Love him or hate him, Warren Buffet is a billionaire who understands that “you can’t take it with you.” With his advanced age, he plans to turn over his vast fortune to charitable trusts on his death. In a recent news release from his company, Berkshire Hathoway Inc., Buffet outlined the provisions of his will and the dissemination of his estate.
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The children of Mr. Buffet, aged 65 to 70, will be co-executors of the estate. Buffet is one of the most successful investors of all time. He is currently the fifth richest person in the world. According to the press release, 2,400,000 Class B shares of Berkshire Hathoway Inc. will go to four family-affiliated trusts as follows:
- 300,000 shares to the Howard G. Buffet Foundation
- 300,000 shares to the NoVo Foundation
- 1,500,000 shares to the Susan Thompson Buffet Foundation
- 300,000 shares to the Sherwood Foundation
More than 99 percent of Buffet’s billions will go to mentioned philanthropic organizations.
Warren Buffet Has A Long Record Of Giving
This announcement aligns with what Buffet has promised for many years. Buffet has a long record of philanthropic endeavors. He received the Presidential Medal of Freedom from President Barack Obama in 2011. The Medal of Freedom represents the highest honor to be awarded to a civilian.
In the recent press release, Buffet stated, “The donations itemized above repeat those made at Thanksgiving last year. They supplement certain of the lifetime pledges I made in 2006 and continue until my death (at 93, I feel good but fully realize I am playing in extra innings).”
Extra innings, indeed! The world could certainly use a few more people like Mr. Buffet. He has long proclaimed that dynastic wealth is not desirable. During his lifetime, he has sought to give away approximately 50 percent of his acquired wealth. While he worked hard and invested wisely to earn his billions, Buffet never fit the mold of a “rich guy” very well. May he continue his “extra innings” for a few more years.
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