svgleeson

For liquidity, I would go for current (meaning short-term) liquidity needs. Education in 6 years should not be included. It would be part of the return objective, not a constraint. If it represents a large part of the family’s wealth (big change in circumstances), it should be added in time horizon, as an extra stage.
College education wouldn’t be considered in unique circumstances.. it’s not a constraint. The 2.5mln after taxes could be added if it represents a constraint in the sense that it would weight on potential decision risk… It’s not necessary to add it.
In unique circumstances:
Important: SRI screens, Special requests, Bequests, Desired goals that can’t be met.
Potentially: source of wealth (if perceived as a constraint..), primary residence (ongoing mortgage maybe)..