Warren Buffett laid out a plan to “step up” the pace of giving away his $149 billion estate to his children’s foundations, while still allowing for a short period that lets Berkshire Hathaway
shareholders gain confidence in incoming CEO Greg Abel.
Buffett, in a Thanksgiving letter that will become an annual tradition, said he needs to accelerate the disbursement of his Berkshire stock to his three children’s foundations because of their own advanced ages and that by doing so it will “improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them.”
Abel, 63, is set to take over for Buffett, 95, as Berkshire CEO at the start of the new year with the “Oracle of Omaha” remaining chairman.
“I would like to keep a significant amount of ‘A’ shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed,” wrote Buffett, referring to long-time Berkshire Vice Chairman and his cherished business partner Charlie Munger, who died two years ago.
