Reuters reports that Warren Buffett, the iconic investor at the helm of Berkshire Hathaway (BRK-a, BRK-b), has taken significant steps to ensure his vast fortune is directed towards philanthropy posthumously. At 94, with a net worth of $149.7 billion as per Forbes, Buffett has outlined plans to donate 99.5% of his remaining wealth to a charitable trust managed by his children: daughter Susie, 71, and sons Howard, 69, and Peter, 66.
In a letter to shareholders, Buffett announced the designation of three successor trustees in case his children are unable to fulfill their roles. These individuals, described as younger than his children and well-acquainted with them, are set to ensure continuity in the execution of his will. Buffett emphasized his lack of interest in establishing a dynasty, focusing instead on the immediate generation for the disbursement of his assets.
Additionally, Buffett has committed to donating another $1.14 billion worth of Berkshire stock to his family’s foundations, bringing his lifetime contributions to over $58 billion since his pledge in 2006. A significant portion of these donations has gone to the Bill & Melinda Gates Foundation, accounting for more than $43 billion, alongside his personal charitable initiatives. He has so far donated 56.6% of his Berkshire shares.
Despite these substantial gifts, Buffett retains a 14.4% stake in Berkshire Hathaway, where he has been at the forefront since 1965. His strategy includes ongoing donations of shares to five foundations during his lifetime. Posthumously, his children will have a decade to distribute the remaining wealth, requiring unanimous decisions on which charitable causes to support.
This approach underscores Buffett’s commitment to philanthropy, ensuring his wealth serves societal good rather than accumulating within his lineage.
Leave a Reply