Warren Buffett has been one of the biggest supporters of the Bill & Melinda Gates Foundation for years, donating more than $39 billion. But when he died, so did his support.
Buffet is served The Wall Street Journal few ideas about what will happen to his vast fortune when his time on earth is over, telling the newspaper that “the Gates Foundation has no money coming after my death.”
Instead, nearly all of Buffett’s $130 billion fortune will be put into a new charity that will be overseen by his children. And these three must decide unanimously how the money is distributed, he said.
“It should be used to help people who were not as lucky as us,” he told the media Journal. “There are eight billion people in the world, and me and my children, we’re the lucky 1% or so. There are many ways to help people.”
The Gates Foundation, to which Buffett has been giving since 2006, is not the only group that will see its donations end. Buffett has also given regularly to four other foundations connected to his family. Although he says he plans to continue giving to all five while he’s alive (and he recently made another round, converting 8,674 of his shares to do so), the gifts will end when he dies.
Buffett, CEO of Berkshire Hathaway, said he is confident his children (Susie, 71; Howie, 69; and Peter, 66) will be able to respond to any future changes in tax laws and that those how they affect the bases.
“I like to think I can think outside the box, but I’m not sure if I can think outside the box when it’s six feet underground and do a better job than three outsiders I trust completely,” he said.
Source link
