Benjamin Franklin was a pretty cool dude. In honor of Independence Day, we can see how the planning of one of its key founding fathers, Benjamin Franklin, prepared for his legacy personally as well as publicly. When Mr. Franklin died in April of 1790 he left a last will and testament which, albeit quite wordy, directed where his remaining estate should go. While providing land, personal property and monies to various family members, he also bequeathed the sum of $1000 each to the cities of Boston and Philadelphia to be used for community philanthropic initiatives. The catch? The funds could not be used for 200 years. Franklin’s Boston Trust, for example, has now grown to over $4 million dollars. Each of Franklin’s charitable donations is being used by both cities today for the general purposes for which Mr. Franklin originally intended. Although Franklin personally recognized the country’s initial imperfections and instabilities, he must have had great faith in the foundational principles of the country which he helped establish; foreseeing its future existence and influence. Mr. Franklin also knew the value of leaving a legacy to his country and community, which would impact the citizens in Boston and Philadelphia for generations to come. What will be your legacy? By establishing or updating your estate plan today, you too can impact future generations.
