Warren Buffett has been one of the biggest supporters of the Bill & Melinda Gates Foundation for years, donating more than $39 billion. But when he dies, so does his support.
Buffett offered the Wall Street Journal a few hints about what will happen to his sizable fortune when his time on earth is over, telling the paper that “the Gates Foundation has no money coming after my death.”
Instead, virtually all of Buffett’s $130 billion in wealth will be funneled into a new charitable trust that will be overseen by his children. And the three must decide unanimously on how the money is distributed, he said.
“It should be used to help the people that haven’t been as lucky as we have been,” he told the Journal. “There’s 8 billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There’s lots of ways to help people.”
The Gates Foundation, which Buffett has been giving to since 2006, isn’t the only group that will see its donations end. Buffett has also given regularly to four other foundations that are connected to his family. While he says he plans to continue giving to all five while he’s alive (and just made another round of donations, converting 8,674 of his shares to do so), the gifts will end when he dies.
Buffett, CEO of Berkshire Hathaway, said he is confident his children (Susie, age 71; Howie, 69; and Peter, 66) will be able to respond to any future changes to tax laws and how those impact foundations.
“I like to think I can think outside the box, but I’m not sure if I can think outside the box when it’s six feet below the surface and do a better job than three people who are on the surface who I trust completely,” he said.