Weinstein & Randisi
Toll free:800-768-1780

Resize the Content Text

Warren Buffett's thoughts on giving money to children

When writing your will, you may be thinking of simply dividing your money and assets up evenly between your children. While you can do as you please, and this is what many people choose, it can be interesting to look at investor Warren Buffett's thoughts on the matter. After all, he has a net worth of $66.7 billion.

Buffett has famously said that he doesn't think giving children a lot of money is wise. He wants his children to have a chance to make their own way in the world, rather than just relying on money someone else earned.

That doesn't mean he won't give them anything. He famously said that he wanted to provide enough that his kids had options and could do anything they chose to do. What he wanted to avoid was handing them so much money that they could just live off of it without doing anything at all.

When asked, one of his daughters said that he didn't even cover small costs, which he certainly wouldn't have noticed, commenting that he'd cash checks that she wrote him, even if they were only for $20.

It's also worth noting that old money often runs out as it is passed down from one generation to the next. Some of the biggest name's in America's history have run into this issue, including the Hunts, the Dodges, the Vanderbilts, and the Reynoldses. Buffett may not want to leave all of his wealth to his children so that they don't squander it.

As you can see, there are many factors to consider when writing a will in New York, and deciding how to pass on money can involve thinking about what is best for your children, and not just how much money you have.

Source: Fortune, "Should You Leave It All to the Children?," Richard I. Kirkland, accessed March 11, 2016

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Blog Feed


Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map


Call us now for a free, 100% confidential consultation: