Good morning.
Everyone gives away their assets at the end, to causes good and bad. Warren Buffett, 94, just announced plans to distribute another $1.14 billion in Berkshire Hathaway shares to his family’s foundations. It’s the latest step in Buffett’s plan to give his wealth away, which he first announced to Fortune reporter Carol Loomis in 2006. Back then, he had a net worth of about $40 billion. Today, after giving away more than half of his fortune, he’s worth almost $150 billion.
Buffett wrote that his children, who are 66, 69, and 71, “have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings.”
Contrast that with Rupert Murdoch, who’s locked in a battle with some of his six children—who range in age from 21 to 66—over who gets to control the fate of News Corp. and Fox Corp. after he dies. The 93-year-old media mogul wants his vision to live on after he’s gone, to the point where he’s fighting to cut three of his kids out of the family trust.
With an estimated $84 trillion due to transfer from older generations to Millennials and Gen Z by 2045, expect more drama to come. Among other things, parents expect to leave less than their kids expect to receive. One thing, though, is guaranteed. As Buffett put it in his letter: “Father Time always wins.”
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Diane Brady
diane.brady@fortune.com
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