Warren Buffet Transfers Property to Charitable Trust Managed by Children
Warren Buffet, the legendary investor, has announced that after his death, his property will be given to a charitable trust managed by his three children, as opposed to the earlier plan of it going to the Bill and Melinda Gates Foundation. Buffet’s company Berkshire Hathaway, worth around $880 billion, will see this transfer of property. With Buffet owning 14.5% of the shares in the company, he has donated more than half of his shares since 2006. His wealth of $129 billion makes him the 10th richest person in the world according to the Bloomberg Billionaire Index.
Gates Foundation Excluded from Buffet’s Will
Contrary to previous plans, Warren Buffet has stated that the Gates Foundation will not receive any money after his death. Citing his utmost trust in his children’s ability to manage his legacy, Buffet expressed confidence in them. He converted 9,000 Class A shares of Berkshire Hathaway into more than 13 million Class B shares, with 9.3 million shares going to the Gates Foundation Trust and the rest to family charities. The Gates Foundation CEO expressed gratitude for Buffet’s generosity over the years amounting to nearly $43 billion.
Buffet’s Generous Donations to Family Charities
Warren Buffet has been significantly generous with his donations, with around $870 million donated to his family’s charity last year and a further $750 million in 2022. Following these recent donations, Buffet still retains ownership of a significant number of Class A and Class B shares of Berkshire Hathaway, amounting to a total value of about $128 billion. Buffet’s philanthropic efforts and dedication to passing on his legacy to his children showcase his commitment to giving back to society and ensuring his wealth benefits charitable causes even after his lifetime.
