Warren Buffett's Charity Contributions and Lack of Inheritance for Children

Warren Buffett's Vice Chairman, Charlie Munger, once said, 'Of course I help out my children. I don't want too many people spitting on my grave, least of all my own children. If that means they're a little spoiled, then that's just too damn bad." One of the more interesting revelations about Warren Buffett's personal life is the fact that he has chosen to give 99% of his wealth to charity (The Bill and Melinda Gates Foundation), and he has not elected to give any substantial amount of money to his children. Is this wise? Who knows. While we all readily acknowledge that Mr. Buffett has the right to do with his money as he pleases, that doesn't mean we're not allowed to speculate on the wisdom of his decision by forming opinions about how we'd react in a similar situation. If your parents were loaded, would you be ticked off if they gave almost all of their wealth to charity? Would you make a couple fewer visits to their grave if they left you a modest sum in their will? If you had well-adjusted children, would you even consider leaving them out of your will? Jim Wang over at Bargaineering wrote a great piece on this topic, and be sure to check him out here: http://www.bargaineering.com/articles/10-million-bill-gates-children-inheritance.html .