Warren Buffett was considered one of the most important supporters of the Bill & Melinda Gates Foundation for years, donating greater than $39 billion. But along with his death, his support also ends.
Buffet offered The Wall Street Journal He gave just a few hints about what’s going to occur to his considerable fortune when his time on earth is over, telling the newspaper: “The Gates Foundation will have no money left after I die.”
Instead, Buffett’s $130 billion fortune will go almost entirely right into a recent charitable foundation managed by his children. And the three must resolve unanimously how the cash is distributed, he said.
“It should be used to help people who were not as lucky as we were,” he told the diary“There are eight billion people in the world and I and my children are among the luckiest hundredth of 1% or so. There are many ways to help people.”
The Gates Foundation, to which Buffett has donated since 2006, isn’t the one organization whose donations will stop. Buffett has also donated repeatedly to 4 other foundations associated along with his family. While he says he plans to proceed giving to all five during his lifetime (and he just made one other round, trading in 8,674 of his shares), the donations will stop when he dies.
Buffett, CEO of Berkshire Hathaway, said he was confident that his children (Susie, 71, Howie, 69, and Peter, 66) could reply to future changes in tax laws and their impact on foundations.
“I like to think I can think outside the box, but I’m not sure I can think outside the box six feet below the surface and do a better job than three people on the surface that I trust completely,” he said.
