or Do we just describe what the portfolio needs to fund or should we also specify a particular dollar amount that needs to be provided by the portfolio?
as much information as you can provide. if you can say they need 12,000 per year for living expenses then state that. if it says spending (foundation or endowmnet for exampe) spends 6% of assets per year state that. if it says they are going to buy a house next year without a dollar value attached to it, state they are going to buy a house.
do you have to include ongoing spending needs that need to be met with the portfolio? I would think you should as does schweser but going over past cfai exams it seems they do not.
ya, when i said they need 12k per year for living expenses that means only the living expenses the portfolio must meet (not necessarily total living expenses.)
i would also state the need for emergency reserve (6-9 month of living expenses), CFAI states it in the many questions I have seen so far