Private Sub Button_Click(ByVal sender As System.Object, ByVal e As _
  System.EventArgs) Handles Button.Click
        Dim lines As List(Of String) = New List(Of String)
        For Each line As String In TextBoxDescription.Lines
            If line.Length > 60 = True Then
                lines.Add(SplitString(line, 60))
            Else
                lines.Add(line)
            End If
        Next
        TextBoxDescription.Clear()
        TextBoxDescription.Lines = lines.ToArray
        TextBoxDescription.Refresh()
    End Sub

Private Function SplitString(ByVal text As String, ByVal length As Integer)
 
        Dim temp() As String = text.Split(" ")
        Dim ret As String = ""
        Dim currentlength As Integer = 0
        For i As Integer = 0 To temp.Length - 1
            If currentlength + (temp(i) & " ").Length <= length Then
                currentlength += (temp(i) & " ").Length
                ret &= temp(i) & " "
            Else
                ret &= temp(i) & vbCrLf
                currentlength = 0
            End If
        Next
        Return ret
End Function

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VB.NET 2005 EE / MySQL / MSSQL EE