone,  providing tailored advice in different legislations.

Our specific solution to this problem

To give individuals support and guidance at a more accessible price, we will create an AI Agent to provide tailored inheritance tax advice according to your legislation and your specific situation. 

This is an AI Agent that can be integrated into inheritance protocols, or even integrated into online websites related to will creation and execution. We will be assisted in the research and development by GenWealth, the first crypto inheritance Dapp on Cardano, and they will pilot this AI model.

We will also be exploring the creation of a front-end for consumers to be able to use it directly, besides the Integration with the Singularity Net Marketplace.

As we're dealing with cutting-edge technology for the heavily regulated tax space, we have created this ideation proposal to minimize risk.

With this research, we will be able to assess feasibility, research and define feature requirements, explore existing AI models and create a development plan, get familiar with different legislations and optimizations for inheritance tax, and also get clarity on how we could make this service available for the public in a compliant manner.

Depending on the outcomes of this research, we do intend to create a proposal to develop this AI Agent in the next funding round, and the results of this research will also be open source for everyone to leverage, meaning others could eventually leverage this research to create such a model.

Project details

To give individuals support and guidance at a more accessible price, we will create an AI Agent to provide tailored inheritance tax advice according to your legislation and your specific situation.

This AI agent will initially be focused on providing tax advice for inheritance for different legislations, to minimize legally the amount of taxes you need to pay. In the future, depending on adoption and customer demand we can consider expanding to other tax-related use cases.


This is an AI Agent that can be integrated into inheritance protocols, or even integrated into online websites related to will creation and execution. We will be assisted in the research and development by GenWealth, the first crypto inheritance Dapp on Cardano, and they will pilot this AI model.

We will also be exploring the creation of a front-end for consumers to be able to use it directly, besides the Integration with the Singularity Net Marketplace.

As we're dealing with cutting-edge technology for the heavily regulated tax space, we have created this ideation proposal to minimize risk.

With this research, we will be able to assess feasibility, research and define feature requirements, explore existing AI models and create a development plan, get familiar with different legislations and optimizations for inheritance tax, and also get clarity on how we could make this service available for the public in a compliant manner.

Depending on the outcomes of this research, we do intend to create a proposal to develop this AI Agent in the next funding round, and the results of this research will also be open source for everyone to leverage, meaning others could eventually leverage this research to create such a model.

What we still need besides budget?

No

Existing resources we will leverage for this project

No

Additional links

GenWealth ->

Website -> https://genwealth.app/

Twitter -> https://twitter.com/genwealth_app

Proposal Video

AI Agent - Rafael Cardoso / Decentralized Nation + GenWealth

9 February 2024
  • Total Milestones

    4

  • Total Budget

    $5,000 USD

  • Last Updated

    12 Apr 2024

Milestone 1 - Legislation Research

Status
🧐 In Progress
Description

Go through different legislations and Define a list of at least 10 to 15 different jurisdictions and inheritance legislations to dive deeper into. Inheritance Tax Laws: Gain a deep understanding of the inheritance tax laws in the 10 legislations you are targeting. This includes understanding exemptions deductions and different taxation thresholds. Analyze legislation and create possible tax optimization strategies for different scenarios. If needed contact lawyers in the regions to get insights and information and confirm our analysis and optimization. Research the legal implications of generating an AI tax agent to provide legal advice in each of the chosen legislations. If necessary consult with law professionals for advice. Define legal requirements to be followed and legal framework to be able to develop and offer this AI agent as a Service in the different legislations Cost Breakdown -> 75hours * 20 = 1500

Deliverables

1. Define the List of Initial Legislations to be studied and inserted in the development of the AI model for Inheritance Tax Advice 2. Summary of the legislation with a list of exemptions deductions and different taxation thresholds. 3. Examples of different Scenarios of Tax Optimization Strategies for Different Legislations 4. Document with legal requirements to be followed in the development and presentation of the AI model in the different legislations. 5. Notes to elaborate terms and conditions for the Usage of this model.

Budget

$1,500 USD

Link URL

Milestone 2 - R&D of Required Capabilities for Consumers

Status
😐 Not Started
Description

Research of most searched questions related to inheritance and inheritance tax in the selected legislations. Create a Survey and get answers from the GenWealth community. Define the specifications necessary for the development of an AI Agent that has real-world usefulness. Cost Breakdown = 25hours *20$ = 500$

Deliverables

Document with most searched questions related to inheritance tasks in the selected legislations. Survey result from GenWealth Community. List of the required functionalities by the users and the capabilities necessary of this AI Model to be used in a real-world scenario.

Budget

$500 USD

Link URL

Milestone 3 - Plan and Research the Development of AI Model

Status
😐 Not Started
Description

Research other existing AI solutions in the Inheritance Tax Advice Space and the Tax Advice Space. Research existing technology and open-source AI models we can leverage and train for this purpose. Access the feasibility of the development of the model and Determine the key features that are relevant for predicting inheritance tax outcomes. Create specifications and plan to train the AI Model. Cost Breakdown -> 40 hours * 50$ = 2000$

Deliverables

1 . List of open-source AI models that can be used. 2. Feasibility key features specifications and plan to train this AI Model

Budget

$2,000 USD

Link URL

Milestone 4 - Final Report and Proposal Draft

Status
😐 Not Started
Description

Create a final report with the most relevant information and the plan of the process and considerations to develop this AI model. Draft a proposal to develop this AI model in a future fund. Cost Breakdown - > 20 hours * 50$ = 1000$

Deliverables

Final report from the research to be made available for consultation. Draft a document with a Proposal for a new Project idea based on this ideation.

Budget

$1,000 USD

Link URL

Join the Discussion (3)

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3 Comments
  • 0
    commentator-avatar
    Jan Horlings
    Feb 1, 2024 | 1:36 PM

    Interesting proposal! You mention in the milestones: "10 to 15 different jurisdictions" Which countries are you targeting for this app? After consulting the app, what would be the next steps for the user?

    • 0
      commentator-avatar
      Rafael_Cardoso
      Feb 2, 2024 | 10:24 PM

      Hello Jan, Thank you so much for your question. In terms of countries, we will evaluate all of that in the first milestone, where we will decide the jurisdictions. To reach the final decision we will consider the clarity of the inheritance tax laws in the country, the potential of the country in terms of the Market Opportunity, and the space for tax optimization and to reduce complexity. Ideally, we would also like to spread it across different continents to have at least 1 jurisdiction from each continent. We already have some knowledge of the UK and that is a country almost guaranteed to be in this initial research. In terms of the app, if the user is thinking of doing everything on its own, then it has some advice and guidance on steps to follow and what to do at his own risk (he will be more informed about his options). However, we recommend users consult with an inheritance tax expert, and in that case, they can hear what he says and also share the strategy provided by our AI model to get a professional opinion ( they will be better able to evaluate the quality of the suggestions of the tax expert when compared to the strategies shared by the AI Model). Hope it answered your questions but if he didn't please don't hesitate to ask more questions!

      • 0
        commentator-avatar
        Jan Horlings
        Feb 3, 2024 | 5:42 PM

        Thx! Sounds like a solid strategy (with plenty of monetization possibilities!)

Expert Review

Overall

4

user-icon
  • Feasibility 3
  • Viability 3
  • Desirabilty 4
  • Usefulness 4
Interesting but ambitious

This is an interesting idea – that of adding knowledge on Inheritance tax laws across 10 – 15 different jurisdictions. This should be a promising study to see.

The proposal is not too costly and is all about researching the viability of an AI Agent for tailored Inheritance Tax Advice. I feel it would be good data to have, regardless of whether the development of this service is taken up in future.

Feasibility is moderate, since the team leader has an active project from DF3, and has completed none of twelve milestones in that project. Moreover, milestone one of this project promises to obtain a deep understanding of such laws across 10 – 15 jurisdictions in 75 hrs – this may be an underestimation of the effort involved.

Viability is moderate, since this project could definitely add a different dimension to the services offered by SNET. However, this is contingent upon getting enough paying users who will find use for such a service.

Desirability is high, since it would add to the range of AI services available on SNET. This could generate a lot of interest as well as revenue, if properly studied and executed. This project deserves careful consideration.

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3 ratings
  • -1
    user-icon
    Walter WaKa
    Feb 12, 2024 | 5:35 AM

    Overall

    2

    • Feasibility 1
    • Viability 2
    • Desirabilty 3
    • Usefulness 3
    Jurisdictional requirements make it impractical.

    Inheritence taxation is only a component of the overall estate planning effort, with lasting implications for multiple individuals across generations. Proper advice is never trivial and true expertise infrequent.

    Jurisdictional differences are profound. For example, in the US the probate court system is highly specialized, with dedicated judges and separate bar admission requirements. Meanwhile, offering [paid] legal advice without a license is a criminal offence in a number states.

    Setting aside the one jursdiction familiar to the proposer, researching and supporting one or two more distinct estate and inheritense systems would be profound effort. Mentioning in passing a dozen jurisdictions suggests lack of prior research. 

  • 1
    user-icon
    HenriqC
    Feb 11, 2024 | 1:49 PM

    Overall

    3

    • Feasibility 3
    • Viability 3
    • Desirabilty 3
    • Usefulness 4
    Well-scoped but complex market

    Feasibility:

    The number of complex variables behind the envisioned end-user service is huge. I don’t see any fundamental technical roadblocks but it really requires a solid user base for being worth maintaining. Even in a single jurisdiction an issue is a constant change or constant possibility of change in legislation. 

    I think this kind of service and its adoption becomes more feasible along with the growth and familiarity of digital property as well as the evolution of related legislation.

     

    Viability:

    Through this ideation process and with the presented cost structure, the team could definitely sort out and find some clarity on those complexity questions so that the path forward was more clear. Going through 10-15 jurisdictions and preparing a sound roadmap for handling them properly seems quite a lot of work though. 

    If there turns out to be a realistic path forward the team already has potential channels to introduce the system to the markets which is a great benefit. 

     

    Desirability:

    This service would fight a very targeted real problem. Inheritance tax is often quite high one-time cost and would indeed deserve careful consideration from the client. On the other hand, I would say, the cost of this tightly scoped vision is pretty narrow market potential currently. A single customer won’t bring too many API calls during his lifetime. 

     

    Usefulness:

    I can imagine a well-tailored solution for a specific individual at a moment it is needed would turn out enormously useful. However, from a larger viewpoint the amount of utilization would require tackling the complexity challenge for being able to scale. 

    After all, there is one important aspect I really like a lot. When we talk about law and its understandability as well as accessibility to an everyday person there is so much potential and room for improvement by bringing AI in the mix. I firmly believe that if this project moves forward and begins building the envisioned system it would solve several difficult questions along the way that are highly valuable more generally in the field. It would mean potential benefits to the SingularityNET AI platform as well.

  • 1
    user-icon
    Rafiatu07
    Feb 11, 2024 | 1:24 PM

    Overall

    4

    • Feasibility 3
    • Viability 4
    • Desirabilty 4
    • Usefulness 4
    Beautiful Innovation for Tailored Tax Advice

    Desirability

    The proposal tackles the major issue of people dealing with complicated legal frameworks. Inheritance tax legislation can be rather complicated, and getting specialized advice in this area may prove to be very pricey, not to mention that it might be restricted only to a few. This project seeks to democratize access to specialist advice by using AI technologies to provide tailored tax advice.

    The proposal outlines a clear objective: research the feasibility of developing an AI agent for customized inheritance tax advice and the features and requirements. Through a partnership with GenWealth, a crypto inheritance DApp on Cardano, the project shows cooperation within the fields of blockchain and AI, making it more attractive and desirable.

    In addition, the project’s open-sourcing of the research outcomes makes it more attractive, as it allows creators to share knowledge and enhance the AI community.

     

    Feasibility

    The feasibility of the project is proved through the consistency of the plan, do-able milestones, and reasonable budget allocation. The project is divided into four milestones, each milestone deals with specific research and development tasks, legislation research, R&D of required capabilities for consumers, planning and research of AI model development, and drafting the final report and proposal draft.

    Each milestone is specified by clear deliverables that manage transparency and accountability for the project. The budget allocation seems adequate, taking into consideration the level of work and the skills needed. Furthermore, the partnership with GenWealth as well as the contacting of lawyers increase the feasibility and probability of the project's success.

    However, while conducting this research, potential challenges might be encountered. For instance, reliable legal information databases across various jurisdictions are not available, and adherence to regulations may not be guaranteed. Overcoming these obstacles will necessitate meticulous planning, allocating resources, and partnering with legal experts.

     

    Viability

    From the point of view of viability, the idea fits with SingularityNet's mission of democratizing AI and providing better accessibility to legal services. Using AI technologies to create customized inheritance tax advice, the project aims to solve a gap in legal help for people struggling with complicated tax laws.

    The partnership with GenWealth and the possibility of integrating with inheritance protocols and online platforms would increase the project's viability as it would widen the scope of the AI agent. In addition, committing to making the research outcomes open source is an endorsement of knowledge sharing and innovation in the AI community, resulting in the lasting viability and impact of the project.

    Yet, in the long run, the AI’s agent sustainability is also influenced by issues like the users’ acceptance, changes in regulations, continuous upkeep, and updates. Maintaining stakeholder support and engagement will be essential to maintaining project impact and relevance.

     

    Usefulness

    For SingularityNet AI, the development of an AI agent for tailored inheritance tax advice is highly applicable since it tackles the issue of personalized legal consultation. The inheritance tax laws can be complicated for individuals, and obtaining individualized advice can be tedious and costly. One of the objectives of this project is to democratize access to expert advice and give individuals the power to make informed decisions about the inheritance tax with the help of AI technologies.

    Additionally, the possible integration with inheritance protocols and online platforms makes the project more convenient, as it widens the scope and availability of the AI agent. Besides, the effort of opening the research outputs supports spreading knowledge and advances innovation among the AI community, in turn improving the value and beneficial impact of the project.

Summary

Overall Community

3

from 3 reviews
  • 5
    0
  • 4
    1
  • 3
    1
  • 2
    1
  • 1
    0

Feasibility

2.3

from 3 reviews

Viability

3

from 3 reviews

Desirabilty

3.3

from 3 reviews

Usefulness

3.7

from 3 reviews