Warren Buffett’s legacy will extend well beyond wealth | Mint
In a significant shift, Warren Buffett, the renowned chairman of Berkshire Hathaway, has unveiled a new plan for his immense fortune after his death. This revelation marks a departure from his long-standing commitment to the Bill & Melinda Gates Foundation.
Warren Buffett’s New Wealth Distribution Plan
At 93, Buffett disclosed to the Wall Street Journal that he has amended his will, opting to cease donations to the Gates Foundation upon his death. Instead, his wealth will be allocated to a new charitable trust managed by his three children.
“The Gates Foundation has no money coming after my death,” Buffett stated, emphasizing his confidence in his children’s ability to manage his philanthropic legacy. Each of Buffett’s children runs their own charitable organizations, aligning with his values.
Buffett’s will has undergone several revisions over the years, reflecting his evolving perspective on wealth distribution. He expressed strong trust in his children’s values and their capability to distribute his wealth effectively.
“I feel very, very good about the values of my three children, and I have 100% trust in how they will carry things out,” Buffett shared.
Previously, Buffett had committed over 99% of his estate to philanthropic causes, primarily benefiting the Gates Foundation and four family-associated charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation.
Despite this shift, Buffett will continue his donations to the Gates Foundation during his lifetime. Berkshire Hathaway announced that Buffett is converting around 9,000 Class A shares into over 13 million Class B shares. Approximately 9.3 million of these shares will be allocated to the Gates Foundation Trust, with the remainder distributed among the four family charities.
Mark Suzman, CEO of the Gates Foundation, acknowledged Buffett’s generosity, stating, “Warren Buffett has been exceedingly generous to the Gates Foundation through more than 18 years of contributions and advice. We are deeply grateful for his most recent gift and contributions totaling approximately $43 billion to our work.”
Last year, Buffett donated about $870 million to the four family-run charities and approximately $750 million in 2022. These contributions highlight his ongoing commitment to philanthropy.
Following the recent donations, Buffett retains ownership of 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, valued at roughly $128 billion.
This strategic reallocation underscores Buffett’s enduring commitment to philanthropy and his trust in his children’s stewardship of his legacy. The shift also marks a new chapter in the distribution of one of the world’s largest fortunes, reflecting Buffett’s confidence in his family’s philanthropic vision.
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