Warren Buffett said the donation of his estate to charitable causes after his death would be open to public scrutiny, although the 93-year-old billionaire said he is still doing well.
“I feel good but I’m fully aware that I’m playing extra innings.” Berkshire Hathaway Incthe chief executive said in a thank you letter to shareholders. He has long pledged that more than 99% of his wealth will go to charity. “After my death, the disposition of my estate will be an open book – no ‘imaginative’ trusts or foreign entities to avoid public scrutiny but a simple will available for inspection at the Douglas County Courthouse in Omaha, Nebraska, where he lives.
According to the Bloomberg Billionaires Index, Buffett is the ninth richest person in the world with a net worth of $120.8 billion and his wealth has increased by $13.3 billion this year. In 2010, he launched the Giving Pledge with his friends Bill Gates and Melinda French Gates, stating that he would donate his fortune during his lifetime or upon his death. Four years ago, he began donating extensively to the Gates Foundation as well as to foundations associated with his children.
Buffett’s three children, aged between 65 and 70, are the executors of his current will, as well as the named trustees of the charitable trust that will receive his fortune, they said in the letter.
“They were completely unprepared for this tremendous responsibility in 2006, but now they are,” Buffett said. “In the administration of a testamentary trust, all three must act unanimously. Due to the random nature of mortality, heirs must always be named. The charter of the trust will be comprehensive.”
Buffett also said in the letter that he donated more than $868 million worth of Berkshire Hathaway stock this week, including stock named after his late wife. According to a letter, Buffett gave 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 1.5 million Class B shares to the Sherwood Foundation, Howard G. The Buffett Foundation and the Novo Foundation each gave 300,000 shares — the same number of shares donated to each group last year. He made the donation after converting 1,600 Class A shares into 2.4 million Class B shares.
“I feel good but I’m fully aware that I’m playing extra innings.” Berkshire Hathaway Incthe chief executive said in a thank you letter to shareholders. He has long pledged that more than 99% of his wealth will go to charity. “After my death, the disposition of my estate will be an open book – no ‘imaginative’ trusts or foreign entities to avoid public scrutiny but a simple will available for inspection at the Douglas County Courthouse in Omaha, Nebraska, where he lives.
According to the Bloomberg Billionaires Index, Buffett is the ninth richest person in the world with a net worth of $120.8 billion and his wealth has increased by $13.3 billion this year. In 2010, he launched the Giving Pledge with his friends Bill Gates and Melinda French Gates, stating that he would donate his fortune during his lifetime or upon his death. Four years ago, he began donating extensively to the Gates Foundation as well as to foundations associated with his children.
Buffett’s three children, aged between 65 and 70, are the executors of his current will, as well as the named trustees of the charitable trust that will receive his fortune, they said in the letter.
“They were completely unprepared for this tremendous responsibility in 2006, but now they are,” Buffett said. “In the administration of a testamentary trust, all three must act unanimously. Due to the random nature of mortality, heirs must always be named. The charter of the trust will be comprehensive.”
Buffett also said in the letter that he donated more than $868 million worth of Berkshire Hathaway stock this week, including stock named after his late wife. According to a letter, Buffett gave 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 1.5 million Class B shares to the Sherwood Foundation, Howard G. The Buffett Foundation and the Novo Foundation each gave 300,000 shares — the same number of shares donated to each group last year. He made the donation after converting 1,600 Class A shares into 2.4 million Class B shares.
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