‘Gates Foundation Won’t Get Money…’: Warren Buffett Reveals What Will Happen to His Money After His Death

Warren Buffett Alters Posthumous Charity PlansWarren Buffett Alters Posthumous Charity Plans Warren Buffett, the 93-year-old chairman of Berkshire Hathaway, has revised his plans for the distribution of his vast fortune after his passing. In a recent interview with the Wall Street Journal, he announced that his will now directs his assets to a new charitable fund managed by his three children, marking a departure from his previous intent to bequeath a significant portion to the Bill & Melinda Gates Foundation. Buffett’s decision stems from his growing confidence in the values and capabilities of his children, who each oversee their own philanthropic organizations. “I trust my children and their values completely,” he stated. Buffett’s previous testamentary plans called for over 99% of his estate to support the Gates Foundation and four family-related charities. However, he will continue donating to the Gates Foundation during his lifetime. On Friday, Berkshire Hathaway announced that Buffett was transferring 9,000 Class A shares into over 13 million Class B shares, with 9.3 million shares allocated to the Gates Foundation Trust and the remaining shares to family charities. The Gates Foundation expressed gratitude for Buffett’s past and present contributions, totaling approximately $43 billion. Last year, Buffett donated around $870 million to his family’s charities, with an anticipated $750 million donation in 2022. After these distributions, Buffett retains 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, collectively valued at approximately $128 billion.

Warren Buffett, 93, chairman of Berkshire Hathaway, has changed his plans for his fortune after his death. He shared with the Wall Street Journal that his will now directs his assets to a new charitable fund controlled by his three children, ending posthumous donations to the Bill & Melinda Gates Foundation.

“The Gates Foundation will receive no more money after my death,” Buffett said.

He has revised his will several times and recently expressed confidence in his children’s values ​​and their ability to manage his estate. Each of his children oversees a philanthropic organization.

“I trust my children and their values ​​completely,” Buffett said.

Buffett previously planned to use more than 99 percent of his estate to support the Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation. For now, he will continue to donate to the Gates Foundation during his lifetime.

On Friday, Berkshire Hathaway announced that Buffett is converting 9,000 Class A shares into more than 13 million Class B shares, with 9.3 million shares going to the Gates Foundation Trust and the rest to family charities.

“Warren Buffett has been incredibly generous to the Gates Foundation for more than 18 years,” said Mark Suzman, the foundation’s CEO, who expressed gratitude for Buffett’s recent gift and his total contributions of approximately $43 billion.

Last year, Buffett donated about $870 million to his family’s charities and will donate about $750 million in 2022.

After these donations, Buffett owns 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, worth approximately $128 billion.