Warren Buffett’s latest press release is both a celebration of generosity and a masterclass in thoughtful legacy planning. By gifting millions of Berkshire Hathaway shares to his family foundations, Buffett ensures his wealth will continue to serve society, reflecting his lifelong commitment to philanthropy. What resonated most with me was his advice to families: “When your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death.” This approach prioritizes clarity and communication, helping children not only understand what they will inherit but also the expectations that come with it. In my experience working with families, this balance of transparency and accountability is crucial. Without it, the absence of open conversations can breed resentment and jealousy, forces that often drive families apart. The “Oracle of Omaha” is truly a national treasure, blending vision with timeless wisdom. His message inspires us to think carefully about the legacies we create and the conversations we must have to preserve them. I encourage everyone to read his memo and reflect on how his philosophy might guide their own approach to wealth, family, and legacy. https://lnkd.in/eGu9zBBA #familylegacy #familyphilanthropy #givingpledge #warrenbuffett #berkshirehathaway
Jan Petke
3d
Many thanks for Sharing Christina Wing
Patrick W. McGrory, PhD, CFP® helped us setup our family foundation. It is a game changer. you mess up 50% of your kids if you give them too much money, and 90% of the wealth is gone by gen 3. So give them enough per the Buffett rule: enough to do anything but not enough to do nothing, then designate the rest to go into a family foundation, so they have a lot to give away and to impact invest in perpetuity. It helps them, and our communities, to thrive.