Please write an investment policy statement for John and Jane Smith by using the following information.

John Smith $($age $62)$ retired as the founding partner of a regional law firm two years ago. He has been married to Jane $($age $61)$ for $35$ years and they have a son, Robert $($age $34),$ who is a single dad with a daughter, Lilly $($age $12).$

Through inheritance and savings, John has accumulated a $$10$ million portfolio of $50\%$ cash and $50\%$ US Stocks $($VTSAX$).$ Jane worked as a judge and retired with a pension of $$80,000$ per year. They own a $$2$ million home and their annual living expenses $($$$250,000)$ is fully supported by the portfolio income and the pension that is inflation adjusted at $2\%$ per year. The Smiths would like to purchase a vacation home in Hawaii for $$1\mathrm{.}5$ million within the next year.

John is in good health but he is concerned about the welfare of his son and grandchild and wishes to leave $$5$ million to them. Robert is a tennis instructor and earns $$70,000$ per year; Lily is planning to study at a private high school with an annual tuition of $$30,000$ this fall. Jane has recently adopted a vegan lifestyle and is very interested in sustainable living and hopes to include a $$2$ million donation to a chairty in her and John$$s estate.

The Smiths are taxed at $20\%$ on all incomes.