CLEARWATER WEALTH PARTNERS
Client Meeting Transcript
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: December 13, 2023
TIME: 2:00 PM
MEETING: 2023 Q4 Year-End Review
LOCATION: Conference Room A, Clearwater Wealth Partners
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TRANSCRIPT
[0:00] Sarah Chen: Exceptional year. The S&P finished up about 24% — AI enthusiasm
and a soft-landing narrative drove a strong recovery. Your portfolio is at
$1,140,000. The NLTK liquidity event, the DAF, the TLH carryforward — everything came
together. And the DAF grants are confirmed: $10,000 to the school foundation, $8,000
to the food bank, $7,020 to the arts organization. All three have been distributed.
[0:04] Alex Chen: Seeing those grant confirmations was genuinely satisfying.
More so than I expected.
[0:05] Sarah Chen: That's the thing about intentional giving — it's different from
writing a check at year-end under pressure. The DAF made the giving deliberate. And
because we did it with in-kind shares rather than cash, you got a deduction for the
full $25,020 without ever recognizing a taxable gain.
[0:08] Sam Chen: We want to keep doing that every year. Can we plan the 2024
grant schedule now?
[0:09] Sarah Chen: Absolutely. The question is whether we re-fund the DAF in 2024.
There's no NLTK event expected — the final vest is in Q3 2024, which is 625 shares.
At NLTK's current price of about $46, that's around $28,750 of W-2 income — a more
modest year. We could fund the DAF with $5,000 to $8,000 of appreciated securities
from the taxable account rather than NLTK shares. I'd like to model the right amount
once we know the Q3 vest price.
[0:12] Alex Chen: The estate attorney consultation — where does that stand?
[0:13] Sarah Chen: Scheduled for January. I've briefed her on your current situation
— trust created 2019, beneficiary designations updated in September 2019, home
purchased 2021. The main items to review: the pour-over will language, trustee
succession in light of any family changes, and making sure the trust documents still
reflect your wishes. It's been four years since the trust was created — a refresh is
appropriate.
[0:16] Sam Chen: One thing that's been on my mind — Alex's parents are listed
somewhere as beneficiaries on old accounts. We should check that.

[0:17] Sarah Chen: That's a great flag. I'll run a full beneficiary audit across all
accounts before the January attorney meeting. IRA1, RIRA, any workplace plan
accounts — I want to confirm every designation is correct and current. This is
exactly the kind of thing that slips through over the years. I'll have a complete
audit report before January.
[0:20] Alex Chen: One more NLTK vest in 2024 and then it's over. How does that
feel to plan for?
[0:21] Sarah Chen: It's a meaningful moment. Q3 2024 — 625 shares. After that, the
RSU program is fully complete. Your wealth will be entirely diversified, with no
single-company concentration. That's been the goal of this entire multi-year
process. We'll celebrate when it happens.
[0:23] Sam Chen: Looking at the portfolio at $1.14 million — it still feels
unreal sometimes.
[0:24] Sarah Chen: You've earned it. Consistent saving, disciplined investing, not
panicking in COVID or 2022, and being thoughtful about tax planning. It compounds.
Action items: beneficiary audit before January attorney meeting; DAF 2024 planning
in Q1; final NLTK vest modeling for Q3; estate attorney consultation in January.
[0:27] Alex Chen: One last thing — are we on track for the retirement projection
you were going to build?
[0:28] Sarah Chen: I have a preliminary model. At $1.14 million today, with
consistent contributions and 7% average annual growth, you're on track to have
between $2.8 and $3.4 million at age 65. Combined with Social Security, that supports
a very comfortable retirement. We'll go into more detail at the December annual
review — this was the quick version. The full analysis has scenario modeling.
[0:30] Sarah Chen: Action items confirmed: beneficiary audit before January; estate
attorney January; DAF 2024 planning; final NLTK modeling for Q3 2024.
[0:30] Meeting adjourned
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ACTION ITEMS
1. Run full beneficiary audit (IRA1, RIRA, 401k) before January estate attorney
meeting
2. Estate attorney consultation — January 2024; advisor to brief attorney in
advance
3. Model 2024 DAF contribution strategy — Q1 2024
4. Model final NLTK vest (Q3 2024, 625 shares) for execution planning
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CONFIDENTIAL — For client use only. Not for distribution.
