Dear Friend,

Warren Buffett, one of the wealthiest and most influential people in the world, recently penned a letter to shareholders of his company, Berkshire Hathaway. The news he shared wasn’t about stocks or profits but about legacy—a word that carries weight for all of us.

Buffett announced his plan to convert 1,600 of his Class A shares—valued at approximately $1.1 billion—into 2.4 million Class B shares, distributing them among four family foundations. With this latest act of giving, Buffett has now donated more than half of his Berkshire fortune. Yet, in the letter, Buffett made one thing crystal clear: “I have never wished to create a dynasty or pursue any plan that extended beyond the children.”

Let’s pause there for a moment. Buffett’s staggering $143.4 billion net worth might seem worlds apart from your life and mine, but his words reflect a truth we can all relate to: our legacy is about more than money. It’s about making sure those we love are cared for, that our values endure, and that we leave behind something meaningful.

But Buffett didn’t stop there. He shared parenting advice that cuts to the heart of what it means to take responsibility for your future and your family.

A Suggestion for All Parents

Buffett shared an important thought: “Explain your plans to your children while you’re still here.” Imagine the conversations this could spark. Sitting down with your children, explaining your decisions, and answering their questions can be a transformative moment. It fosters trust, ensures clarity, and eliminates potential conflicts down the road.

Picture this: a family gathered around a kitchen table. Maybe there’s coffee brewing, and the smell of cinnamon from freshly baked cookies fills the air. You’re not just talking about legal documents; you’re having a heartfelt conversation about your dreams, values, and hopes for the future. That’s what Buffett is encouraging—and it’s a gift far greater than money.

By sharing your plans while you’re still here, you can make sure your loved ones aren’t left wondering, “Why?” when it’s too late to ask. This simple act of transparency can preserve relationships and give your family the confidence to carry out your wishes.

Small Tweaks That Make a Big Difference

Buffett’s philosophy aligns perfectly with what we emphasize at Bascom Law: taking personal responsibility for your health, your wealth, and your legacy. You don’t need to be a billionaire to make a meaningful impact. Sometimes, it’s the smallest changes that yield the greatest results.

Here are three practical actions you can take today:

  1. Have the Conversation: Gather your loved ones and explain your plans. Use this opportunity to share not just what you’ve decided but why. Your reasoning is as valuable as the decisions themselves.
  2. Review Your Plan Regularly: Life is full of changes—new family members, shifting priorities, or unexpected challenges. Make sure your plan evolves with you.
  3. Seek Expert Guidance: Just like Buffett relies on a team of advisors, you should too. An experienced attorney can help you navigate complex decisions and ensure your legacy is protected.

Lessons from Buffett’s Legacy

Buffett’s children—now in their 60s and 70s—will oversee his foundation. He even named younger successor trustees to be sure his fortune is fully deployed, even if his children can’t complete the work in their lifetimes. This isn’t just planning; it’s visionary. It’s about making sure that what he leaves behind continues to make an impact for generations.

Now, imagine your legacy. Maybe it’s not billions of dollars, but that doesn’t matter. What you leave behind—your love, your values, your careful planning—can have a profound impact on your family. It’s about more than money. It’s about peace of mind, clarity, and knowing that those you love are supported and secure.

Your legacy is deeply personal, and at Bascom Law, we’re here to help you create a comprehensive plan tailored to your unique circumstances.

Think about this: What would it feel like to know, without a doubt, that your family is prepared for the future? To have every question answered, every detail accounted for, and every worry laid to rest?

Let’s make that vision a reality. Call us today at 770-285-5493 to schedule a consultation. Together, we’ll create a plan that reflects your values, honors your legacy, and gives you and your loved ones the peace of mind you deserve.

Sincerely and Thanks,

Mike

Mike Bascom

Bascom Law, PC

Estate Planning & Elder Law