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By Jason Carrozza

Hi Everyone,

Happy Wednesday! This week we are talking about alternative living arrangements. 🙂

A big concern for many of my clients is the rising cost of assisted living facilities. According to the 2018 Genworth Financial Cost of Care survey, the average cost of an assisted living facility in Massachusetts is $181.00/day, that’s $5,494/month, and $65,940/year! These figures are forcing people evaluate their retirement plan and decide where they would like to live during their “golden years.”

One Texas man has decided to get creative. Recently, Terry Robinson posted on Facebook that he intends on living at the Holiday Inn v. paying for an assisted living facility. Robinson’s plan, use a senior discount, save money on the extended stay option, and travel the world. Robinson estimates that he will be saving an approximately $128.77/day and can use that money on food and entertainment. With added features such as free breakfast, a swimming pool, gym, and complimentary toiletries, this option appears to be one you can’t beat.

Although I applaud Mr. Robinson’s creativity, this is by no means an excuse to ignore your own retirement planning. This is also an excellent time to remind you that your financial plan and your estate plan need to be created in conjunction with one another.

We pride ourselves on working with the greatest professionals in the financial services industry. If it’s time to have your financial plan reviewed, if you need to update your estate plan, or if you are just getting started, please contact our office today. We are happy to point you in the right direction and help you craft a roadmap to your retirement, no matter how creative it may be.

Until next time,

About the Author
Jason M. Carrozza is a partner and founder of Family Legal Partners, P.C., previously owning Carrozza Law Office, P.C., which focused on estate planning, probate administration, and business formation. He was recognized as a Massachusetts Rising Star by New England Super Lawyers and Boston Magazine in 2014, 2015, and 2016, an honor given to no more than 5% of attorneys in the state. Graduating magna cum laude from New England Law and ranked 3rd in his class, Jason completed his undergraduate degree at the University of Tampa. He gained experience in civil litigation, divorce, corporate, and insurance defense law firms before opening his practice in 2004. Jason is admitted to practice before the Massachusetts Courts, is a trained family law mediator, and a member of the Massachusetts Council on Family Mediation. He has volunteered for pro bono panels with Senior Partners For Justice, South Middlesex Legal Services, and the New Center for Legal Advocacy. Dedicated to his community, he has served in various leadership roles including vice president of the Bellingham Business Association and Master of Excelsior Lodge of Massachusetts Freemasons. He teaches Estate Planning Basics at the Tri County Continuing Adult Education program and speaks at estate planning seminars throughout the year. An avid baseball fan and history enthusiast, Jason enjoys outdoor activities and spending time with his family. He lives in Massachusetts with his wife, Katrina, and their children, Zachary and Madelyn.