(Express U.S.) - Billionaire Warren Buffett is keeping up with his Thanksgiving tradition of philanthropy, announcing on Monday that he's gifting over $1.1 billion in Berkshire Hathaway stock to his family's foundations.
Alongside this generous move, Buffett revealed who will continue his legacy of giving after he passes away.
Previously, Buffett had stated that his three children would be responsible for distributing his vast $147.4 billion fortune within a decade of his death. However, he's now appointed successors for them, acknowledging the possibility that his children might not outlive the task, reports the Associated Press.
While he kept the identities of these successors under wraps, he assured that his children are familiar with them and have confidence in their suitability for the role.
In a candid letter to shareholders, the 94-year-old Buffett reflected on mortality with his characteristic wit: "Father time always wins. 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."
Buffet addressed his age and his children's ages in his letter: "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."
Buffett expressed his disinterest in creating dynastic wealth within his family, a sentiment echoed by both his first and current wives.
He admitted to giving millions to his children Howard, Peter, and Susie over the years, but maintains his belief that "hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing."
By Brigid Brown
November 25, 2024
