Multi-millionaire George Appling accumulated $1 million when he was 36. He has no plans to leave his wealth to his three kids as an inheritance but would rather pay for their college, car, and other life events. Appling's decision to part with his wealth in ways that help their children in their formative years rather than transferring his entire wealth at one go later in life has similarities with how some of the wealthiest people on Earth plan to part with their wealth. Berkshire Hathaway's Warren Buffett entrusted his kids to donate his $143 billion empire to charities when he passes. Meanwhile, Bill Gates' children will receive only 1% of his wealth. Even Elton John believes it's "terrible to give kids a silver spoon" and won't leave his kids any inheritance.
