Warren Buffett, the CEO of Berkshire Hathaway, shared details about his plans for distributing his vast fortune after his death in a letter to shareholders. He announced donations to his family's foundations and outlined a process for his children to gradually distribute the remaining wealth. The letter also reflects on Buffett's mortality and offers advice to other parents on handling wealth transfer.
In November, ahead of the holiday season, Berkshire Hathaway CEO Warren Buffett issued an unexpected message to shareholders, wherein he announced updates on what will happen to his massive fortune after his death and offered some advice for others on handling how to pass on their wealth. In a letter posted to the $1 trillion holding company's website, Buffett, 94, announced he would be donating around $1.
1 billion of his Berkshire shares to his family's four foundations, and said his three children would be responsible for gradually distributing the rest of his holdings following his death. The tone of the letter suggests the 'Oracle of Omaha' is feeling his mortality. 'Father time always wins,' Buffett wrote. '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. To date, I’ve been very lucky, but, before long, he will get around to me.' BERKSHIRE HATHAWAY, ORIGINALLY A TEXTILE MANUFACTURING COMPANY, CAME TO BE ACQUIRED BY WARREN BUFFETT IN 1965 Buffett noted that his children, who are now 71, 69 and 66, may not live long enough to distribute his estimated $150 billion fortune themselves, so three potential trustees have been designated who could also step in to help fulfill his wishes to distribute all of his wealth after he dies. He explained the reasoning behind his policy that all foundation decisions would be made unanimously, said he updates his will every few years and keeps it simple, and also offered some words of wisdom for others when planning their own affairs. 'I have one further suggestion for all parents, whether they are of modest or staggering wealth,' he wrote. 'When your children are mature, have them read your will before you sign it
WARREN BUFFETT BERKSHIRE HATHAWAY WEALTH DISTRIBUTION ESTATE PLANNING PHILANTHROPY
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