Renowned investor Warren Buffett, chairman of Berkshire Hathaway, has recently made significant changes to his estate plan, altering how his considerable fortune will be distributed after his passing. In a recent interview with the Wall Street Journal, Buffett revealed that he has revised his will once again, opting to redirect his wealth away from the Bill & Melinda Gates Foundation and instead place it in a new charitable trust to be managed by his three children.
Buffett expressed his confidence in his children's values and their ability to responsibly distribute his wealth, citing their individual philanthropic endeavors as a testament to their commitment to giving back. This decision marks a departure from his previous plan, which designated over 99% of his estate to the Gates Foundation and other family-related charities.
While Buffett's estate will no longer contribute to the Gates Foundation posthumously, he appears to be continuing his support for the organization during his lifetime. Berkshire Hathaway recently announced that Buffett is converting a significant portion of his shares, with a substantial number going to the Gates Foundation Trust and the remainder being divided among the family charities.
The Gates Foundation expressed gratitude for Buffett's ongoing generosity, acknowledging his substantial contributions totaling approximately $43 billion over the years. Despite recent changes within the foundation, including Melinda Gates' departure, the organization continues to benefit from Buffett's support.
In addition to his contributions to the Gates Foundation, Buffett has consistently donated substantial amounts to the family charities, with millions of dollars allocated to them annually. Following the latest round of donations, Buffett retains ownership of a significant number of Berkshire Hathaway shares, valued at approximately $128 billion.
