A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
When Peter Buffett learned that he and his siblings would be in charge of giving away the fortunes of their father, Warren Buffett, his response was clear.
“I did not want it,” Peter Buffett told CNBC. “I called him up and said, ‘I want to opt out.’ He said, ‘I don’t blame you.’ It obviously puts an enormous about of pressure on us.”
In 2024, Warren Buffett announced that after his death, his fortune would be directed to a new charitable foundation overseen by his three children, Susan A. (Susie) Buffett, Howard G. (Howie) Buffett and Peter Buffett. The 95-year-old’s wealth is now estimated at more than $150 billion, according to Bloomberg.
Adding to the challenge, the legendary investor requested that all the money be given away within 10 years of his death. Another catch: All three must unanimously agree on how to disburse the funds.
