Buffett's children to donate his billions
Where to spend all that money? This issue affects few - in the case of Warren Buffett and his heirs, it's urgent. The famous US Investor says his children should give away his current estimated $130 billion fortune for charitable causes after his death. They must agree on how the money should be used. Buffett, who is 93 years old, had previously announced that he would give away his entire fortune.
However, the specific method for doing so remained unclear. Buffett has been donating billions to the charitable foundation of Bill and Melinda Gates, as well as to four family foundations, for years. These donations will cease with his death, Buffett told the "Wall Street Journal."
Instead, almost the entire remaining portion of his fortune should be managed and given away by his children Susie (71), Howard (69), and Peter (66), Buffett described the philosophy behind this as "helping those who had less luck than us."
Half of the stake in the company donated
Buffett had already donated roughly half of his stake in the investment firm Berkshire Hathaway in the past years. The Gates Foundation was a major recipient - and received an additional $4 billion on a recent Friday. However, neither it nor the charitable foundations of Buffett's children would receive further funds after his death, Buffett told the newspaper.
Berkshire Hathaway owns, among other things, the insurer Geico, the railroad company BNSF, and the battery manufacturer Duracell. Berkshire was originally a small textile company that Buffett bought in the 60s and transformed into a highly successful investment company. Buffett's knack for good deals caused Berkshire's investments in various companies to develop significantly better than the stock market average over the years.
The Gates Foundation, along with four family foundations, have received significant donations from Warren Buffett for several years. Despite Buffett's plan to give away his entire fortune after his death, his children Susie, Howard, and Peter will manage and distribute the majority of the remaining funds. Bill Gates, another renowned figure from the USA, has been a recipient of Buffett's donations.
