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Berkshire Hathaway Chairman Warren Buffett, 94, is making more changes to his philanthropic plans.<\/p>\n
The iconic investor, who is No. 7 on Bloomberg’s billionaire list<\/a> with around $150 billion as of press time, announced new donations and provided details about how he plans to continue to give away his fortune in a letter to Berkshire shareholders<\/a> on Monday. Buffett is donating 99.5% of his wealth to a charitable trust that will be overseen by his children (his daughter and two sons) after his death.<\/p>\n Buffett continued his Thanksgiving tradition<\/a> of giving away Berkshire stock with a new donation of $1.14 billion to his four family foundations (Susan Thompson Buffett Foundation, the Howard G. Buffett Foundation, the Susan A. Buffett Foundation, and the NoVo Foundation).<\/p>\n Related:<\/b> Warren Buffett Just Changed Up His Will and Locked Out the Bill & Melinda Gates Foundation<\/a><\/p>\n “Father time always wins. But he can be fickle \u2013 indeed unfair and even cruel \u2013 sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” Buffett wrote. “To date, I’ve been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69, and 66.”<\/p>\n Buffett’s children will have about 10 years<\/a> to give away his remaining wealth after his death. Disbursement requests must be unanimous.<\/p>\n “Wealthy friends have been curious about the extraordinary confidence I have in my children and their possible alternates,” Buffett notes. “Hence, the ‘unanimous decision’ provision. That restriction enables an immediate and final reply to grant-seekers: ‘It’s not something that would ever receive my brother’s consent.’ And that answer will improve the lives of my children.”<\/p>\n Related:<\/b> Why One Prominent Investor, ‘Britain’s Warren Buffett,’ Is Staying Away From Nvidia Stock<\/a><\/p>\n But due to everyone’s ages, Buffett announced that he named three potential successor trustees to oversee the foundations should his children pass away before giving away all the money.<\/p>\n “Three potential successor trustees have been designated. Each is well-known to my children and makes sense to all of us. They are also somewhat younger than my children,” Buffett wrote. “But these successors are on the waitlist. I hope Susie, Howie, and Peter themselves disburse all of my assets.”<\/p>\n The successors were not named.<\/p>\n In the letter, Buffett also talks about how the world has changed in his almost 100 years on the planet and offers a hopeful outlook for the future. Despite the changes, Buffett did not step down from any work-related responsibilities.<\/p>\n Berkshire is a $1 trillion<\/a> conglomerate.<\/p>\n Read the full letter, here<\/a>. <\/i><\/p>\n<\/p><\/div>\n