Instead of a single sweeping plan, Buffett said he’s handing over most of his remaining wealth to his three children’s charitable foundations, allowing them to distribute about $500 million each year.
He detailed a new round of gifts on Monday, including:
Buffett said his children—now ages 72, 70, and 67—are at “their prime in respect to experience and wisdom” and best equipped to guide his fortune while they’re still active and engaged. However, he recognized that his own longevity has accelerated the need to act. “That ‘honeymoon’ period will not last forever,” he wrote, explaining why he plans to speed up lifetime gifts.
“All three children now have the maturity, brains, energy and instincts to disburse a large fortune…” Buffett wrote. “Ruling from the grave does not have a great record, and I have never had an urge to do so.”
