Warren Buffett has been one of the largest supporters of the Bill & Melinda Gates Foundation over the years, donating more than $39 billion. But when he dies, so does his support.
Buffett proposed wall street journal There are some hints about what will happen to his vast fortune when his time on earth is up, telling the newspaper “The Gates Foundation has no money coming after I die.”
Instead, nearly all of Buffett’s $130 billion fortune will flow into a new charitable trust overseen by his children. He said the three must reach a unanimous decision on how to distribute the funds.
“It should be used to help those who are not as fortunate as us,” he told reporters. Magazine. “There are eight billion people in the world, and me and my kids, we’re the luckiest one percent of the one percent. There are many ways to help people.
Buffett has donated to the Gates Foundation since 2006, and the foundation is not the only group to end donations. Buffett also regularly donates to four other foundations with ties to his family. While he said he plans to continue donating to these five people during his lifetime (he just raised another round of funding to do so by converting 8,674 of his stock holdings), those donations will end upon his death.
Berkshire Hathaway CEO Buffett said he is confident his children (Susie, 71; Howie, 69; Peter, 66) will be able to handle any future changes in tax laws and the impact they will have on the foundation.
“I like to think I can think outside the box, but I’m not sure I can think outside the box when I’m six feet below the surface and do it better than three people on the surface who I completely trust,” he said.
