Buffett, along with the Gateses, created the Giving Pledge in 2010 to encourage more of the super-rich to leave the majority of their wealth to philanthropy. As of 2016, 154 ultra-wealthy people and families from 16 countries have joined the effort, including Richard Branson, Sheryl Sandberg, and David Rockefeller.
As for how much to pass on to your kids, Buffett once offered a good rule of thumb: The perfect amount to leave to your kids, he told Fortune in 1986, is ''enough money so that they would feel they could do anything, but not so much that they could do nothing.''
If the Buffett formula doesn't work for you, there's always "Shark Tank" investor and self-made millionaire Kevin O'Leary's more severe approach: "I'm not planning on giving my kids any of my wealth," he told Chatelaine in 2013.
"They know when their education is over, I'm pushing them out of the nest," O'Leary said. "You want to prepare your children for launching their own lives. I tell wealthy parents that if they don't kick their kids out of the house and put them under the stresses of the real world, they will fail to launch."
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."