Legendary investor and chairman of Berkshire Hathaway Warren Buffett (94) is further preparing to give his fortune to charity.
After his death, Buffett plans to leave 99.5 percent of his remaining wealth to a charitable trust that will be managed by his daughter and two sons, Reuters reported. Forbes magazine on Friday estimated the value of Buffett’s wealth at $149.7 billion.
Buffett also said he would donate $1.14 billion worth of additional Berkshire stock to four family foundations. This brings his donations to more than $58 billion since 2006, when Buffett pledged to give most of his fortune to family foundations and also to the Bill & Melinda Gates Foundation. Buffett donated 56.6 percent of his shares to Berkshire.
Buffett has run his company since 1965. He still owns 14.4 percent of the company’s stock and plans to continue donating his stock to five foundations during his lifetime. After his death, his children will then have roughly ten years to distribute his remaining assets. They must decide unanimously on what purposes it will be dedicated to.
In a letter to Berkshire Hathaway shareholders, Buffett also said that if his three children, Susie (71), Howard (69) and Peter (66), are unable to serve in the charity fund, three potential successors have been identified, each of whom is younger than his children, he knows them well and considers their selection appropriate.
Susie Buffett heads the Susan Thompson Buffett Foundation, which is named after Buffett’s first wife and focuses on funding reproductive health. He also leads the Sherwood Foundation, which supports Nebraska nonprofits and education.
Howard heads the Howard G. Buffett Foundation, which is dedicated to solving global hunger, combating human trafficking, and mitigating conflict. Peter then runs the NoVo Foundation, which has programs and projects targeting disadvantaged girls and women and indigenous communities.
The value of the Berkshire Hathaway conglomerate is roughly one trillion USD. The company owns companies such as the railway company BNSF or the car insurance company Geico and shares in companies such as Apple and American Express.
Source: spravy.pravda.sk
