Warren Buffett announces he will accelerate the distribution of his fortune to his children’s foundations

In his Thanksgiving letter on Monday, 95-year-old billionaire investor Warren Buffett declared that he would expedite the transfer of his wealth to his children’s institutions. After declaring in May that he will leave his position as CEO of Berkshire Hathaway. At the end of the year, this is his most recent choice pertaining to his legacy.

In order to «increase the likelihood that they will distribute what will essentially be the entirety of my estate before the new trustees replace them. » Buffett said he needs to «accelerate the pace of lifetime giving» to the foundations of his three children.

Buffett will give the foundations Class B shares of Berkshire Hathaway for about $1.35 billion.

«My children already support Greg 100%, as do the directors of Berkshire,» Buffett added, adding that he will hold onto a sizable portion of Class A shares until Berkshire stockholders fully trust his successor, Greg Abel, CEO of Berkshire Hathaway Energy.

In his letter, the billionaire announced that he would step off from politics, stop writing Berkshire’s annual report, and stop giving interminable speeches at the general shareholders’ meeting.

“My three children already have the maturity, intelligence, energy, and instincts necessary to manage a large fortune,” Buffett said. “They will likely have to adapt to a significantly changing world. Ruling from the grave has not been a good strategy, and I have never felt the need to do so.”