Warren Buffett Gives Away Another $1.1B And Reveals His Plan For Distributing $147B After His Death

Warren Buffett has once again demonstrated his commitment to philanthropy. On Monday, the Berkshire Hathaway CEO announced that he had donated over $1.1 billion in Berkshire Hathaway stock to four family foundations, continuing a Thanksgiving tradition of generosity. Buffett, now 94, also detailed his plans for distributing the remainder of his $147.4 billion fortune after his death.

Don't Miss:

• Are you rich? Here’s what Americans think you need to be considered wealthy.
• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.

Buffett has long championed that wealth should serve society rather than create dynasties. His recent donation includes approximately $720 million to the Susan Thompson Buffett Foundation, named after his late first wife. The remaining $144 million was distributed equally among the foundations run by his three children: Howard, Peter and Susie Buffett.

Buffett's letter accompanying the announcement emphasized his belief in equal opportunity from birth. He criticized the “extreme look-at-me styles of living” often associated with wealth and reiterated his family's philosophy of modest living. “As a family, we have had everything we needed or simply liked,” he wrote, “but we have not sought enjoyment from the fact that others craved what we had.”

See Also: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest TODAY for just $0.26/share with a $1000 minimum.

Buffett's giving over the years has been substantial. Since 2006, he has made annual gifts to the Bill & Melinda Gates Foundation as well as the family foundations. However, he revealed that his contributions to the Gates Foundation will cease after his death.

Buffett has previously stated that his three children will oversee the distribution of his remaining wealth within 10 years of his passing. In a proactive move, he announced that successors have already been chosen in case his children – 71, 69 and 66 – cannot complete the task. While he did not disclose the successors’ identities, Buffett confirmed that his children are aligned with the choices.

Buffett acknowledged the inevitability of mortality, saying, “Father Time always wins. But he can be inconsistent – indeed, unfair and even cruel … Before long, he will get around to me.”

Trending: The number of ‘401(k)' Millionaires is up 43% from last year — Here are three ways to join the club.

Buffett attributes his immense fortune to the power of compounding interest and the success of Berkshire Hathaway, which he has led for decades. Despite his vast wealth, he has maintained a frugal lifestyle, living in the same Omaha home he purchased in 1958 and driving modest cars.

He also advised families of all financial backgrounds: discuss your will with your heirs while alive and before you sign it. Buffett believes open communication can prevent family disputes after a loved one's death. “You don't want your children asking "Why?" in respect to testamentary decisions when you can no longer respond,” he wrote.

Even after donating more than 56% of his wealth, Buffett remains among the world's richest individuals. His contributions have been transformative, with $55 billion already directed to the Gates Foundation alone. The remainder of his fortune will be distributed through his family's philanthropic efforts, a responsibility his children have embraced.

Buffett’s ultimate goal is to ensure his wealth makes a lasting impact. His philosophy reflects a life guided not by the trappings of money but by its potential to create positive change.

Read Next:

• Many are using this retirement income calculator to check if they’re on pace — here’s a breakdown on what’s behind this formula.
• Studies show 50% of consumers think Financial Advisors cost much more than they do — to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.