Buffett prepares to pass philanthropic baton to his children
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Warren Buffett told shareholders this week his three children, who are between 65 and 70, which is “hard for their father to believe,” are the executors of his current will and also the “named trustees of the charitable trust that will receive 99%-plus of my wealth pursuant to the provisions of the will.”
He writes, “They were not fully prepared for this awesome responsibility in 2006, but they are now.”
That was the year, as detailed in a Fortune article, Buffett started his annual mid-year donations of Berkshire shares to the Bill & Melinda Gates Foundation, as well as a foundation named for his first wife, and three foundations run by his children.
He laid out a schedule in which the number of shares decreases by 5% each year.
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