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Warren Buffett (94) of Berkshire Hathaway is changing his plans for philanthropy.
Bloomberg’s billionaire list has him ranked No.7 with around $150 billion as of press time. In a letter to Berkshire shareholders on Monday, the iconic investor announced new donations and provided details about how he plans to continue giving away his fortune. In a Monday letter, Buffett announced his new charitable donations. He also provided information about the ways he will continue to donate to Berkshire’s shareholders. Buffett will donate 99.5% to a trust for charitable purposes that his three children, his daughter and his two sons, will oversee after his death.
Buffett has continued to give away Berkshire Stock on Thanksgiving with his new $1.14 billion donation. This was made by his four foundations: Susan Thompson Buffett Foundation (STBF), Howard G. Buffett Foundation (HGBF), Susan A. Buffett Foundation and NoVo Foundation.
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“Father time always wins. 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 wrote. “To date, I’ve been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69, and 66.”
Buffett’s kids will have approximately 10 years after his death to distribute his remaining wealth. The request for disbursement must be made unanimously.
“Wealthy friends have been curious about the extraordinary confidence I have in my children and their possible alternates,” Buffett notes. “Hence, the ‘unanimous decision’ provision. That restriction enables an immediate and final reply to grant-seekers: ‘It’s not something that would ever receive my brother’s consent.’ And that answer will improve the lives of my children.”
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Buffett said that due to the ages of everyone, he had named three possible successor trustees who would oversee his foundations in the event his children died before distributing all the money.
“Three potential successor trustees have been designated. Each is well-known to my children and makes sense to all of us. They are also somewhat younger than my children,” Buffett wrote. “But these successors are on the waitlist. I hope Susie, Howie, and Peter themselves disburse all of my assets.”
No successors have been named.
Buffett talks in the letter about the changes that have taken place on Earth over the past 100 years and gives a positive outlook for the coming decades. Buffett has not stepped down from his work responsibilities despite the recent changes.
Berkshire Hathaway is a conglomerate worth $1 trillion.
You can read the entire letter here.
