Warren Buffett, one of the most successful investors in history, has long advocated for responsible wealth management. As chairman and CEO of Berkshire Hathaway, and one of the wealthiest individuals in the world, Buffett has pledged to donate more than 99% of his fortune to charitable causes. Yet, despite his vast wealth, his estate planning advice is not just for billionaires—it’s something every Jewish parent should consider.

Estate planning is deeply rooted in Jewish tradition. The Torah instructs us to be mindful of our financial affairs and to ensure that our children and future generations are properly cared for. According to some rabbanim, a will is even a halachic mandate. But inheritance is not just about distributing wealth—it is about passing down values, responsibilities and ensuring family harmony. Shalom bayit should be enough to motivate every frum person to make an estate plan.

Buffett recently advised parents to have open conversations with their children about their estate plans before signing their will. He emphasizes that proper estate planning is about preparing the next generation for financial responsibility, not just allocating assets. Yet, many families avoid discussing money matters. A Fidelity Investments survey found that 56% of people reported their parents never spoke to them about finances, and 81% believed they would have benefited from an early financial education.

In this article, we will break down Buffett’s advice, provide actionable tips on how Jewish families can approach estate planning, and explain how an estate planning attorney can help you craft an estate plan aligned with both legal and Jewish values.

Warren Buffett’s Key Advice On Estate Planning

Buffett stresses the importance of transparency when creating an estate plan. He advises parents to allow their children—once they reach a mature age—to review their wills before finalizing them. This proactive approach helps ensure that children understand their parents’ decisions and are prepared for the responsibilities they will inherit.

Buffett also highlights the importance of listening to children’s perspectives during these discussions. By taking their feedback into account, parents can make informed decisions that reflect the family’s collective values. This approach aligns with the Jewish concept of shalom bayit, which emphasizes open communication and mutual respect within the family. Ensuring clarity in estate planning can prevent disputes and foster unity among siblings, avoiding unnecessary litigation and machlokes (conflict).

The Great Wealth Transfer:
A Unique Moment in History

The term “The Great Wealth Transfer” refers to the shift of wealth from those born before 1965 to their heirs. It is estimated that by 2045, approximately $84.4 trillion will be transferred to the next generation.

Jewish families, in particular, have a long tradition of generational wealth preservation. From the shtetls of Europe to modern-day communities in the U.S., we have always placed a strong emphasis on financial security and preparing the next generation for success. Regardless of how much wealth a family has accumulated, Buffett advises parents to start conversations about their estate plans sooner rather than later. These discussions are vital to ensuring responsible wealth management and upholding family values.

Common Pitfalls of Keeping Estate Plans a Secret

Buffett’s emphasis on transparency is critical because keeping estate plans a secret can have serious consequences. For example:

• Family Conflicts: Not discussing a will with children can lead to resentment and disputes that can destroy familial relationships. Open dialogue can prevent surprises that may lead to emotional distress or litigation.
• Poor Financial Management: Without prior knowledge of their inheritance, heirs may struggle with asset management. The sudden responsibility of handling a deceased parent’s wealth can be overwhelming, especially while grieving. As Rabbi Yitzchak teaches in the Talmud (Bava Batra 146b), preparing one’s heirs with financial wisdom is just as important as the inheritance itself.
• Failure to Uphold Family and Religious Values: Estate planning allows Jewish parents to ensure that their assets are distributed in a way that aligns with halacha and their values. This includes ensuring that funds are allocated for tzedakah and supporting Jewish causes.

How Jewish Parents Can Follow Buffett’s Advice

Based on Buffett’s recommendations and Jewish teachings, here are practical steps to creating a successful estate plan:

1. Start the Conversation Early: Parents should begin discussing estate planning when their children reach an age where they can understand financial and legal matters. This is in line with the Jewish principle of chinuch, which emphasizes teaching children practical wisdom early on.
2. Clarify Intentions: Parents should explain the reasoning behind their decisions to prevent confusion, resentment or disputes among children. The Torah outlines certain inheritance laws (Bamidbar 27:8-11), but modern families may wish to supplement those with personal intentions.
3. Consult an Experienced Estate Planning Attorney: Jewish parents should work with an attorney who understands both civil law and Jewish values. An estate planning attorney can help structure a legally sound will and provide guidance on explaining it to children.
4. Review and Update the Will Regularly: A will should be reviewed periodically to reflect changing assets, family circumstances and legal requirements. Just as we review financial matters before Rosh Hashanah, families should ensure their estate plans remain aligned with their evolving needs.

How Rosenblum Law Can Help Jewish Families With Estate Planning

At Rosenblum Law, we understand that estate planning is not just about paperwork—it’s about protecting your legacy and ensuring your family’s future. Our experienced estate planning attorneys provide personalized guidance to help Jewish families create wills and trusts that align with their legal and religious values.

We offer expertise in:

✔ Will Drafting & Trust Creation

✔ Halachic Estate Planning Considerations

✔ Minimizing Estate Taxes & Avoiding Probate

✔ Ensuring a Smooth Transfer of Assets

✔ Legacy Planning for Tzedakah & Jewish Causes

Our attorneys will help you navigate the legal intricacies of estate planning while ensuring your wishes are honored in a way that preserves shalom bayit and prevents future disputes.

Don’t leave your family’s future to chance. Contact Rosenblum Law today for a free consultation and take the first step in crafting a responsible, value-driven estate plan.

Rosenblum Law is a leading estate planning firm serving families in New York and New Jersey. Our experienced attorneys help clients create legally sound wills, trusts and comprehensive estate plans tailored to their unique needs. We guide families through every step of the estate planning process, ensuring their assets are protected, their wishes are honored and their legacy is preserved. Contact us today to learn how we can help secure your family’s future.

Adam is the founding attorney of Rosenblum Law, a general law practice with offices in Albany, New York and Bloomfield, New Jersey. Rosenblum’s primary focus is criminal defense, traffic tickets and social security. Prior to founding Rosenblum Law, Rosenblum worked as law clerk to the managing partner and attorneys at the Albany office of the nationally-acclaimed law firm Boies, Schiller & Flexner LLP. Rosenblum is admitted to practice in all state and federal courts in New York and New Jersey and is a graduate of Albany Law School.