"Father time always wins," he wrote, as quoted by the Associated Press. "But he can be fickle - indeed unfair and even cruel - sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit."
Buffett also argued that "hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing."
Despite his advanced age, Buffett has held onto the reins of his Berkshire Hathaway empire and has yet to announce plans to retire. His children, however, won't be taking over the multinational holdings company - one of his deputies, Greg Abel, has already been identified as the next CEO following Buffett's death.
Last year, his charitable giving exceeded $50 billion, roughly twice his entire 2006 net worth.
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