Warren Buffett, at 93, announced changes to his will, discontinuing future donations to the Gates Foundation. Instead, his net worth will be managed by a charitable trust overseen by his three children. Buffett has shown confidence in his children’s ability to uphold his legacy, with each child managing their own philanthropic organization. His recent gifts included converting 9,000 Class A shares into 13 million Class B shares, supporting both the Gates Foundation and family funds.
One of the world’s wealthiest people just changed how his useful fortune will be spent following his death.
Warren Buffett, 93, the chairman of Berkshire Hathaway, stated in the Wall Street Journal he has again re-operated his will — and that he does not plan to resume donations to the Bill & Melinda Gates Foundation after he passes away.
He will put his net worth in a unique charitable trust overseen by his three children, he stated.
Warren Buffett has revised his wish many times, recently showing confidence in his children’s worth and their ability to control his legacy. Each of his kids oversees a philanthropic company.
I fully trust my kid and their worth, Buffett stated.
Buffett intended to help the Gates Company
Previously, Buffett intended for over 99% of his estate to help the Gates Company and four family-related funds: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Organization, and NoVo Organization. For now, he continues to support the Gates Organization during his lifetime.
On Friday, Berkshire Hathaway declared Buffett is changing 9,000 Class A shares into over 13 million Class B shares, with 9.3 million shares moving to the Gates Organization Trust and the rest to the family funds.
Warren Buffett has been highly generous to the Gates Organization for over 18 years, said Mark Suzman, the company’s CEO, adding gratitude for Buffett’s recent gift and his all over contributions of about $43 billion.
Last year, Buffett donated about $870 million to his household’s charities and about $750 million in 2022.
Following these funds, Buffett carries 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, valued at approximately $128 billion.
Buffet offered about $130.1 million last year to the four charities run by his household, and about $112.1 million to them in 2022.
Following the unique declared donations, Buffett owns 207,963 Berkshire Hathaway Class A shares and 2586 Class B shares, the organization stated.
The shares are valued approximately $191.4 billion.