Saturday, June 2, 2018
Warren Buffett spoke at the Forbes 400 Summit on Philanthropy earlier this week in San Fransisco. The legendary man had some advice for attendees that had been attained during his almost 90 years of life.
Buffett commented that he had seen several parents push their children into a career choice that they did not want, often using inheritance as a driving force. Let your children find jobs that interest them and they will not hold any grudges and will be more fulfilled in their daily lives. He also said that it is more reasonable to tell your heirs what is in your will. “They have two things to decide. First, do they understand their responsibilities, and second, do they think that what I’ve done is fair,” Buffett explained. Allow your children to give to charity on their own, rather than together - if you have more than one child.
Also, there is such a thing as too large of an inheritance. His advice: “You should leave your children enough so they can do anything, but not enough so they can do nothing.”
See Angel Au-Yeung, Warren Buffett's Advice on How to Raise Well-Adjusted Heirs, Forbes, June 1, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.