By Miguel Mike Medina
Photo: AFP VIA GETTY IMAGES
Berkshire Hathaway Chief Executive Officer Warren Buffett revealed his plans to transfer his wealth and manage his Berkshire holdings.
Buffett’s plans include a mass conversion to Class B shares that will be donated to several of his family’s charity organizations.
Buffett also announced that he will donate more than one billion of his Berkshire stock to four family foundations.
According to a letter to his shareholders, Buffett said that his three children will have the “full responsibility for gradually distributing all of my Berkshire holdings.”
Buffett is 94 years old. He has established himself as probably the greatest investor of all time. Buffett named ‘The Susan Thompson Buffett Foundation’ after the passing of his first wife, who died in 2004.
Upon Susan’s death, she left their kids ten million dollars each.
Buffett believes that wealthy parents should leave their children enough money.
“Hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing,” Buffett said.
Buffett’s children are in their 60s.
The billionaire investor said in a news release that he gave 1.5 million shares of Berkshire Hathaway Class B stock to the Susan Thompson Buffett Foundation, named for his first wife, and 300,000 shares apiece to the Sherwood Foundation, the Howard G. Buffett Foundation, and NoVo Foundation, his children’s grant makers.
Miguel Mike Medina is the publisher of The MMM Journal. He can be reached at medinamiguelmike@gmail.com
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