Warren Buffett recently changed his will. The Berkshire Hathaway chairman, Oracle of Omaha and one of the world’s richest men may be changing how his fortune will be distributed after his death. Buffett’s approach to inheritance may be changing how he will distribute his fortune after his death. wealth Throughout his life, his unique philosophy and dedication to philanthropy This is reflected in his estate plan..
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A new look at Warren Buffett’s will
Buffett has long been a vocal advocate for giving back to society, making headlines in 2006 when he pledged to give most of his fortune to charity. But in a recent interview with The Wall Street Journal, Buffett explained that while he still plans to give billions of dollars to charity, he is no longer naming the Bill & Melinda Gates Foundation as a recipient.
Before Buffett’s will was redacted, the bulk of his fortune was designated for the Bill & Melinda Gates Foundation, but now nearly all of his vast fortune will go to a new charitable trust overseen by his children.
Buffett’s relationship with the Gates family is well known, and he has donated heavily to the family for 18 years, but he was quoted as saying, “When I die, the Gates Foundation will not get any money.” Buffett is a billionaire who still has nearly $130 billion in Berkshire shares, despite donating more than half his holdings. The reason for the change in charitable donations is unclear.
Now his daughter and two sons will be at the helm of the new charitable trust and will have to unanimously decide which charities to pursue. But if they’re anything like their father, the gift of giving will remain strong. Or, as Buffett has said about his own wealth, “It should be used to help people who aren’t as fortunate as we are. There are eight billion people in the world, and I and my kids are the luckiest, one-hundredth or so of one percent. There are lots of ways to help people.”
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Charities aiming for Warren Buffett’s fortune
After Buffett’s death, his children will be in charge of distributing his fortune, but this could lead to an interesting dynamic, as in stark contrast to many wealthy people, Buffett has repeatedly emphasized that his children will not inherit the bulk of their fortune. Instead, he believes they should be given “enough money to do anything, but not enough to do nothing.”
Here are some of the family foundations and potential beneficiaries in Buffett’s will: Buffett has expressed confidence in his children, stating, “I’m very comfortable with the values of my three children and I have 100% confidence in the way they get things done.”
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Sherwood Foundation: Chaired by Susie Buffett, the foundation focuses on early childhood education and promotes social justice.
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Susan Thompson Buffett Foundation: Suzi Buffett also chairs the foundation, named for her mother, which helps fund college scholarships and reproductive rights.
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Howard G. Buffett Foundation: The foundation is run by Howie Buffett and works on food security, conflict mitigation and combating human trafficking.
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Novo Foundation: The foundation is run by Peter Buffett and his wife Jennifer Buffett and focuses on projects that foster collaboration with indigenous communities.
Final Take to Go
Ultimately, while Warren Buffett’s will and subsequent distribution of his fortune have been slightly altered, what he leaves behind is a lasting legacy that will last far beyond his lifetime. By dedicating the majority of his fortune to philanthropy, he is not only honoring his own values, but also encouraging others to consider the broader impact of their financial resources.
As he continues to execute his will, one thing is clear: Warren Buffett’s influence will be felt for generations to come, not only through his investment prowess, but also through his deep commitment to making the world a better place. Warren Buffett’s approach to wealth has made him an influential model for other billionaires and wealthy people. His commitment to philanthropy challenges traditional notions of wealth accumulation and inheritance, promoting a culture of giving that prioritizes the social good over personal enrichment.
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This article was originally published on GOBankingRates.com: What’s in Warren Buffett’s will and where his money goes when he passes away
