Billionaire Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, has made new preparations to donate his fortune upon his death.
At age 94, he plans to donate 99.5% of his remaining fortune, valued at $149.7 billion on Friday the 22nd according to Forbes magazine, to a charity that will be run by his daughter and two sons when he dies .
In a letter to Berkshire shareholders on Monday, Buffett said three potential successor trustees had been named if his daughter Susie, 71, and sons Howard, 69, and Peter, 66, were unable to serve.
He said each successor trustee is slightly younger than their children, well known to them and “makes sense to all of us.”
“I never wanted to create a dynasty or pursue any plans beyond children,” Buffett wrote. “But these successors are on the waiting list. I expect Susie, Howie and Peter to pay off all my assets.”
Buffett also said he would donate approximately $1.14 billion in additional Berkshire shares to four family foundations.
That brings his giving to more than $58 billion since 2006, when he gave away most of his wealth to foundations and the Bill & Melinda Gates Foundation, which received more than $43 billion. He donated 56.6% of his shares to Berkshire.
Buffett has headed Berkshire in Omaha, Nebraska, since 1965.
He still owns 14.4% of the shares and plans to continue donating shares to the five foundations during his lifetime.
After your death, your children will have approximately ten years to donate any remaining wealth, and they must unanimously decide what their charitable goals will be.
Berkshire did not immediately respond to a request for additional comment.
The post Mega-Investor Warren Buffett Updates Wealth Donation Plan After His Death. It first appeared in ISTOÉ DINHEIRO.
Source: Istoe Dinheiro
I work as an author at the World Herald News, a news website that also covers the economy. I have been writing about economic topics for over six years and have written extensively on topics such as unemployment, housing prices, and the stock market. My goal is to provide readers with expert insight into these important issues so they can make informed decisions.
