"I think it’s a terrible idea. It’s basically another way for an advisor to complicate your financial life, to make you locked in with an advisor so they have to manage your finances. Once implemented most folks won’t know how to manage 500 or more stock positions- if they do figure out after a while that direct indexing isn’t working out, they would then have to figure out how to unwind the mess of hundreds of stock positions, and dealing with a tax nightmare. Direct indexing may provide some tax losses early on, but in a rising market over several years, I believe the losses will be minimal as time goes on. A few friends that have implemented direct indexing have related this issue to me in recent years."

"I frequently attend (usually monthly) continuing professional education classes put on by my local chapter of the Tennessee Society of CPAs. While I am now fully retired I enjoy trying to keep current on matters that interest me. One local attorney, whose practice has a focus on taxation, has done a presentation every every year to our TSCPA chapter for a long time. Many years back his topic was a new state law TN Code § 35-17-101. That law was the Community Property Trust Act which changed available tax law in Tennessee. Tennessee is not a community property state. My understanding for people who live in one of the nine community property states is the tax basis modification that a surviving spouse receives, including jointly owned assets, when the first spouse dies results in the surviving then having a tax basis of full fair market value as of the date of death of the deceased first to die spouse for many classes of assets. What I understanding the Community Property Trust Act does is provide for the optional creation of a type of trust which then allows for a couple to title certain assets into a single trust with the expected result being the step up in basis to the full value at the death of whichever spouse is the first to die. This effectively allows the trust and the surviving spouse trust beneficiary to have a low or no taxable gain if the trust assets are subsequently sold shortly after the death of the first spouse to die. I am not an attorney and do not offer legal advice. For the right people a Community Property Trust might make good tax sense but such a trust is not needed for my wife and me. The costs to create the trust, transfer assets, maintain and eventually close such a trust currently has no expected tax benefit to us. Trusts can be great financial vehicles but like so many matters discussed on this forum I think a careful consideration of benefits and costs should drive our financial decisions. Those are my thoughts about a Community Property Trust."

"I think it’s a good plan. I am somewhat younger than you but nevertheless, I am trying to get my affairs in order, first of all by getting rid of a timeshare that served our family well for 50 years but would be a hassle for my kids to inherit. I want to stay in my small house, about a two-hour drive from the nearest child. until age 80 or 85, if possible and depending upon my health. Then I hope to sell and likely purchase a co-op near my daughter in her neighborhood with a beautiful view of NYC harbor and better health care than in my more rural area. If I should need assisted living, moving closer to my son in a less expensive part of the country is a possibility. When one is blessed to have one or more children with whom you have good relations, I think it’s important to try to make their caregiving as easy as possible. For those without children, the Continuing Care Retirement Communities frequently discussed here sound like an excellent option for those with and without children. One near me is owned and operated by the Methodist Church and is the option several of my friends have chosen, with others hoping to go there eventually."

"I appreciate the effort, and the theme."

"Thanks Andrew. Saying "thanks" certainly costs us nothing, but can have an oversized impact."

"Mark, you raise some thought-provoking questions. I've often written about the uncertainty of the future and the importance of recognizing what we can and cannot control. AI is simply another reminder of how little we know about what lies ahead. Having been retired for more than a decade, I've witnessed enormous technological changes, but I can't recall another that has raised so many questions about the future of employment and even our sense of purpose. Like you, I wonder what the world will look like for the next generation. Your point about planning rather than predicting particularly resonated with me. We can prepare financially, diversify our investments, and make sensible decisions, but we cannot eliminate uncertainty. Perhaps the greatest benefit of having a sound financial plan is not knowing what the future holds, but having the confidence to face it. As I've learned, life rarely unfolds exactly as we imagine. The best we can do is prepare for tomorrow without forgetting to live today. Thank you for another thoughtful article."

"UofODuck, the parachute image made me smile, though I’d guess most of us spent those first couple of years checking the straps far more often than was strictly necessary. Your two to four years makes my eighteen months look positively reckless. And I thought you were very fair to point out that it depends on what you started with. I said something similar to Olin: more resources simply give you more room to make mistakes and survive them. Still, I suspect the anxiety is much the same whether you’re sitting on a lot or a little. It’s only the size of the number we’re worrying about that changes. Did you have a particular moment when you realised you were spending less than you earned, or did it just creep up on you?"

"We didn’t hear any clunking over bumps or notice any steering issues. That’s part of what made me question the recommendation. I’m glad we got a second opinion: Boca Auto Fix inspected the links, saw no signs of wear, and told us they didn’t need replacing. Your sister-in-law was fortunate to have you go through the list with her. What I appreciated about Karina was that she did much the same for me: She explained what needed attention and what could wait. That’s the kind of advice that earns my trust, whether it comes from a dealer or an independent shop."