93-year-old Warren Buffett hints at what will happen to his estate, 'Gates Foundation will not get any money after I die'

Berkshire Hathaway chairman and billionaire philanthropist Warren Buffett is ending his ties with the Bill & Melinda Gates Foundation. According to Fortune, the 93-year-old American businessman's wealth is reportedly estimated at $127 billion, and he has donated more than $39 billion to the nonprofit over the past 15 years.

FILE PHOTO: Berkshire Hathaway Inc Chairman Warren Buffett listens as Bill and Melinda Gates speak during a news conference in New York June 26, 2006. (Reuters)

In a recent interview with the Wall Street Journal, Buffett explained what his will looks like after he is gone. He clearly mentioned that his support for the Gates Foundation will go with him.

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He categorically confirmed, “The Gates Foundation will not receive any funds after my death.”

Why will Warren Buffett's support of the Gates Foundation end with his death?

So far, he has indicated that his remaining assets will be given to a separate charitable trust overseen by his three children: Howard (71), Susie (69), and Peter (66). So, once Buffett passes away, future donations from his estate will ultimately be decided unanimously by them.

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Buffett confirmed that he has “100% confidence” in how they will handle matters and make decisions that he won't be able to make when he's gone. “I feel very good about the values ​​of all three of my children,” he said.

The chairman of Berkshire Hathaway, known as one of the world's most famous investors, has been one of the Gates Foundation's most devoted and generous supporters since 2006, which is also the year he joined as a trustee. He finally stepped down in 2021, the same year the Microsoft co-founder's divorce from Melinda French Gates was finalized.

Currently, CEO Mark Suzman runs this private foundation. Buffett's departure is the second blow to Suzman, after Melinda French Gates also resigned from the foundation in May.

At the time, he praised Buffett, saying he “has played an invaluable role in shaping and advancing the Foundation's work to create a world where every person can live a healthy and productive life.” He also said, “Warren Buffett has been enormously generous to the Gates Foundation through more than 18 years of contributions and advice.”

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At the end of the day, Buffett hopes his fortune will be used to “help people who aren't as fortunate as him.” [his family has] “It’s been great,” he told the WSJ. While acknowledging his privileged position, falling into the “luckiest 100th of 1%,” he acknowledged there are many ways he can help others.

The Gates Foundation is not the only nonprofit to which Buffett's donations will be restricted. The businessman has also regularly provided support to four other foundations associated with his family. For now, his philanthropic contributions to all five foundations will continue as long as he is alive. However, his children will handle these affairs once he is gone.

Charlie Munger, Buffett's long-term partner at Berkshire Hathaway, will die in 2023 at age 99.

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