Buffett talks about death and philanthropy in a surprising book for shareholders
Howard Buffett explains how his childhood experiences influenced him to become a philanthropist.
The CEO of Berkshire Hathaway, Warren Buffett, issued a surprise message to shareholders this week, in which he announced updates on what will happen to his vast fortune after his death and offered advice to others about managing their wealth.
In a letter posted on the website of the $1 trillion holding company, Buffett, 94, announced that he would donate about $1.1 billion of his Berkshire shares to his family’s four foundations, saying his three children would be responsible for gradually distributing all of his assets. following his death.
Legendary investor Warren Buffett was joined on stage by 24 other lifestyle and business influencers featured on Forbes’ 100 Greatest Business Minds list during the Forbes Media Centennial Celebration at Pier 60 on September 19, 2017. (Daniel Zuchnik/WireImage/Getty Images)
The tone of the letter suggests that the “Oracle of Omaha” hears his death.
“Father time always wins,” Buffett wrote. “But he can be fickle – unjust and cruel – sometimes ending life at birth or soon after while, at other times, he waits a century or more before visiting. So far, I have been very lucky, but, before long, he will come to me .”
BERKSHIRE HATHAWAY, ORIGINALLY A CLOTHING COMPANY, WAS FOUNDED BY WARREN BUFFETT IN 1965.
Buffett noted that his children, now aged 71, 69 and 66, may not live long enough to distribute his estimated $150 billion fortune, so three potential trustees have been appointed to help carry out his wishes to distribute the rest of the assets. . his wealth after his death.
‘Making Money’ host Charles Payne looks at Warren Buffett’s annual shareholder note in which he praises Charlie Munger.
He explained the rationale behind his policy that all foundation decisions will be made unanimously, said he reviews his will every few years and keeps it simple, and offered words of wisdom to others as they plan their affairs.
“I have another suggestion for all parents, regardless of whether they are rich or not,” he wrote. “When your children are old enough, tell them to read your will before you sign it.”
LINDA FRENCH GATES SAYS ‘WARREN BUFFETT’S LAST’ WOULD NOT SURPRISE’
“Make sure each child understands the meaning of your decisions and the responsibilities they will face when you die,” he continued. “If anyone has questions or suggestions, listen carefully and take the ones that make sense. You don’t want your kids asking ‘Why?’ about the terms of the agreement where you can no longer answer.”
Buffett said over the years, he and his business partner and friend, Charlie Munger, who died last November, “have seen many families split up after the death of an estate leaving beneficiaries confused and sometimes angry.”
Warren Buffett (L) with his longtime friend and business partner Charlie Munger, who died last year at the age of 99. (JOHANNES EISELE/AFP via Getty Images / Getty Images)
In those cases, he said, “jealousy, and little real or imagined childhood, grew, especially when sons were favored over daughters, either financially or in important positions.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“Charlie and I also saw a few cases where a wealthy parent’s will that was fully negotiated before death helped bring the family closer together,” Buffett added. “What would satisfy me the most?”
Source link
