Just before Thanksgiving in 2024, legendary investor Warren Buffett offered a deeply personal letter. He talks about crucial principles for the successful transfer of assets to the next generation and ways to preserve family harmony.

As of January 31, 2025, Buffett, the Chairman of huge investment conglomerate Berkshire Hathaway was worth $147.5 billion and was ranked 8th wealthiest in the world. The vast majority of folks will not have even 1/100th of 1% of his wealth, but may still find his letter useful for their family. The article is titled “The art of creating a legacy: Estate planning wisdom from Warren Buffett” found 12/12/2024 by Legacy Plan.

Buffett believes in open communication in estate planning. “When your children are mature, have them read your will before you sign it”. This allows children to understand the logic behind decisions and ask their parent for the rationale behind their decisions. Buffett also believes in reviewing and updating his will every few years. Buffett’s approach is drastically different from the approach upper-middle- income folks take. Most don’t go over what they own in detail. They feel that if the kids know they have a $1-5 million estate, some of the kids and grandkids will lose their motivation to “be all they can be”. Only you know your kids and grandkids. I suggest that you test them with some amounts of money while you are alive.

Example: I know a successful father who had 4 kids and when they were in their 30’s and 40’s, he gave each of the kids $10,000. The daughter, who was the most responsible one, saved it. One son asked Dad if he could use it towards a down payment on his new personal house and Dad agreed. The other two sons blew the money. Wouldn’t you like to know how your kids handle money BEFORE they get a big inheritance?

Buffett’s philosophy is that parents should “leave their children enough so they can do anything but not enough that they can do nothing”. Many of the clients who attend my tax/financial seminars have $1-5 million size estates and 2-4 kids. Every kid relates to money differently and inheriting $250,000 might destroy one child’s ambitions vs. another kids receiving $2.5 million and NOT getting lazy or abandoning the wish to “make it on his own”.

Example: an excellent way to test your kids is to NOT pay for all their college expenses. I recommend that parents NOT pay more than half. If the child has to contribute half of his college expenses, it might come from a combination of scholarships, student loans, and working while in  college. The student will take the college experience more seriously. Other key nuggets of estate planning wisdom from Buffett are: Focus on values over valuables; Fair treatment and gender equality between the sons and daughters; and Start early and have the kids build experience in handling money, investing, and philanthropy.

Attend my Free Live Seminars: Weds. 3/19/2025 or Thurs. 3/20/2025, starting at 6 pm at Hyatt Place, 3535 W. Chandler Blvd. Chandler, AZ 85226. The seminars are followed by a Free catered meal. Topic is “Secure Your Financial Future: Lessons from Warren Buffett!”

Free Tour/Workshop at Solar Reefer (Refrigeration) Factory: Saturday, 3/29/2025, 9am–12 noon. Topic is “How Solar Reefers can Reduce Taxes to $0 and earn a steady 10-14%!” Lots of tasty refreshments served! Location is at Advanced Energy Machines: 4245 E. Norcroft Street,Mesa, AZ 85215, ¼ mile SW of McDowell & Greenfield Roads.

To RSVP for the seminars or schedule a free consultation, please contact Dr. Harold Wong at (480) 706-0177 or This email address is being protected from spambots. You need JavaScript enabled to view it.. His website is www.drharoldwong.com.

Dr. Harold Wong earned his Ph.D. in Economics at the University of California/Berkeley and has appeared on over 400 TV/Radio programs.