Wednesday, February 3, 2010

Wills of the Rich and Famous


There are lessons for all of us in the planning or failure to plan of the rich and famous. I thought I would spend a few days looking at some rich and famous, contemporary and historical figures. What did they do right or wrong in their planning? Hindsight of course is 20/20 so let it work for our estate planning.

Last night as I was looking at Jeopardy this post came to mind. The question was "At his death in 1790, he left 200 year trust funds to the cities of Boston, MA and Philadelphia, PA?" Do you know the answer? It was Benjamin Franklin.

Franklin decided to leave funds to his native Boston and his adopted Philadelphia, on the condition that it be placed in a fund that would gather interest over a period of 200 years. Franklin's Philadelphia trust was used for a variety of loan programs to local residents. The money was used mostly for mortgage loans. When the trust came due, Philadelphia decided to spend it on scholarships for local high school students. Franklin's Boston trust fund was used to establish a trade school that, over time, became the Franklin Institute of Boston.

In this case, Franklin invested a small amount that accumulated a lot over a long period of time and made a difference in the lives of countless individuals. Rich or famous, a little or a lot, let us help you plan TODAY for tomorrow. Leave your comments here or contact us at www.ythlaw.com

1 comment:

Anonymous said...

Easily I acquiesce in but I contemplate the post should prepare more info then it has.