#265 When and How to Pass On Wealth to Your Family ft. Peter Kim, MD

#265 When and How to Pass On Wealth to Your Family ft. Peter Kim, MD


What Legacy Really Means

Peter starts by sharing a moment with his child asking, “Are we rich?” It made him reflect on what legacy really means. At first, he thought legacy was about passing down money or assets later in life. But over time, he realized it’s more about showing up for your family now—through your actions, presence, and values.

He questions why people wait to give until the end of life. Most kids will be older by then and may not even need the money. It’s not that parents are selfish—it’s that they’re afraid. Especially as physicians, we’re trained to plan for worst-case scenarios and avoid risk. But that mindset can stop us from using our wealth meaningfully.

Peter mentions the book Die With Zero, which explains that most people die at their richest. They never get to enjoy their money or use it to create meaningful experiences. He suggests there’s a better way: to give while you’re alive and can make an impact.

He encourages giving with purpose—not just handing over money, but teaching, supporting, and guiding. That’s how you truly build a living legacy.

“You’re stepping into this role as a mentor, a teacher, a supporter, a giver, a guide,” Peter says. And that role starts now, not later.



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