I found the following article interesting for two reasons. One is that Mr. Buffett has already openly announced who his beneficiaries are, and the other is … why has he done that? What do you think? Have you let your loved ones know who your beneficiaries are? Something to consider. This article is from Inc. Magazine, written by Marcel Schwantes, a contributing editor, and published on 1/8/2025.
“The vast majority of Buffett’s wealth will go to the same place.
Warren Buffett, one of the world’s most renowned investors and the CEO of Berkshire Hathaway, has fine-tuned his approach to giving away his massive fortune.
If you missed his interview with The Wall Street Journal, the 94-year-old announced last year that nearly all his remaining wealth will be directed to a new charitable trust overseen by his three children. This move marks a significant shift in Buffett’s philanthropic strategy and reflects his enduring belief in family values.
Susie, Howie, and Peter Buffett
Buffett’s charitable trust will be managed by Susie, Howie, and Peter Buffett. The trio of siblings will eventually have to reach unanimous decisions on how to use the money, though Buffett has given them broad guidance: Focus on helping people who have not been as fortunate.
“There are eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1 percent or something. There are lots of ways to help people,” Buffett told the Journal.
Buffett’s trust in his children’s judgment has grown over the years as he has observed how each has matured and embraced their own philanthropic missions. Susie, Howie, and Peter have already demonstrated their commitment to meaningful causes through their individual foundations, which tackle issues such as early childhood education, food security, human trafficking, and Indigenous rights.
The Gates Foundation Is Out
One major change in Buffett’s updated plans is that donations to the Bill & Melinda Gates Foundation will stop after he’s gone. Since 2006, he’s given over $39 billion to the foundation, but he’s now entrusting his kids to handle what’s left of his fortune instead.
“The Gates Foundation has no money coming after my death,” Buffett stated plainly.
Buffett used to believe in holding onto wealth and giving it away later, but he shifted gears in 2006. That’s when he started making yearly donations to the Gates Foundation and four family foundations. While a lot of his fortune has already been given out, what would happen to the rest after his death wasn’t clear — until now.
Buffett’s humility shines through in his approach. He admitted that his kids are in a better position to handle future challenges, like adapting to tax laws or regulations. “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,” he joked.
Buffett’s kids know the weight of their new job but see it as an honor. Susie Buffett, who runs the Sherwood Foundation, said it’s too early to nail down specifics, but she’s confident they’ll build on the work they’re already doing. Howie Buffett, head of the Howard G. Buffett Foundation, agreed and highlighted how important their dad’s vision is.
Their work will clearly reflect Buffett’s belief that wealth is meant to help others. By moving from individual foundations to a united family trust, Buffett has emphasized teamwork and lasting impact.
Final Takeaway
Buffett’s choice to leave his fortune to his children, while staying true to his philanthropic values, reflects his approach to life, family, and legacy. For his kids, this isn’t just about money—it’s about carrying forward the values he’s lived by: hard work, responsibility, and giving back. It’s a reminder that a legacy isn’t just what you leave behind; it’s the lessons you pass on. Classic Buffett—practical, thoughtful, and focused on the bigger picture.”
Did this article make you think about your legacy? That it’s not just about the money? If this is an approach you’d like to explore, please call me. Let’s talk about your goals and how you want to be remembered. My number is 513-399-7526, or you can go to www.davidlefton.com and schedule our meeting from there. I look forward to helping you create your legacy.
Source: Inc. Magazine, written by Marcel Schwantes, contributing editor; 1/8/2025.