Well-managed money brings with it a freedom of lifestyle in retirement, but many Americans retire in poverty. Sadly, reports say that less than 5% of Americans will be financially free by the age of 65. Changes in the U.S. economy coupled with increased health care costs and lack of personal savings have put millions of American workers at financial risk as they approach their retirement years. According to a study published online at cnbc.com , nearly 40% of America’s middle-class will experience poverty in retirement. But why?

One reason is that few Americans clearly define what financial freedom means to them
. The definition is a wide array of personal opinion, but there is an economic equation that can easily encompass the most basic standard set for financial freedom; P.I ≥ L.E
.Translated it means passive income = lifestyle expenses. An individual’s passive incomes from assets need to be equal to or higher than the income you require to afford your chosen lifestyle. Many people retire poor because they did apply this fundamental equation to their financial future.

Some individuals are too disinterested to engage in financial planning
or too lazy to be proactive and productive. The adage, “failing to plan is planning to fail” sadly applies to many Americans’ retirement strategies. Hoping things will work out is not a strategy any more than planning on winning the lottery is. Individuals must establish their goals and ruthlessly and relentlessly pursue them.

Every American has a different financial reality, and much of it is derived from the mindset they choose to adopt regarding finances
. Consciously, as well as subconsciously, rich people think like rich people and poor people think like poor people. What you manifest is what you see and in turn, what you become. This mindset is why so often lottery winners go bankrupt after “hitting it big” and why wealthy people who go bankrupt often go on to develop a new fortune. Keep your mindset focus positive and reinforce your short and long term financial goals daily. Your attitude can determine your altitude.

Many Americans who retire poor chose the “let’s just wing it” path or did not attain sound and conservative financial management help. Do not be
influenced by other poor people
. Surround yourself with successful friends and family and learn from them. You can model their behavior in your own life. Retain a trusted accountant, banker, or financial advisor who can tailor your individual financial needs into an easy to follow set of steps and apply them. It does not have to be overly complicated and sometimes, the more straightforward the approach, the better. If you learn from successful people and sound financial consultants, you stand a better chance of becoming financially free.

Some Americans stick their heads in the sand and never confront the facts of their financial reality
. These are the people with stacks of unopened bank statements in their homes. While it can be painful to address a bleak economic reality, it is worse to have an inherent aversion to tackling the task at hand. You cannot abdicate your financial situation to anyone. You can receive trusted advice and help but do not avoid facing the truth of your finances. Oversight avoidance is how some famous athletes and performers have made vast fortunes but managed to squander every last cent. No one should care more about your financial freedom than you do.

Many people who retire poor did not save any money
, and those who inherited wealth squander instead of saving in the name of immediate gratification of a new car, or large home. Extravagant expenditures feel great at the moment, but the goal is to live beneath your means. Make saving money your number one habit. People who are successful at saving sometimes make a game of it like shopping online for the best deals or using coupons. Small savings during purchasing not only add up over time, but they also reinforce the habit of saving money.

When you save money, you can apply the power of compound growth
. Many people who retire poor do not understand how valuable the concept of compound growth is. It can take modest savings and in time, create wealth. Sadly, many Americans understand the concept of compound growth from the wrong side of the equation. Generally speaking, Americans are debt slaves. They rack up credit card debt and pay services charges, which are the bank lending industry’s compound growth money maker. People retire in poverty because they are on the wrong side of the compound growth equation.

Without the saving habit, compound growth equation, living beneath your means, and acquiring as little debt as possible you wind up working for money instead of money working for you
. It is essential to assess the three following ways income can manifest itself in your life. There is earned income, which generally is in the form of a paycheck or salary for services or products provided. Then there is portfolio income which represents stocks, investments, and pensions. Finally, there is passive income, which comes in the form of royalties, patents, online services, or rental revenues, to name a few. These multiple streams of income can make retirement far more comfortable than relying on a modest pension and ever declining social security benefits check. People who retire rich have multiple streams of income, giving them a real path to financial freedom. People who retire in poverty continue working for money without the benefit of alternative sources of revenue.

There is little excuse to lack the knowledge and skillsets to become financially solvent in the digital age. Americans who struggle financially in retirement did not take the time to become financially educated. Being ignorant about finances
is a sure way to retire poor. Online and for free, you can find many websites that generate articles about financial education. It comes as no surprise that people who retire with financial problems have the worst reading habits. If you don’t enjoy reading try financial literacy games for adults or learn through online seminars to boost your financial understanding. Even with financial knowledge if you lack a plan and the will power to follow it,
you will retire without economic freedom. The practical application of your plan is crucial. Most Americans do not make a plan for their retirement, and many that do begin too late to affect a substantial change because compound growth and accrual of wealth take time. However, it is better to start your retirement plan late than not at all.

Ultimately the choice rests with the individual. Most Americans would rather retire with adequate incomes for a comfortable retirement lifestyle. Remember that you are not a product of your circumstances; you are a product of your decisions. Make the right decision today for your financial freedom in retirement.

Give us a call at (866) 456-9668 – we would be happy to discuss how we can help you with your planning.

The post Why Do Americans Retire in Poverty? appeared first on Faloni Law Group.

Naming of Close Family Members

The beginning of the will is where the decedent lists close family members. This portion doesn’t leave any doubt in anyone’s mind that if a person is not going to be receiving any property from the estate, it was intentional.

Naming the Executor

The next to be named will be the executor, and it may require that the executor post a bond. The bond protects the estate against the possibility that the executor steals the estate’s funds.

Listing Specific Gifts

The decedent may have wanted specific gifts to go to specific people. This is where those gifts will be listed. In most cases, people don’t leave specific gifts to others. They either leave everything to one person, or they leave everything to several people to split equally.

Gifts of Personal Effects or Personal Property

Personal effects are property that the decedent wore or carried, and personal property is any property other than real estate.

Conditional Gifts

People don’t usually do this, but sometimes, they will leave property with conditions attached. This type of provision is a major headache for the executor. The remedy would be for the beneficiaries to come to an agreement on how to implement the decedent’s wishes.

Monetary Gifts

The decedent can give money that doesn’t come from any particular source to people as a “general” gift or a legacy.

Residual Gifts

Residual gifts are listed after the general and specific gifts have all been named. It is common for this section to be left blank.

The best thing to do is hire the Law Offices of Faloni & Associates to help you figure everything out. We are King of Prussia estate planning lawyers with the ability to straighten out all of the difficulties in which people often find themselves after a loved one has died. An estate planning attorney in King of Prussia can also help you create your own will. King of Prussia estate planning will ensure that your will distributes your property in exactly the manner you wish it to be distributed.

The post What To Expect During a Will Reading appeared first on Faloni Law Group.

For many people, real property, including their home, is a big part of their overall net worth.  How the home and other pieces of real property is titled deserves careful consideration. Real estate constitutes the land and any structure, including vegetation, livestock, crops, and other natural resources that sit on the land under the state’s law. Real estate can be commercial or residentially owned. Ultimately how you hold a property title has far-reaching consequences for liability, and when it comes time for sale or the bequeathing of it as an inheritable asset.

The title is a reference to the document that lists the legal owner(s) of a piece of property and can depict ownership of both personal and real property. Real estate titles are regarded as real property as it is a tangible asset. The title for real property, by law, must be transferred if the asset is sold or inherited and must be clear for the title transfer to take place. A clear title is free of liens or any other encumbrance posing a threat to proper ownership. The most common types of real estate titles are joint tenancy, tenancy in common, tenants by the entirety, sole ownership, and community property. Less common property ownership titles are corporate, partnership, and trust ownership.

Individual name
or sole ownership
allows for a single person to hold title, even if you are married. If the person becomes mentally or physically incapacitated due to injury or illness, a spouse or family member typically will need to conduct business with regards to your property. Your family member will not be able to do business transactions like refinancing or changing lines of credit, and they will be unable to act until a court appoints someone to act on your behalf. Many people assume if they have a will it will address the problem, yet a will does not go into effect until after you die and is not in effect if you become incapacitated.

Joint tenants
(some may have rights of survivorship) occur when two or more people hold the title to real estate jointly. This type of title is widespread among but not exclusive to married couples. Unmarried couples may also hold joint tenant title as can parents and their adult children. It is a fair, uncomplicated, and free way to hold the title. In the case of a couple, the death of one automatically transfers full ownership to the surviving owner without probate. However, probate is more than likely just to be postponed. In the event the surviving owner dies without adding another owner, or if both owners die at the same time, probate is almost certain to occur before the property can go to the heirs.

Being a co-owner means that to sell, refinance, or take any action to the property, both owners must agree to the business action. If there is disagreement or in the event your co-owner becomes incapacitated, the court will become involved to resolve the disagreement or to protect the interest of the one who has become incapacitated. Court involvement will occur even in the event the incapacitated owner is your spouse. Joint tenants also expose the property to both of the co-owners obligations and debts. If a creditor successfully sues your co-owner, you could lose your home. In the case a co-owner is not a spouse, there can be income tax or gift tax problems. A will does not control any jointly owned assets, and you may mistakenly disinherit your family when your co-owner inherits your share, particularly in the case of second marriages with children from a previous union.

Tenants in common
(TIC) allows for two or more people to hold title to real estate with equal rights during their lifetime to enjoy the property. A tenant in common title creates shares of ownership, and those shares will be distributed as directed in a will upon an owner’s death. In the absence of a will, the property goes to the heirs of the owner. As a tenant in common individually holds title for a respective part of the property, they are at liberty to dispose of said owned property or encumber it at will. Owners of their respective shares are permitted to use their portion of the property as collateral or in financial transactions. They may also be sued or have creditors place liens on only their portion of the property.

Tenants by entirety
(TBE) are only permissible if the owners are legally married. This title, for purposes of ownership, treats the couple as one person for legal action and interpretation. Upon the death of one person, the TBE title is transferred in its entirety to the other spouse. This is advantageous as no legal action is necessary upon the death of one’s spouse. It does not require a will and probate is unnecessary.

Community property
is only in effect in nine states (AZ, CA, ID, LA, NV, NM, TX, WA, and WI) and is a form of joint ownership between spouses commonly referred to as community property. When you die, your share of the community property is automatically transferred to your surviving spouse unless your will provides otherwise. Both tenants, by the entirety and community property titles, can find the remaining owner with several new co-owners, who, upon their death, can have their heirs inherit the property. Also, issues of incapacity and lawsuits are magnified if several property owners are trying to reach a consensus about the sale of the property or other business actions.

Corporate ownership
allows a legal entity, a company owned by shareholders, to hold title to property. Partnership Owners
can own real estate as a partnership. This title constitutes two or more people who transact business for profit as co-owners. There are also limited partnerships where an investor has limited liability because they do not make management decisions regarding business transactions of the property. In the case of limited liability, a singular general partner will typically be responsible for making business decisions on behalf of the identified limited partners.

Trust ownership
, most often in the format of a revocable living trust
, is a legal entity that owns the real property, which is managed by a founding or designated trustee on behalf of all trust beneficiaries. In the event you become incapacitated, your named successor trustee can seamlessly take control of your trust without court interference. A successor trustee is legally obligated to follow the instructions put forth in your trust. If you recover from incapacitation, you resume control of your trust. If you were to die, the property would be distributed according to your trust instructions and without probate. Holding real estate in trust ownership has challenges regarding benefits that surround financial and legal liability, managerial influence, and tax considerations. A real estate trust document can provide significant advantages to property owners but only if created by competent legal staff who take into account the complexities surrounding the trust and its interaction with the liabilities listed.

Methods of holding and owning title to real estate property are determined by state law and, as such, must be considered when researching and determining the best method to acquire and hold title to real property where you live. Depending on the complexity of your situation, assessing the best way to title your real estate may require professional real estate, legal and tax guidance.  We help clients
determine the best way to hold title to property, and whether a trust would be beneficial. Give our New Jersey estate lawyers a call at (866) 456-9668 – we would be happy to help.

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appeared first on Faloni Law Group.

You have the right to decide what kind of medical treatment you want to receive from doctors and health-care providers. If you can speak up at the time, you can express your wishes yourself. But if you become incapable because you’re ill or injured, you need to plan in advance. Designate a person whom you trust to speak for you. You do this by creating what’s known as an “advance directive” or health care power of attorney.

You also have a choice about the kind of document you prefer. You can ask for a short document that simply conveys general authority on your agent to make health-care decisions for you – or you can opt for a longer document that details the specific powers you give to your agent.

For both versions, we offer a checklist to assist you in discussing your wishes with your agent beforehand.

The General Version

This version is short, clear, and easy to understand. It states, generally, that you have given your agent the authority to speak for you. Your agent knows your wishes, because you have discussed those wishes with him or her beforehand.

The Specific Version

This version goes into detail about what you would like your agent to do for you. For example, it includes the request that providers and your agent consult with you if possible. If not possible, it includes a list of procedures that you authorize your agent to decide on your behalf. Included are decisions about what kind of residential facility you want to be placed in, that an agent can visit you and bar others from visiting if appropriate, can advocate for pain relief, can consent to psychiatric treatment, can decide about anatomical gifts and organ donation, and the document provides procedural details about enforcement.

You will be covered with either version. The choice is yours.

Living Will

You may also want a separate Living Will for end-of-life decisions. This document becomes effective when you can no longer care for yourself, walk, talk, recognize loved ones, or are in the final stage of an incurable illness. At that point, you can decline expensive, high-intensity care that likely would not improve quality of life.

Choosing Your Agent

The person you choose to be your health-care agent must be someone you can depend on to have good communication skills, remain calm in difficult situations, and deal flexibly with complexity that might arise in reconciling your wishes with available medical options. Choose that person carefully.

Health Care Preferences Checklist

We can offer you a checklist, to help you discuss your wishes with your agent. This is not an easy conversation. It’s hard to contemplate a time when our health has declined or we suffer injury or accident. It is also challenging to try to imagine various scenarios involving situations that can be complicated by numerous medical contingencies.

Still, your agent needs to know what you would want in a variety of situations. These include whether to decline or accept life support and mechanical interventions, when you would opt for or decline surgery, and your preferences about blood transfusions, medication, and religious observance.

For certain states, the checklist also contains a signature line that proves you have discussed your wishes as to feeding and hydration tubes. Otherwise, if your agent doesn’t know what you would decide, the law in some states would take away from your agent the right to decide about those kinds of measures.

Don’t hide your documents!

When it comes time to use your documents but they can’t be found, or if your agent or family don’t understand them or ignore them, you will have spent your time, effort, and money in vain. Make sure your documents are readily available. Give a copy of them to your agent and ask your doctors to include them in your medical records.

You will have done your best to see that your values and health-care choices will be honored.

If you have questions or need guidance in planning for a loved one, please do not hesitate to contact
our office by calling us at (866) 456-9668. King of Prussia estate planning lawyers are prepared to help you today.

The post How Specific Should Your Health Care Power of Attorney Be?
appeared first on Faloni Law Group.

What Is a Trust?

A trust is a financial vehicle that allows you to hold and manage property for the benefit of others.

How Is a Trust Different from a Will?

A will lists what you would like to happen to your property after you pass away. With a trust, you will be able to control and manage property that you place in the trust, but after you pass away or become incapacitated, your successor will be able to take over control of the trust.

Different Types of Trusts

Living Trusts

This type of trust is one you may set up right now.

Testamentary Trusts

Your last will and testament will set up this type of trust.

Revocable Trusts

This is a living trust that you have the opportunity to change at any time.

Irrevocable Trusts

This is also a living trust, but you cannot change it or cancel it.

Why Would Someone Want to Set Up a Trust?

A trust can help you avoid things that you have to deal with when you have a will. For example, you can avoid probate and delay paying taxes with a trust. A trust will maintain your privacy and ensure that your creditors or your beneficiaries’ creditors cannot seize the property. You will also have more control over your assets with a trust. Most importantly, if you need Medicaid or governmental services available to those with a disability, a trust will ensure that you can qualify for those benefits.

Setting Up a Trust

The first thing you need to do to set up a trust is contact us at the Law Offices of Faloni & Associates. We are estate planning attorneys in Fairfield, and we can help you set up a trust that will support all of your needs. Our Fairfield estate planning lawyers will get you started with the trust process by helping you create your trust agreement. This agreement lists the beneficiaries, grantor and trustee of the trust and explains how you want your property to be distributed. Then, your Fairfield NJ estate planning attorney
will help you transfer your assets into the trust.

The post How to Establish a Trust
appeared first on Faloni Law Group.

Sandy was a caregiver for her 85 yr-old mother. Sandy still worked full time and would help her mom in the evenings and weekends. Unfortunately, Sandy was in a serious car accident and would be out of work for at least 8 weeks. She now faced the challenge of paying her bills while out of work and finding someone to help her mom until Sandy could get back on her feet.

There are only so many ways you can plan for the unexpected.  Short term disability insurance is one.  Yet many people may not know exactly what short term disability is or how it can benefit someone who has experienced the unexpected illness or injury that may prevent them from being able to work for an extended period of time.   There are also the planned events, such as surgery to correct a chronic health issue for which you will need some income to help cover the procedure and other expenses incurred during your time away from your job.   It is estimated that on a yearly basis, an average of 5.6 percent of workers in America will have a need for short term disability.  Here is an overview of what short term disability insurance is and what it can and cannot do for you during the unplanned and most likely unwanted downtime you hope you never have.

Short term disability is used for non-work-related illnesses or injuries, as opposed to a worker’s compensation policy, paid for by the employer, that provides income replacement for a work-related injury.   As the name suggests, short term disability is active for a limited period of time, is often offered as part of a benefits package, and may be purchased on your own through a private insurance agent if your employer is not mandated to offer it.  Currently, there are only five states where it is mandatory for employers to offer this type of coverage to their employees.  These states are California, New York, New Jersey, Hawaii and Rhode Island.  Of note, the income replacement from a short-term disability insurance policy will seldom cover 100% of your income, but typically will cover anywhere from 40% to 70% of your income depending on the policy terms.

The time covered by short term disability can range from 30 days to sometimes up to a year depending on the policy, but it is important to know that your job is not guaranteed should you need to use short term disability.  It may be possible to transition to a long-term disability plan once short-term benefits are used up and you are not ready to return to work.  Another important thing to know is what the elimination period is for the policy.   Employers do not want to start paying for an illness or injury that could possibly be covered by an employee’s “sick days” fund, therefore there is an elimination period associated with the policy, which means that the policy may dictate how many days you would have to be off work with the disability before a claim could be filed.

Fortunately, there are many conditions that quality for short term disability that even include many mental health issues.  As mentioned earlier, if there is a need to be off work for a planned procedure that will render you unable to return to work for a while, you will want to be sure your policy covers that issue and time needed to recover when planning for your care needs.   There may be limits to what one employer covers versus another, and conditions that are covered should also be part of your consideration when choosing a plan should you decide to purchase your own policy.   Unfortunately, pre-existing conditions are not covered by short term disability, nor can benefits be used to take time off from work to care for other family members who are sick or injured.   In general, the short-term disability plan, when you are informed and knowledgeable of how it works, can be a benefit that may provide some peace of mind should the unexpected health crisis happen.

We help people of all ages plan for the unexpected so that your wishes will be carried out. Through the use of legal documents like a living trust, power of attorney and health care directives, we make sure your home, your savings, and your family is taken care of if the unexpected happens.

If you have questions or need guidance in planning for you or a loved one, please do not hesitate to contact our office by calling us at (866) 456-9668. Our New Jersey estate planning attorneys are prepared to help.

The post What You Should Know About Short-Term Disability Insurance appeared first on Faloni Law Group.

Having a special needs child has many challenges. One of the toughest challenges faced by many parents is knowing how to best care for their special needs child as they reach adulthood. There are many areas that need consideration when planning for the transition of a special needs child to adulthood. Let’s take a look at some of these areas.

Education

During childhood, the public education system provides for the bulk of the care, structure, and services that a special needs child requires. However, once they are out of public education, this support and service abruptly come to an end. If parents don’t plan for this transition, it can be difficult for the child and the family. That is why the Individuals with Disabilities Education Act (IDEA) requires that at age 14, the student’s Individualized Education Plan (IEP) contain a plan with steps that will be taken to help the special needs student acquire skills that are necessary to transition from school to the workforce. Schools are required to monitor progress of the students as they acquire the specific skills. It is important for parents to understand their child’s rights and for parents of children with special needs to be advocates for their child as they turn 14 and enter this time of transition.

Employment

Special needs individuals if trained in skills specific to the workforce can find ways to have a job. For example, the local Walmart hired a young lady who has special needs to work as a cashier. The young lady while in school had an IEP. From the time the young lady was in elementary school, part of her IEP include life skills goals. These goals allowed her to learn necessary skills to get and keep a job as a cashier.

Beyond preparing your child early for the workforce, it is helpful to research companies that hire people with special needs and determine the types of skills they will need to succeed. Then, parents or other caregivers, should seek out ways to develop those necessary skills in their child. The key to employment is being prepared to help your child both during and after school. Be patient with the process. Sometimes it takes time for a special needs adult to get hired. Many special needs people do not work because they are scared that they may lose benefits if they work.

Financial

Working can be a great way for special needs adults to earn some additional income. However, it is important to keep in mind that there are limits on the amount of money a special needs person can earn without affecting Social Security Insurance (SSI) and Social Security Disability Insurance (SSDI). Once a child reaches 18, these benefits are based on his or her own assets. Other ways to protect the assets of your special needs child is by creating a first or third-party trust. This way, your special needs child can draw benefits while also having assets.

If you are the parent of a special needs child, it is important to begin planning early for the future of your child. Don’t wait until your child is 18. The public education system can be a great resource, but you will need to do some planning on your own. The good news is there are organizations that can help you and your child find the right employment opportunities to match their skills. A King of Prussia estate plan attorney who specializes in adults with special needs can be very helpful in planning for the financial future of your child with special needs.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our office and schedule a consultation with a King of Prussia estate plan attorney by calling us at (866) 456-9668.

The post What to Consider as Your Special Needs Child Becomes an Adult appeared first on Faloni Law Group.

The Definition of Probate

Probate is when the court accepts a will and begins to put its instructions into effect. The decedent may have kept a copy of the will at home, but a copy may also be on file at the attorney’s office.

How Does Probate Start?

The will must be recorded in the county where the decedent dies. It will be filed within the probate court. The executor or a beneficiary can file the will. At this time, the executor or beneficiary will ask the court to approve it and put it into effect. The executor will be the person to make sure that the will goes through the probate process. He or she will also ensure that the assets are distributed to the beneficiaries.

What Occurs During the Probate Process?

During the probate process, the court must make sure that the will was signed and witnessed according to the laws of the state. If you are in a “self-proving” state, the will can enter probate without a trial or witness testimony.

The executor notifies the beneficiaries. If they believe that the will is not valid, they have the opportunity to contest it. The court will determine the monetary value of the decedent’s estate by examining the assets and the liabilities. The court opens an account so that the bills, taxes and debts can be paid. After this has been done, the beneficiaries will receive property bequeathed to them.

How Long Will Probate Take?

After someone files the will, it usually takes between eight and 12 months for the probate process to end.

It is important to hire an estate planning attorney in King of Prussia after a loved one passes away. At the Law Offices of Faloni & Associates , we are here to take you through the steps of probate. King of Prussia estate planning lawyers have your best interests in mind during this time of difficulty. We are also here for King of Prussia estate planning if you are interested in drawing up your own will.

The post When Does Probate Begin After a Loved One Has Passed? appeared first on Faloni Law Group.

Your parent recently had a stroke and is returning home after a long stay in the hospital and in-patient rehabilitation. The care providers assure you that your parent will be fine returning home, but you still worry. How can you make sure your parent is safe at home?

A medical alert system is a device that can connect the user with help when activated, either at the press of a button or if a fall is detected. These devices can be lifesaving in case of emergency, and can give seniors independence, and their loved ones peace of mind. One might assume that a smartphone or digital assistant is sufficient, but unlike cell phones, medical alert systems stay on your body so that you always have access to it, and unlike Alexa and Google home, medical alerts can call 911. So, if you do decide to buy a medical alert system, you’re going to want to choose a quality system; since you rely on them in times of emergency, you want to know it will work. But how do you choose?

Consumer Reports suggests answering three questions before choosing a medical system. The first is, do you want a home-based or mobile system? The answer depends on your lifestyle and preferences. The second question is, should your system be monitored or not? Consumer Reports only recommends monitored systems, which means that the call button connects you with someone at a 24/7 dispatching center, rather than automatically dialing a friend or family member from a programmed emergency call list. And finally, should you add a fall-detection feature? It’s a relatively inexpensive add-on ($15 or under per month), but the technology may not be perfect; it may register something as a fall that isn’t, such as stumbling or dropping your phone.

With these choices in mind, one might look at the systems Consumer Reports recommends, or those on The Senior List has a Recommended list. The Senior List makes its recommendations based on four criteria: (1) works as advertised or better, (2) customer service, (3) pricing, and (4) easy to cancel contracts. For 2020, their top 9 medical alert systems were Bay Alarm Medical, MobileHelp, Medical Guardian, Philips Lifeline, LifeFone, LifeStation, ResponseNow, QMedic, and Alert1. Consumer Reports also recommends Bay Alarm, LifeStation, Medical Guardian, MobileHelp, and Philips Lifeline, but they also recommend GreatCall Lively Mobile, Life Alert, Medical Alert, and Rescue Alert.

Bay Alarm is ranked best overall, at $19.95-$29.95 monthly cost (the lowest on this list!) and no equipment fees, with landline and cellular in-home options, a mobile option with 4G LTE coverage, and an in-car medical alert, among other features. The equipment is easy to install, and its range of products are appropriate for various situations without being overwhelming. They don’t require long-term contracts, and they allow you to try it for 30-days risk-free.

MobileHelp is also consistently high quality, in terms of both equipment and customer service. They offer cellular in-home medical alert systems, mobile and GPS systems, and even jewelry or smartwatches. They offer extras like fall detection, medication reminders, and vital sign monitoring. Costs start at $19.95 monthly (with a one-time $49.95 fee for the in-home system, unless you choose an annual plan, in which case that fee is waived). They also have a deal to buy two systems, which is good for couples. They don’t require long-term contracts, and they offer flexible pricing plans.

Finally, before making your purchase, check return policies carefully, especially if you have hearing loss. Read more about The Senior List’s top medical alert systems, including the Medical Guardian, Philips Lifeline, LifeFone, LifeStation, ResponseNow, QMedic, and Alert1, here. Consumer Reports also covered medical alert systems, available here.

If you or a loved one is living at home with care, it is important to consult with an elder law professional to make sure a proper plan is in place that covers your loved one’s care needs and financial needs.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact one of our offices by calling us at (866) 456-9668.

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