Omaha, Nebraska – Renowned investor Warren Buffett, the chairman of Berkshire Hathaway, has made significant changes to his estate plans. At the age of 93, Buffett disclosed that he has revised his will to redirect his charitable giving after his death. In a departure from his previous intentions to leave his fortune to the Bill & Melinda Gates Foundation, Buffett now plans to allocate his wealth to a new charitable trust managed by his three children.
Buffett expressed his confidence in his children’s values and abilities to effectively distribute his wealth, leading to his decision to redirect the funds. Noting that his children each have their own philanthropic organizations, Buffett expressed trust in their abilities to carry out his wishes.
Previously, Buffett had planned for over 99% of his estate to go to the Gates Foundation and four family-related charities. However, his recent changes reflect a shift in his philanthropic focus towards his own family’s charitable endeavors.
Despite these new plans for his estate, Buffett continues to support the Gates Foundation during his lifetime. Recently, Berkshire Hathaway announced that Buffett is converting Class A shares into Class B shares, with a significant portion allocated to the Gates Foundation Trust and the rest to the family charities.
Mark Suzman, the CEO of the Gates Foundation, expressed gratitude for Buffett’s ongoing support, emphasizing the impact of his contributions over the years. Suzman highlighted Buffett’s long history of generosity towards the foundation, including the recent donation of approximately $43 billion.
In addition to his estate plans, Buffett has continued his tradition of philanthropy throughout his lifetime, donating substantial amounts to his family’s charities in recent years. With significant holdings in Berkshire Hathaway, Buffett’s total wealth is estimated to be around $128 billion, reflecting his continued commitment to charitable giving and legacy planning.