Tuesday, July 25, 2006

Warren's $37 billion donation

What about his kids? Well according to an article on Salon.com Buffet's late wife was his sole heir, and Buffet said that he intended for 99 percent of his money to eventually go into foundations, the Bill & Melinda Gates Foundation the Susan Thompson Buffett Foundation and to other foundations headed by his three children.

Apparently when his older son asked for help to buy a farm Buffet offered him the same terms as he would have to a business partner, said that he would buy the farm and rent it to him and made him pay the taxes... And Susie his daughter once needed 20$ to pay for parking, he made her write him a cheque! If true that's though. Buffet's children will not inherit of his wealth which is consistent with statements he has made in the past on his opposition to the transfer of great fortunes from one generation to the next.

Buffet once commented, "I want to give my kids enough so that they could feel that they could do anything, but not so much that they could do nothing."

More of about Warren buffet here...


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