Warren Buffett To Donate "99%-Plus" Wealth After Death

"My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will," Warren Buffett said in the letter.

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Of those shares, the Howard G. Buffett Foundation, the Sherwood Foundation, and the NoVo Foundation each received 300,000 shares, while the Susan Thompson Buffett Foundation received 1,500,000 shares.

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"My children, along with their father, have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable.

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He confirmed that his three children, who are currently between the ages of 65 and 70, are the executors of his current will and added that "99%-plus" of his wealth will go to his charity trust.

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"My three children are the executors of my current will as well as the named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will. They were not fully prepared for this awesome responsibility in 2006, but they are now," he continued.

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Laws in respect to philanthropy will change from time to time, and wise trustees above ground are preferable to any strictures written by someone long gone.

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Berkshire Hathaway has grown to a market cap of more than $780 billion with reportedly more than 380,000 employees and the company's CEO believes that the firm will thrive in his absence, even though mistakes will inevitably be made.

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"Berkshire-one of the largest and most diversified companies in the world-will inevitably encounter human errors in judgment and behavior. These occur at all large organizations, public or private.

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