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"Father time always wins."American stock market wizard Warren Buffett has announced that much of his legendary accumulation of wealth will be given away under the auspices of his three children.
However, as the 94-year-old admitted in a lengthy letter to investors, even they've grown quite old themselves, inspiring him to come up with a contingency plan in case they were to pass away before his remaining $147.4 billion fortune could be fully handed out — though he stopped short of publicly naming such a successor..
"To date, I’ve been very lucky, but, before long, he will get around to me," he added. "There is, however, a downside to my good fortune in avoiding his notice."The nonagenarian admitted that the "expected life span of my children has materially diminished" since pledging to donate yearly to his children's charitable efforts, as well as the Bill & Melinda Gates Foundation, in 2006.
Buffett also argued that "hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing."charitable giving exceeded $50 billionDespite his advanced age, Buffett has held onto the reins of his Berkshire Hathaway empire and has yet to announce plans to retire.
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