In 1,300-word letter, billionaire investor Warren Buffett reveals plan for his fortune after death
94-year-old billionaire and legendary investor Warren Buffett shared a detailed plan for the distribution of his wealth after his death in a letter to shareholders. He also informed of the conversion shares worth $1.2 billion for immediate donations for different foundations, continuing his legacy of giving.
They say, "With great power comes great responsibility," and when it comes to immense wealth, that responsibility often extends to deciding how to distribute it after you are gone. It's a concern that looms large for billionaires, and Warren Buffett, the world's eighth-richest person and renowned investor, philanthropist, and business icon, is no exception. On Monday, Buffett shared his most detailed plan yet for the fate of his vast fortune, reaffirming his commitment to giving away the bulk of his wealth.
In an almost 1300-worded message to shareholders, 94-year-old Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, shared his reflections on life, mortality, and legacy.
Warren Buffett who is currently the 7th richest person in the world worth $150,000,000,000.00 just sent out this letter explaining his thoughts on distributing his wealth after he passes away
¡ª Evan (@StockMKTNewz) November 26, 2024
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Acknowledging the inevitable passage of time, Buffett mused, "Father time always wins. But he can be fickle ¨C indeed unfair and even cruel ¨C sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. To date, I've been very lucky, but, before long, he will get around to me."
In the letter, Buffett detailed his plans for his fortune after his passing, placing trust in his three children ¡ª Susie, Howard, and Peter Buffett, now in their 60s and 70s.
The siblings will be responsible for unanimously deciding which philanthropic causes will benefit from their father's wealth.
However, to ensure continuity, Buffett has also designated three unnamed successor trustees should his children be unable to fulfill this responsibility.
He also announced a significant step in his giving journey: converting 1,600 of Berkshire Hathaway's Class A shares into 2.4 million Class B shares, which hold fewer voting rights.
Out of this, 1.5 million shares, valued at approximately $1.2 billion, will go to the Susan Thompson Buffett Foundation, named after his late wife.
The remaining shares will be split among foundations led by his children.
These donations are part of Buffett's longstanding pledge to steadily donate his wealth, estimated at $150 billion, to charitable causes, including his annual contributions to the Bill & Melinda Gates Foundation.
Buffett also offered practical advice for estate planning, encouraging parents to openly discuss their wills with their children: "When your children are mature, have them read your will before you sign it. Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death."
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