Rising divorce rate among those over 50 causing estate-planning problems

Rising divorce rate among those over 50 causing estate-planning problems
‘Gray divorce’ makes retirement-related decisions complex, TD Wealth survey finds
FEB 06, 2020
The rise in “gray divorce,” or split-ups among couples over the age of 50, is causing an increase in family conflicts and complicating financial and estate planning, a survey has found. [More: Gray divorce presents Social Security challenges] The survey, conducted by TD Wealth, the private wealth unit of TD Bank, found that gray divorce is adding another layer of complexity to an estate planning process that now often includes blended families and ever-changing domestic structures. The results were based on 112 responses from attorneys, trust officers, accountants, charitable giving professionals, insurance advisers, elder law specialists and wealth management professionals. “As a result of the growing divorce rate, it's more important than ever to proactively review and discuss estate plans with clients and their families on an ongoing basis," said Ray Radigan, head of private trust at TD Wealth. The rate of gray divorce, which has doubled since 1990, is posing a strain on retirement finances and having an impact on a variety of issues affecting older adults. The survey found that it is affecting decisions about powers of attorney (7%), determining appropriate Social Security benefits (6%) and drafting wills (5%). [More: Mary Beth Franklin's Retirement Repair Shop podcast: Will gray divorce ruin my retirement?]

Latest News

Goldman Sachs succession plan: John Waldron set to take the top job
Goldman Sachs succession plan: John Waldron set to take the top job

Goldman's president and COO is expected to replace David Solomon as CEO as soon as 2027, ending a near-decade at the firm's helm.

Where a client's parent lives may decide who pays for the nursing home
Where a client's parent lives may decide who pays for the nursing home

A state-by-state Medicaid report card, federal cuts starting in January and a home-equity cap due in 2028 are pushing a program most affluent families ignore into the planning conversation.

Raymond James launches guided portfolios for high-net-worth advisor market
Raymond James launches guided portfolios for high-net-worth advisor market

New model blends public and private markets as demand for alternatives among wealthy clients accelerates.

SEC fines Zoe Financial $450K over undisclosed referral conflict
SEC fines Zoe Financial $450K over undisclosed referral conflict

Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.

Senate vote on NIL bill could reshape college athletes' paydays
Senate vote on NIL bill could reshape college athletes' paydays

The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains