Buffett Shifts $57B Donation Strategy

Warren Buffett, the 93-year-old chairman of Berkshire Hathaway, has significantly revised his estate plans, announcing that his fortune will no longer benefit the Bill & Melinda Gates Foundation after his death. Instead, he will allocate his wealth to a new charitable trust managed by his three children, Howard, Susan, and Peter Buffett. This decision stems from Buffett's confidence in his children's values and their ability to distribute his wealth effectively. Despite this change, Buffett has made his largest annual donation of $5.3 billion to the Gates Foundation and four family-related charities this year. Overall, Buffett has donated approximately $57 billion to these foundations since 2006, and he plans to give away more than 99% of his estate. The decision marks a shift in his philanthropic strategy, emphasizing family-led charitable efforts posthumously.