Elder Law Firm of Steve Bailey

Top Three Mistakes People Make When Choosing Life Insurance Beneficiaries

“You are about to put pen to paper to designate who will one day reap the benefits of your generosity, but then you remember hearing stories about problems with the beneficiaries of life insurance policies.”

You have a life insurance policy to take care of your loved ones. You are about to put pen to paper to designate who will one day reap the benefits of your generosity, but then you remember hearing stories about problems with the beneficiaries of life insurance policies. To help you choose wisely, here are five mistakes people make when choosing life insurance beneficiaries.

Naming a Minor Child or Young Adult as the Beneficiary

A minor child cannot receive life insurance proceeds directly. You will have to name someone to get the proceeds.  However, you may be leery of naming someone to get the money and having to trust that the person will do the honorable thing and hold the money for your child. If so, you can create a trust for the life insurance proceeds to protect your minor child’s inherited assets.

Giving a massive chunk of money to an 18-year old is usually setting this young person up for failure. Your elder law attorney can help you set up controls on how much money the person gets at different ages or stages. For example, with a $500,000 policy, your young adult child might get $100,000 when she graduates from college with her bachelor’s degree, $200,000 when she turns 25, and $200,000 when she turns 30.

If your beneficiary happens to have special needs, you might make him ineligible for government benefits if you name him as a beneficiary. Instead, you can set up a special needs trust to circumvent this problem.

Life Happens, So Update Your Beneficiaries

You should review your beneficiary selections at least once every three years. People forget to change their beneficiaries when major life events, such as death or divorce, happen. If any of your beneficiaries have died, you need to name new ones. When you divorce, you should update all your important legal documents, including your will or trust and your life insurance policies.

Doing Nothing, or Not Doing Enough

If you take out a life insurance policy but do not name someone as the beneficiary, the proceeds will go to your estate. Your heirs will have to go through a longer process before they get the money. They might not get the money at all, since assets that go through your estate are subject to claims of creditors. If the life insurance company pays the proceeds directly to a named beneficiary, the money is not part of your estate, so creditors of your estate cannot touch it.

Many people name a primary beneficiary but do not designate a secondary beneficiary. If your primary beneficiary dies before you do, the money will go into your estate. You should name a back-up (secondary beneficiary) and a second back-up (final beneficiary).

Be specific when writing down your choice of beneficiaries. Do not merely write, “my wife,” for example. If you divorce, then later remarry, which wife gets the money? The one who was your wife when you took out the policy or the one who was your wife when you passed on? Simply writing “my children” is also problematic. Write the full names of your beneficiaries and their addresses. The insurance company needs to be able to find your beneficiaries.

The laws are different in every state, so be sure to talk with an elder law attorney in your area. This posting discusses the general law.

References:

Insure.com. “10 ways to screw up when picking life insurance beneficiaries.” (accessed December 6, 2017) https://www.insure.com/life-insurance/naming-life-insurance-beneficiaries.html

Exploring Hybrid Long-Term Care Options

“Some hybrid packages provide fixed income through annuities, cover nursing home costs out of cash retained in the product and pay a death benefit through life insurance components.”

Since Penn Treaty long-term care insurance went out of business, leaving Penn’s business partners holding the bag for some costs of claims and making seniors worried about their futures, people are even more hesitant to buy long-term care insurance than before. Historically, the high cost of long-term care insurance premiums has kept many people from buying this coverage. It now appears that after paying the high premiums for years, long-term care insurance might not be there when you need it.

 There are relatively new alternatives to long-term care insurance. If you are exploring hybrid long-term care options, you may have questions about what they are and how they work. Kiplinger advises these options come in many forms.

Long-Term Care Rider Coupled with Whole or Universal Life Insurance Policy

With this variation, you pay one up-front premium or a series of premiums with set prices. There are no future premium increases. While the number of these hybrid insurance products sold in 2015 was up by 37 percent over 2014, sales of traditional long-term care policies fell about 20 percent during the same time. If you never need long-term care, you will still get a financial benefit from the hybrid policy through the death benefit. Standard long-term care insurance can only pay nursing home expenses.  Therefore, if you do not use it, you lose it.

Growth Rate of Cash Value

Many hybrid products also grow in cash value. The current growth rate is about 2 percent, which is good compared to today’s bank rates.  However, if short term returns increase considerably, you will lose out on the potential return you could get in the market for your money. You must invest at least $50,000 to $75,000, if you want coverage that will provide sufficient long-term care benefits. Taking a distribution from the annuity or life insurance to pay for nursing home costs can be tax-free sometimes, which is likely better than paying for a nursing home with your after-tax savings.

Wealth Management

The New York Times reports that hybrid products can be an essential component of your wealth-management plan, to prevent long-term costs from depleting your life savings, while providing flexibility. Some combinations include long-term care coverage with an annuity, instead of a universal life policy. Some hybrid packages provide fixed income through annuities, cover nursing home costs out of cash retained in the product and pay a death benefit through life insurance components.

Best Candidates for Hybrid Long-Term Care Products

Experts warn these hybrid financial products are not the best option for everyone. If you have less than $500,000 in assets, you may prefer to spend down your assets over time to qualify for Medicaid to pay your long-term care expenses. If you have more than $2 million in assets, you can pay nursing home expenses out of pocket. Between $500,000 and $2 million in assets is the sweet spot, at which buying a hybrid long-term care product might make sense. Talk with your financial advisor about what is best for your situation.

This posting discusses general law. Talk with an elder law attorney in your area to learn the laws in your state. Also consult a financial advisor and a tax expert.

References:

Kiplinger. “Hybrid Insurance Policies Gaining Steam.” (accessed October 8, 2017) https://www.kiplinger.com/article/insurance/T036-C000-S004-hybrid-policies-gaining-steam.html

New York Times. “Hybrid Long-Term Care Policies Provide Cash and Leave Some Behind.” https://www.nytimes.com/2016/03/06/business/retirementspecial/hybrid-long-term-care-policies-provide-cash-and-leave-some-behind.html

Forbes. “Hybrid Long-Term Care Insurance Policies.” (accessed October 8, 2017) https://www.forbes.com/sites/wadepfau/2016/01/21/hybrid-long-term-care-insurance-policies/#33e4fe8a6bea

Penn Treaty. “Liquidation FAQs.” (accessed October 8, 2017) https://www.penntreaty.com/Liquidation/LiquidationQuestions.aspx

Elder Law Answers. “Long-Term Care Hybrid Products Give Buyers More Options.” (accessed October 8, 2017) https://www.elderlawanswers.com/long-term-care-hybrid-products-give-buyers-more-options-7812

Deciding on Long-Term Care Coverage for You or Your Spouse

“ It might not cost twice as much to insure both of you, as it does to cover one of you.”

If you can afford long-term care insurance coverage, but only for one spouse, explore multiple factors when deciding on long-term care coverage for you or your spouse. Long-term care insurance premiums are expensive.  Therefore, few people can afford to buy a policy for both spouses.

How to Get the Most Bang for Your Buck

Some experts suggest that if you want to maximize the benefits you receive from a long-term care insurance policy, buy the coverage for the wife, not the husband.  This is because statistically, women tend to live longer than men in America. Like many statistics, however, this is a gross generalization that may not relate to your situation.

Look at each spouse’s health and lifestyle, including nutrition and exercise.  Consider the longevity of each spouse’s family. Think about which spouse is more likely to need nursing home care. One spouse might be more likely to live longer at home, while the other spouse may be more likely to need nursing home care. Many people live independently, well into their 90s and beyond.

Shared Policy

Some long term care policies allow spouses to share one policy, splitting the benefits between them. If they have ten years of coverage, for example, one spouse could use three years, and the other spouse could use seven.

The shared policy option may be more than adequate, despite what some high-pressure insurance salespeople may tell you. The majority of seniors never need to move into a nursing home. Of those who spend time in a nursing home, Kiplinger reports that only half of the men and about 40 percent of the women ever stay longer than three months. Experts debate about whether the benefits people receive from long-term care policies justify the high premiums.

“Group” Discount

Check to see if the long-term care insurance company gives a substantial discount, if both you and your spouse buy policies. It might not cost twice as much to insure both of you, as it does to cover one of you.

Hybrid Policies

A relatively new option is a hybrid combination of life insurance with long-term coverage. These products can be less expensive than traditional long-term coverage, and provide a death benefit besides nursing home coverage.

Options to Long-Term Care Insurance

Explore alternatives to nursing homes, such as caregivers in your home. State and federal funds will pay for some options that help seniors stay in their homes if possible. The cost of living in an assisted living center can also be far less expensive than the 24/7 skilled nursing care of a nursing home. If you only need a small to moderate amount of help with daily living or medical issues, you probably need not live in a costly nursing home.

If you have limited assets and low income, Medicaid can pay for your nursing home expenses and protect assets and income for your spouse. Some experts advise you to skip long-term care insurance altogether, if your assets are less than $500,000, because you can spend down your assets and become Medicaid-eligible.

This posting discusses the general law. The laws are different in every state, so talk with an elder law attorney in your area.

References:

Kiplinger. “4 Secrets to Buying Long-Term Care Insurance.” (accessed October 8, 2017) https://www.kiplinger.com/article/retirement/T036-C000-S004-4-secrets-to-buying-long-term-care-insurance.html

AgingCare.com. “Turning to ‘Shared Care’ for Cheaper Long-Term Care Insurance.” https://www.agingcare.com/articles/shared-long-term-care-insurance-151804.htm

Elder Law Answers. “Which Spouse Should Get Long-Term Care Insurance Coverage?” https://www.elderlawanswers.com/which-spouse-should-get-long-term-care-insurance-coverage-12321

Beware the Downfall of Long-term Care Insurers

“People who have paid expensive insurance premiums faithfully for years, are left wondering what will happen to them if they need to move into long-term care one day in the future.”

A 2017 court order forced one of the largest long-term insurance companies in America, Penn Treaty, to liquidate because Penn does not have enough assets to pay anticipated future claims. People who have paid expensive insurance premiums faithfully for years, are left wondering what will happen to them, if they must move into long-term care one day . When such a large company goes under, there is usually a significant ripple effect. Experts warn Americans to beware the downfall of long-term care insurers.

Penn Treaty and the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) prepared answers to Frequently Asked Questions (FAQs) on the Penn Treaty website to address the understandable panic of the Penn Treaty long-term care policyholders. Some topics Penn and NOLHGA covered include:

What Happens to the Long-Term Care Policies After the Liquidation

Every state has a guarantee fund that protects policyholders when insurance companies go belly up. The guaranty association for your state will administer your long-term care policy and handle your claims. Some states place limits on your claims they will pay. These limits vary from state to state. Other states have no limitation on claims when a long-term insurer liquidates. Regardless of where you lived when you bought your long-term care policy, your limitations of coverage will be determined by the state where you lived when Penn Treaty liquidated. In Alabama the limit is $250,000.

You must Keep Paying Your Premiums

Even though it feels like they are forcing you to throw good money after bad, if you stop paying your premiums, they will cancel your policy and you will get no help from the guaranty association of your state. As if that were not enough bad news, Penn warns that the premiums may be “adjusted” later, which of course, means they can raise your payments.

The Demise of a Long-Term Care Insurer Can Hurt Other Companies

Long-term care insurance is a form of health insurance, so when the long-term care company folds, the health insurance company with whom they had a contract gets stuck with some bills. To recoup some of their losses, the health insurance companies then jack up their premiums.

Alternatives to Buying Long-Term Care Insurance

Although it is rare when a long-term insurer closes, Penn Treaty shows it can happen. Many people now wonder, if there are other options to help pay for nursing home care . 

Some people recommend that you buy a hybrid form of asset-based long-term care funding by combining annuities and life insurance policies, so you will get a guaranteed amount of benefits you can use on whatever you want. Some long-term care policies only pay for the expenses of being in a nursing home or other long-term care facility. If you never need to live in a nursing home, you will get no benefit from the premiums you paid for the LTC policy.

Whether you choose long-term care insurance or something else, investigate the company carefully. The laws vary from state to state, so be sure you talk with an elder law attorney near you.

References:

Penn Treaty. “Liquidation FAQs.” (accessed October 5, 2017) https://www.penntreaty.com/Liquidation/LiquidationQuestions.aspx

Signing up for Medicare as an Elder – What You Need to Know

US citizens become eligible for Medicare when they turn 65. If you are months away from your 65^th birthday, it’s best to get started on your Medicare application. Here’s what you should know about Medicare:

Types of Medicare

There are four types of Medicare:

• Part A covers inpatient services in hospitals and nursing facilities
• Part B covers doctor services, outpatient services, preventive services and medical supplies
• Part C is offered by medical insurance companies that contract with Medicare to provide all Part A and Part B benefits in a single plan, in addition to extra services such as dental and vision care. Sometimes, it may even cover prescription medication.
• Part D covers prescription medication.

When Does Enrollment Begin?

Enrollment for Medicare begins as you approach your 65th birthday. It lasts seven months split into three months before the month of your birthday and three months afterward. For example, if you are to turn 65 on 1 January 2018, enrollment begins on 1 October 2017 and ends on 30 April 2018.

How Do I Enroll in Medicare?

If you already receive Social Security benefits or Railroad Retirement pay, you do not need to enroll in Medicare since it happens automatically (for Part A and B) on the first day of the month of your 65^th birthday. You should receive your Medicare card in the mail, three months prior to your birthday.

If you are approaching 65 and you are not getting social security or railroad retirement pay, you should enroll in Medicare. You can do this by either calling Social Security at 800-772-1213 or by visiting a local Social Security office.

If you are actively employed and your employer offers health insurance coverage (COBRA coverage and VA benefits do not count), you may not have to apply for Part B coverage immediately. You may want to consult with an elder law attorney to determine if it would be reasonable to delay enrollment in the coverage.

Payments for Part B Medicare

Every person pays for Part B Medicare insurance. The funds are usually deducted from your Social Security payments.

Premiums are calculated every year. The 2017 standard premium was $134. However, many people pay less after cost-of-living adjustments. Premiums may be higher for people with high incomes and for people who did not enroll when they were eligible to do so.

Medicare Part C Coverage

Insurance companies contract with Medicare to provide seniors with Part A and B coverage in a single plan. These plans are also called Medicare Advantage plans. These plans may also cover medication and dental, vision and wellness care.

Medicare Part D

If you do not have Part C cover that’s inclusive of medication, you should enroll for Part A, B and D coverage. When you delay enrollment in Part D, you risk paying 1 percent higher premiums for every month you were eligible to enroll but delayed.

What is a Medigap policy?

Because of its numerous deductibles, coverage exclusions, and copayments, Medicare often only pays for 50 percent of all seniors’ medical costs. The balance can be settled by private insurers offering Medigap policies to cover the gaps not covered by Medicare. You can check local insurers to see if they offer a Medigap policy.

References:
“Turning 65? What You Need to Know about Signing up for Medicare”
“Enrolling in Medicare”
“What's Medicare?”
“Ready to Join Medicare?”

Major Life Change Means Update to Estate and Financial Plans

“To be successful in achieving your financial goals, you need to update your financial plan when you have a major life change.”

You did the right thing: you worked with an estate planning attorney to create a plan to achieve your long-term financial and legacy goals. However, since you created your plans, you may have experienced changes, and some of these changes may impact these plans.
NASDAQ’s recent article, “6 Reasons to Update Your Financial Strategy Now,” gives us some major life changes and stages that call for an update to your estate plan.

Marriage. It’s important that you both have an understanding of the family finances and be able to set goals together. Both of you should be knowledgeable about the monthly budget, insurance, estate planning and investments.

Divorce. Whether you are trying to maintain your financial situation or recover from the dissolution, there are some key areas that require updating, such as your financial status, a new budget, reviewing credit reports, adding to an emergency fund and analyzing your estate plan. Don’t forget to update your beneficiary designations.

Children. According to the U.S. Department of Agriculture, the typical middle-income, married parents of a child born in 2015 can anticipate spending $230,000 for food, shelter, and other necessities to raise a child up to age 18. That doesn’t include the cost of college. Review your insurance policies and estate plan to make sure that your family is protected.

Career or Job Change. Whether you were unemployed due to termination, merger or layoff, important financial concerns include loss of income, medical insurance and other benefits.

Retirement. Plan properly to avoid the risk of not outliving the retirement that you thought you would have to see you through.

Loss of a Spouse. This sad reality can be overwhelming from both an emotional and financial standpoint. An estate planning attorney will be able to help you through the process of tasks and legal issues to be resolved.

Your estate plan should be reviewed and updated on an annual basis or as your goals change.

Reference: NASDAQ (January 26, 2017) “6 Reasons to Update Your Financial Strategy Now”

Take a New Look at Long-Term-Care Insurance

Take a New Look at Long-Term-Care Insurance

“If you can't afford traditional long-term-care insurance, a new strategy that combines life insurance with long-term-care benefits may be more practical.”

Many individuals who’ve been unsure of traditional long-term-care insurance, are considering “hybrid” policies that combine life insurance with long-term-care benefits. But many still wonder if these policies really are a better way to manage the risk of catastrophic long-term-care costs.

Kiplinger’s article, “Hybrid Insurance Policies Gaining Steam," notes that the most popular hybrids attach a long-term-care rider to a whole or universal life insurance policy. People can usually pay a single up-front premium. If they never need long-term care, their heirs will receive the death benefit.

By paying a single premium or series of set premiums, you don’t have the risk of premium increases in the future. That’s an issue that has been a negative feature of traditional long-term-care policies.  Many people have also balked at the “use it or lose it” concept that goes with traditional long-term-care policies. A hybrid policy’s potential death benefit eliminates that concern. However, those advantages aren’t as clear as they appear, since traditional long-term-care policies that are priced today have a low risk of future premium increases, according to new research by the Society of Actuaries. By giving up a large chunk of change for a hybrid policy, you’re giving up earning a market rate of return on that money.

When comparing hybrid products against traditional long-term-care insurance policies, think about how you might invest the money that’s not spent on premiums. If you would look for a moderate return and might need the money to cover living expenses, stand-alone long-term-care insurance may make more sense.  With either choice, be sure to also consider inflation protection and evaluate how much you value a hybrid policy’s life-insurance component—which adds extra cost. For many of those purchasing hybrid products, life insurance is an afterthought.

If you really need life insurance, a hybrid product may not be the best choice.  This is because a long-term-care claim will decrease the death benefit. If you need both long-term-care and life-insurance protection, buy both. Don’t merely take care of whichever one comes first.

Compare multiple long-term-care coverage options, and be sure to request and read the life insurance policy illustration, which outlines policy premiums, death benefits, cash values and other details.

Reference: Kiplinger’s (January 2017) “Hybrid Insurance Policies Gaining Steam"

Carrie Fisher’s Daughter May See Millions from Mom’s Estate

“Carrie Fisher’s daughter may end up making more with a claim on Disney’s insurance policy than the family will inherit from a century of show business.”

TrustAdvisor, in “Carrie Fisher and Debbie Reynolds Dynastic Deaths Give Offspring Legacies and Millions to Inherit Overnight,” points out that Carrie had formal next of kin, her daughter Billie Lourd. She will inherit the house, money, and presumably her mom’s French bulldog, despite the fact the Star Wars actress didn’t have a valid will (How many times have you heard about big star with no will? Lots!).

Billie is almost certainly Carrie’s primary heir, and the value of her mom’s estate is increasing: the market price of everything associated with the Star Wars princess has tripled after her death. This is similar to what happened with other creative people and “collectible” celebrities like Prince and David Bowie.

Carrie owned a $14 million Los Angeles property filled with memorabilia, so whatever the family doesn’t want as a keepsake might bring big money in an auction. But she didn’t cash in on her Star Wars merchandising rights the way many stars do. She signed her Princess Leia image away to Lucasfilm at the beginning of the series. As a result, Disney owns it now for use in CGI “appearances” like the recent $440 million Rogue One. If they make money by putting that likeness on merchandise, it will keep the character “alive” well after her death. In essence, Disney wouldn’t be obligated to her estate for anything more than a gratuity for redubbing a few lines.

But Disney and Lucasfilm wanted a more mature Princess Leia for future films, and Carrie reportedly received several million to appear in the last one. Disney also had a $50 million life insurance policy to protect itself from having to rewrite the story around a dead star.

Counting Carrie’s house and the pay from the recent movie, it’s estimated that she might have left $25 million in assets. She also owns 0.0025% of the profit on the original Star Wars, which means that for every $1 million a year it grosses from here on out, her estate receives $200 a month in perpetuity. That quarter point may have already earned her $9 million on the film in her lifetime.

Reference: TrustAdvisor (January 3, 2017) “Carrie Fisher and Debbie Reynolds Dynastic Deaths Give Offspring Legacies and Millions to Inherit Overnight”

Life Insurance Settlements in Retirement and Estate Planning

“Today’s seniors face many unforeseen challenges, particularly as costs continue to rise for everything from groceries to medications.”

Many retirees are just getting by without a financial cushion to pay for emergency expenses. According to Insurance News Net’s recent article, “5 Key Questions Asked About Selling a Life Insurance Policy for Cash,” the ongoing erosion of assets threatens an entire generation of seniors currently having trouble paying retirement costs. Unfortunately, it might be even worse news for baby boomers and Generation Xers. An Associated Press analysis of savings data from the Federal Reserve found that 35% of households in their prime earning years have saved nothing in a retirement account and have no access to a traditional pension.  Therefore, for seniors facing a financial crisis or those wanting to shore up their emergency funds, a life settlement may be a necessary option.

A life settlement, also termed “a life insurance settlement,” is a financial transaction that allows a senior to sell an existing life insurance policy for immediate cash. A retiree could, for instance, sell a policy for a percentage of the overall death benefit. Even though many see life insurance as a regular expense, it’s actually an asset with an inherent value that can be sold to a life settlement company.

Most people purchase life insurance for a specific reason, like providing for a surviving spouse and family.  However, over time a person’s need for life insurance may change. In such situations, a senior may no longer need the life insurance, even though it served a valuable purpose for years.  The cost of life insurance may also increase over time and paying the premiums may become much harder to manage. In these instances, it may make sense to consider a life settlement by selling an existing life insurance policy.

Most individuals who pursue a life settlement are in their mid-to-late 70s and typically not in great health. They have an existing whole life or universal life policy … or a term policy that is near the end of the term (which can be converted). The face value of the insurance policy is a big factor in determining the offer. Life settlement companies typically want policies in excess of $500,000.  However, with a new transaction known as a retained death benefit, a senior also may be able to sell a portion of a life insurance policy and keep some coverage intact for beneficiaries.

A life settlement offer is based on a number of factors such as the face value of the policy, the amount of premium needed to keep the policy in force, the seller's medical history and the seller's life expectancy.

Every life settlement transaction is different, and a final offer will not be made until all the different factors are evaluated. Generally, a policy owner receives between 15 to 20 % of the policy's face value.

Reference: Insurance News Net (December 28. 2016) “5 Key Questions Asked About Selling a Life Insurance Policy for Cash”

Some New Year’s Resolutions Worth Keeping

“If you really want a sense of accomplishment, take care of money tasks that don't require ongoing discipline and that you typically don't have to repeat every year.”

Some basic money tasks are in the "one and done" category, but there are some others you may have to revisit as your life changes. Nonetheless, they’ll all give you a sense of progress toward your financial goals, says the Palm Beach Post in its recent article, “6 money resolutions you can actually keep.” Let’s look at the list:

1. Consolidate your retirement accounts. This makes it easier f
   or you to watch your investments and can save you money. Investment choices in 401(k)s typically cost much less than those available outside of the plans, and many large-company 401(k)s offer very inexpensive funds that are not available to retail investors. If you have a good 401(k), ask your employer if you can transfer your old retirement accounts into it. Otherwise, look at rolling old accounts into a single IRA at a discount brokerage. There are also low-cost target-date retirement funds that eliminate the ongoing need to rebalance your accounts.
2. Purchase life insurance. Not everyone needs life insurance, but if you do, you may need a good-sized chunk. If you have others depending on your paycheck or your child-rearing services, you should figure out your future obligations and subtract your current resources to see how much insurance to purchase. It is recommended that you get quotes from several carriers. Most people select term insurance, which is much less expensive than permanent insurance, which has an investment component, like whole life.
3. Set up savings categories. You can avoid having to scramble to pay a big bill like property taxes, if you set up savings accounts for specific costs. For each goal, calculate how much you'll need to pay the bill when it's due, and divide by the number of paychecks you'll get between now and then. Set up an automatic transfer for that amount, and the cash will be there when you need it.
4. Refinance student loans. If you have good credit, you may be able to lower the interest rates on your student loans. Refinancing to a lower rate is a slam dunk for private student loans, but with federal student loans, you'd be giving up some pretty important protections, like income-based repayment plans and more generous forbearance and deferment options. It might be worthwhile if you have a good job and can pay off the loans quickly. Otherwise, refinance private loans separately and apply the amount you save to your federal loan bills to help pay them off more quickly.
5. Write your will. An experienced estate planning attorney can help you create a will that expresses your wishes for your assets at death.
6. Check on beneficiaries. Review your beneficiary designations and most of the other tasks on this list, after any major life change, such as a birth, adoption, marriage, divorce or death.

Otherwise, count these as resolutions you’re able to keep.

Reference: Palm Beach (FL) Post (December 26, 2016) “6 money resolutions you can actually keep”