By Jonathan Stempel
(Reuters) -Warren Buffett, the legendary investor and chairman of Berkshire Hathaway (BRK-B, BRK-A), has made additional preparations for giving freely his fortune after his demise.
Buffett, 94, plans to donate 99.5% of his remaining wealth, valued on Friday at $149.7 billion in line with Forbes journal, to a charitable belief overseen by his daughter and two sons when he dies.
In a letter to Berkshire shareholders on Monday, Buffett stated three potential successor trustees have been designated if his daughter Susie, 71, and sons Howard, 69, and Peter, 66, can’t serve.
He stated every is considerably youthful than his kids, well-known to them and “is smart” to all of them.
“I’ve by no means wished to create a dynasty or pursue any plan that prolonged past the youngsters,” Buffett wrote. “However these successors are on the wait record. I hope Susie, Howie and Peter themselves disburse all of my property.”
Buffett additionally stated he’s donating one other $1.14 billion of Berkshire inventory to 4 household foundations.
That enhances his giving to greater than $58 billion since 2006, when Buffett pledged most of his fortune to the foundations and to the Invoice & Melinda Gates Basis, which has acquired greater than $43 billion. He has donated 56.6% of his Berkshire shares.
Buffett has led Omaha, Nebraska-based Berkshire since 1965.
He nonetheless owns 14.4% of its inventory, and plans to proceed donating shares to the 5 foundations throughout his lifetime.
After his demise, his kids may have about 10 years to present away his remaining wealth, and should determine unanimously which philanthropic functions it ought to serve.
Berkshire didn’t instantly reply to a request for added remark.
Susie Buffett leads the Susan Thompson Buffett Basis, which funds reproductive well being and is called for Buffett’s first spouse, and the Sherwood Basis, which helps Nebraska nonprofits and early childhood schooling.
Howard Buffett heads the Howard G. Buffett Basis, which works to handle world starvation, fight human trafficking and mitigate conflicts.
Peter Buffett leads the NoVo Basis, which has initiatives centered on marginalized women and girls, in addition to indigenous communities.
Berkshire is a $1 trillion conglomerate, proudly owning companies such because the BNSF railroad and Geico automotive insurance coverage, and shares comparable to Apple and American Specific.
In his letter, Buffett acknowledged his advancing age however signaled no intention to step apart.
“Father time at all times wins,” he stated. “So far, I have been very fortunate, however, earlier than lengthy, he’ll get round to me.”
(Reporting by Jonathan Stempel in New York; modifying by Jason Neely and Jonathan Oatis)
