‘Gray divorce’ makes retirement-related
decisions complex, TD Wealth survey finds
February 6, 2020 BY
INVESTMENTNEWS
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.
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%).
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