Berkshire Hathaway chairman Warren Buffett, 94, is making more changes to his philanthropic plans.
Iconic Investor, who is at number 7 Bloomberg Billionaires List with about $150 billion as of press time, announced new donations and detailed how he plans to continue giving away his fortune in a letter to Berkshire shareholders on monday. Buffett is donating 99.5% of his fortune to a charity that will be overseen by his children (daughter and two sons) after his death.
Buffett continued his Thanksgiving tradition of donating Berkshire stock with a new donation of $1.14 billion to his four family foundations (Susan Thompson Buffett Foundation, Howard G. Buffett Foundation, Susan A. Buffett Foundation and NoVo Foundation).
Related: Warren Buffett just changed his will and closed the Bill & Melinda Gates Foundation
“Father's time always wins. But he can be fickle—indeed unfair and even cruel—sometimes ending life at birth or soon after, while, at other times, waiting a century or more long before he pays a visit,” Buffett wrote. “Hitherto I have been very fortunate, but, before long, he will come upon me. There is, however, a weakness to my good fortune in avoiding his notice. The life-expectancy of my children is materially diminished.” since then.the promise of 2006. They are now 71, 69 and 66 years old.
Buffett's children it will be about 10 years to give the estate left after his death. Disbursement requests must be unanimous.
“Wealthy friends have been curious about the tremendous faith I have in my children and their potential alternatives,” Buffett notes. “Hence the 'unanimous decision' provision. This restriction allows for an immediate and definitive answer to grant seekers: 'It's not something that would ever get my brother's approval.' And that answer will improve my children's lives “.
Related: Why A Prominent Investor, “Britain's Warren Buffett,” Is Staying Away From Nvidia Stock
But because of everyone's age, Buffett announced that he named three potential successor trustees to oversee the foundations if his children die before giving away all the money.
“Three potential successor trustees have been appointed. Each is familiar to my children and makes sense to all of us. They are also somewhat younger than my children,” Buffett wrote. “But these offspring are on the waiting list. I hope Susie, Howie and Peter themselves pay off all my assets.”
No descendants were named.
In the letter, Buffett also talks about how the world has changed in his nearly 100 years on the planet and offers a hopeful outlook for the future. Despite the changes, Buffett didn't give up any job-related responsibilities.
Berkshire is one 1 trillion dollars conglomerate
Read the full letter, here.