Constraints Time Horizon: If we assume that Smith can live till 80 years old. Since she is 59 years old now, her time horizon will be 21 years. Liquidity: The travel expense of $50,000 and $60,000 annually living expenses and the $30,000 expenses to support her son and his family will be the liquidity that Smith need currently. Tax: Tax will be charged when transferring the portfolio value to the gift fund after Smith death. LegalfRegulatory: Smith has informed that if she dies, she wants to establish a gift fund. The legal constraint should be the regulations about setting up a gift fund. Unique: Her son's family will only receive $20,000 in interest from the gift account at the death of Smith