On June 28, local time, Warren Buffett revealed the latest estate arrangement in a rare interview with the Wall Street Journal.
Buffett said that he has revised his will several times, and after seeing the children become more mature, he has a current plan.
Interview with The Wall Street Journal
In the latest arrangement, Buffett donated all of his remaining wealth after his death to a newly established charitable trust, which is overseen by his daughter Susan Buffett and his two sons, Howard Buffett and Peter Buffett. The three of them must unanimously decide what to do with the money in this foundation.
Regarding his children, Buffett told his son Howard: "Consider working on important projects with your siblings. Focus on your home community, but with a broader perspective. Judge by how well the project fits your goals and its chances of success, not by the person making the request. I expect you guys to make some mistakes, but if you only make 'safe' decisions, then nothing important will be done. ”
In addition, in the latest interview, Buffett made it clear: "When I die, there will be no more money to go to the Gates Foundation." ”
According to the Gates Foundation, between 2006 and 2023, Buffett donated $39.3 billion to the foundation.
Warren Buffett's three children, Susan, Howard and Peter, all expressed their vision for the future in interviews. Susan said they haven't discussed specific plans yet, but could continue what they've been doing. Howard stressed that they could face a considerable workload. Peter mentioned that the final decision can be influenced by a variety of factors.
On the same day, Berkshire Hathaway said in a statement that Buffett will convert 8,674 Berkshire Class A shares into 13.01 million Class B shares to donate to the Bill & Melinda Gates Foundation and four family charities. At the current Berkshire Class B stock price, the gift will be more than $5.3 billion, his largest annual gift since he began giving in 2006.
Two days ago, Berkshire Hathaway's official website published a letter from Warren Buffett about the commitment to donate Berkshire stock. The contributions involved in the five letters amounted to 12.05 million Berkshire Class B shares (about $4.94 billion). The letter donated about 350,000 shares to three charities each led by his children, Howard, Susan and Peter, and the latest statement nearly doubles the amount of the three charities. The amount donated to the Bill & Melinda Gates Foundation and the Susan Thompson Buffett Foundation is not far from the latest announcement.
Warren Buffett's letter regarding the commitment to donate Berkshire stock
In this letter, Buffett also stipulates the specific way of donation. Warren Buffett pledged to donate 10 million Class B shares to the Bill & Melinda Gates Foundation; donated 1,000,000 Class B shares to the Susan Thompson Buffett Foundation; Donated 350,000 Class B shares to Howard J. The G. Buffett Foundation, Susan M. Warren Buffett Foundation, Novo Foundation. In July of each year, 5% of the balance of the designated shares is donated directly to these charitable intermediaries.
"I think Berkshire is an ideal asset to underpin the long-term well-being of the foundation," Buffett said. The company has numerous diversified and strong earnings streams, financial strength, and a deep-rooted culture of acting in the best interests of its shareholders. Excellent manager can take over from me. I expect it to come out stronger as Berkshire makes new acquisitions and expands its existing business. ”
After this donation, Buffett holds 207963 shares of Berkshire Hathaway Class A shares and 2,586 Class B shares, worth about $130 billion.
Warren Buffett has publicly pledged to donate 99% of his personal wealth to charity during his lifetime or at the time of his death, and he has been living up to that promise. Since 2006, he has donated half of his stake in Berkshire, primarily to the Gates Foundation and four foundations linked to the Buffett family.
Recently, Warren Buffett said when referring to his health problems: "The doctor told me that my health is very good, and I do feel that my body is fine. ”
Source: Interface News
Editor: Xiaoyu