Using Housing Wealth to Facilitate Asset Division in “Silver Divorce” 1 Credit
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Divorce or the death of a spouse can turn the best-laid financial plans upside down. An income stream dries up; assets may be divided; in short, where life had a feeling of certainty, you may now be standing on shifting ground. Whatever the circumstances, if you haven't been closely involved in investing or other big-picture financial decisions, taking the lead on money matters can seem daunting.
To be sure, gender roles are evolving, and women are increasingly active in financial planning. But even so, women who outlive their husbands, or who experience a so-called silver divorce sometimes after decades of marriage—can be caught off guard by the magnitude of the decisions they must make alone, not least those concerning their home.
The primary issue in “Silver Divorce” (divorce after age 55) is the division of assets. By that age, typically, the couple has accumulated some assets, and the children, if any, have grown up and become independent. At the same time, retirement is approaching or has already arrived (generally with a significant reduction in income). The couple’s housing wealth used strategically can greatly assist in the division of their assets, and can also diminish the risk of cash flow exhaustion during retirement.
Join this CPE Finance webinar that explains how housing wealth can be used to facilitate asset division in “Silver Divorce” with quantitative examples.
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Barry H. Sacks, PhD, JD, a member of the California State Bar, is a tax attorney specializing in pension law. He is a 1973 graduate of Harvard Law School. Since 1974, with the enactment of ERISA (the pension reform law), he has practiced almost exclusively in the area of retirement plan law. He has been certified as a specialist in taxation law since 1980 by the California Board of Legal Specialization. For the past ten years, he has been listed in the peer-selected “Best Lawyers in America”. In 2015, Mr. Sacks was designated as Best Lawyers’ “Lawyer of the Year” in the field of retirement plan law for the San Francisco Bay area. In addition, he holds a Ph.D. in theoretical physics from MIT, where he completed a doctoral dissertation that involved substantial mathematical modeling.
He published the pioneering research paper modeling the use of reverse mortgage credit lines to mitigate the effects of adverse sequences of investment returns in retirement accounts (Journal of Financial Planning, February, 2012). The retirement income strategy described in the Journal of Financial Planning article has been granted 2 patents. He published a sequel to this paper in the October, 2017 issue of the Journal of Financial Planning, expanding the range of application of the strategy. In 2016, he published an article in the Journal of Taxation (“Recovering a Lost Deduction”) on the income tax deduction for interest accrued on reverse mortgages. While developing his model for the use of reverse mortgages in retirement income planning, Mr. Sacks became aware of other needs of retirees (or soon-to-be retirees), including those who are moving to new homes and those who are in the process of divorce. As a result, he has published papers demonstrating various uses of reverse mortgages to address these retirees’ needs.
In the earlier part of his career, Mr. Sacks spoke frequently at California Continuing Education of the Bar presentations and at advance tax seminars as a visiting lecturer at U.C. Hastings College of the Law. More recently he has spoken at various Bar Association meetings (including the Marin County Bar Association and East Bay Trusts and Estates Council) and at meetings of financial planning organizations.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
MB
This topic may be peripheral for some tax preparers, but I really benefited from this course. In CT, there is a larger population that could benefit from the analysis supporting the material. The case study examples were so detailed they can serve as courses of action templates. Just outstanding and very interesting.
PWF
Different than I expected, but interesting. Presenter clearly has a lot of experience in kind of a dismal topic. "Stay single, bring your kids up the same," my dad used to say...
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