In a significant shift, billionaire investor Warren Buffett, 93, has announced plans to direct his vast wealth through a new charitable trust managed by his three children, ceasing his donations to the Bill & Melinda Gates Foundation upon his passing.
Warren Buffett, the legendary investor and philanthropist, has announced a major change in his estate plans. In an exclusive interview with the Wall Street Journal, Buffett revealed that he has updated his will to ensure that his wealth will be directed through a new charitable trust managed by his three children after his death. This change marks an end to the significant donations he had been making to the Bill & Melinda Gates Foundation.
Buffett, who has been a major benefactor of the Gates Foundation, stated unequivocally, “The Gates Foundation has no money coming after my death.” This declaration signifies a substantial shift in the future of his philanthropic endeavors. While he has been a steadfast supporter of the Gates Foundation, his latest decision underscores his trust in his children's ability to manage his charitable legacy.
Buffett's revised will reflects his deep confidence in his children's values and their capability to handle his vast fortune responsibly. “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 told the Journal. Each of Buffett’s offspring currently leads their own philanthropic organization, further reinforcing his belief in their judgment.
Historically, Buffett had indicated that over 99% of his estate would be allocated to philanthropic purposes. His will initially directed his fortune to the Bill & Melinda Gates Foundation and four family-affiliated charities: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation. This long-standing commitment demonstrated his dedication to various charitable causes.
Despite his new plans for posthumous philanthropy, Buffett intends to continue his donations to the Gates Foundation during his lifetime. On Friday, Berkshire Hathaway announced that Buffett converted around 9,000 Class A shares into over 13 million Class B shares. Approximately 9.3 million of these shares will be donated to the Bill & Melinda Gates Foundation Trust, with the remaining shares distributed among the four Buffett family charities.
Buffett’s initial pledge to the Gates Foundation in 2006 included a provision for ongoing support through his will. In his 2006 pledge, he wrote, “I will soon write a new will that will provide for a continuance of this commitment — by the distribution of the remaining earmarked shares or in some other manner — after my death.” However, his recent statements clarify that these pledges are only applicable during his lifetime.
Howard Buffett, Warren’s son, currently serves on Berkshire’s board and is expected to assume the role of chairman following his father’s passing. Despite this leadership role, Buffett’s children are not anticipated to be involved in the day-to-day operations of Berkshire Hathaway.
Warren Buffett’s decision to entrust his fortune to his children through a new charitable trust marks a pivotal change in his philanthropic strategy, emphasizing his faith in his family’s ability to carry forward his legacy of giving.
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