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Washington (CNN) — Warren Buffett shared on Monday his most detailed plan yet for his fortunes after death, while announcing he will continue to give away his staggering wealth.
In a letter to shareholders, the iconic investor and Berkshire Hathaway CEO, who is 94, reflected on the nature of mortality, referencing how he once hoped his late first wife would outlive him and decide how to distribute their fortune.
“Father time always wins,” Buffett wrote. “But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.”
In the nearly 1,300-word letter, Buffett said he hopes his three children — Susie, Howard and Peter Buffett, who are in their 60s and 70s — will live long enough to decide what philanthropic causes their father’s fortunes will be donated to. When Buffett passes, they will be tasked with unanimously deciding how to give away his wealth.
But, in case his children aren’t able to determine the fate of his fortune, Buffett also designated three potential successor trustees. He did not name them in the letter.
“The expected life span of my children has materially diminished since the 2006 pledge,” he wrote. “I’ve never wished to create a dynasty or pursue any plan that extended beyond the children.”
Buffett also announced he is turning 1,600 Class A shares of his company into 2.4 million Class B shares, which have fewer voting rights. Of those shares, 1.5 million will be donated to the Susan Thompson Buffett Foundation, named after his late first wife, and 300,000 to three other foundations led by his children — all worth about $1.2 billion.
The donations add to annual gifts made to the four family foundations, as well as the Bill & Melinda Gates Foundation. Since 2006, Buffett has pledged to steadily give away his wealth, which is estimated to be $150 billion, according to Bloomberg. He has said the rest of it will be given away after his death.
Buffett also gave estate-planning advice to parents with wealth that might outlive them.
“When your children are mature, have them read your will before you sign it,” he wrote. “Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death.”
The-CNN-Wire
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