CLEARWATER WEALTH PARTNERS
Client Meeting Transcript
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: March 13, 2024
TIME: 2:00 PM
MEETING: 2024 Q1 Quarterly Review
LOCATION: Conference Room A, Clearwater Wealth Partners
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TRANSCRIPT
[0:00] Sarah Chen: Strong start to 2024 — the S&P is up about 10% in Q1, driven by
the AI-related rally and expectations that the Fed will begin cutting rates later
this year. Portfolio is at $1,203,000. The estate attorney consultation happened in
January — I want to make sure we debrief that thoroughly today. And the beneficiary
audit surfaced something important.
[0:04] Sam Chen: The beneficiary audit — what did you find?
[0:05] Sarah Chen: Two things. First, the pour-over will was referencing an older
version of the trust document — pre-2019. The attorney is drafting a corrected
pour-over will. Second, and more important: the beneficiary designation on Alex's
IRA1 has an old default in the contingent field. We need to verify and correct that.
The attorney is handling the will; the IRA beneficiary we can fix directly.
[0:08] Alex Chen: What does the IRA contingent currently show?
[0:09] Sarah Chen: The form from 2019 shows Sam as primary — that's correct. The
contingent field shows a designation that predates the trust creation. It needs to be
updated to the Chen Family Revocable Trust as contingent. I have the updated
beneficiary form here. I'd like you to review and sign it today.
[0:11] Sam Chen: Yes — let's fix it right now.
[0:12] Sarah Chen: Good. I'll submit it to the custodian today. Confirmation
typically comes within 5 business days. This is one of those items that seems routine
but is critically important if something happens. The trust is the right contingent —
it ensures assets flow per your instructions without probate.
[0:14] Alex Chen: What about the Roth IRA — same issue?
[0:15] Sarah Chen: The Roth IRA beneficiary form from 2019 was updated properly — it
shows Sam as primary and the trust as contingent. That one is fine. The issue was
isolated to IRA1.
[0:17] Sarah Chen: On the estate attorney — she's also recommending a review of your
powers of attorney and health directives. Those documents are from 2019 and some
states have updated requirements. She'll have draft updates for your review by June.
Not urgent, but worth completing before year-end.

[0:19] Sam Chen: That makes sense. Five years is a long time.
[0:20] Sarah Chen: Agreed. Now — the final NLTK vest. Q3 2024. 625 shares. NLTK is
currently around $38 per share. If it holds there, roughly $23,750 of W-2 income.
Modest — less than the quarterly vests we were processing at higher prices. My
recommendation is the same protocol: sell 450, hold 175. After that vest, the RSU
cycle is complete.
[0:23] Alex Chen: We're looking forward to that milestone.
[0:24] Sarah Chen: It's a real one. Your portfolio will be fully diversified for the
first time since Alex joined NLTK. On the DAF: no major NLTK event this year, so
I'd suggest funding the 2024 DAF with $6,000 of appreciated securities from
ACCT-TAXABLE rather than NLTK shares. That keeps the charitable giving going without
requiring a specific vest event. I'll identify the right positions to donate — likely
appreciated index fund shares with the longest holding period.
[0:27] Sam Chen: Same distribution targets as last year?
[0:28] Sarah Chen: Your call — school foundation, food bank, arts organization worked
well. We can adjust amounts or add organizations. Let's finalize that in Q3. Action
items: IRA1 beneficiary update submitted today; POA and health directive updates
from attorney by June; final NLTK vest plan confirmed for Q3; DAF 2024 contribution
planning — identify appreciated positions.
[0:30] Meeting adjourned
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ACTION ITEMS
1. Submit IRA1 updated beneficiary form today — Sam primary, Chen Family Trust
contingent
2. Estate attorney: POA and health directive updates — by June 30
3. Confirm final NLTK vest execution plan for Q3 2024 — 625 shares, sell 450/hold
175
4. Identify appreciated ACCT-TAXABLE securities for $6,000 DAF contribution — by
Q2
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CONFIDENTIAL — For client use only. Not for distribution.
