Howard Buffett discusses challenges of charitable giving

Warren Buffett’s son, Howard, says giving money away is not easy. Buffett announced this summer that his $144 billion fortune would go to a charitable trust overseen by his three children: Susan, Howard, and Peter. Howard Buffett said, “It’s not so easy to give away money if you want to do it smart, if you want to be intelligent about it.” He could not say which causes they will focus on, but he said the decisions would be made quickly once they take over. The three siblings are expected to work closely together to decide how to best use the funds. Howard noted that their shared experience would help and he would rather work with his brother and sister than see the trust managed any other way. “Somebody is going to spend that money. Somebody is going to give that money away. So, I would rather do that with my brother and sister and do it together, as a partnership, than see it done any other way,” he said.

Buffett family trust plan detailed

Warren Buffett is still in good health, and his continued sharpness impresses his children. Howard acknowledged the opportunity his father is giving them. This change in how Buffett’s fortune will be managed is a big shift in his giving strategy. Over the past two decades, Buffett has given nearly $40 billion to the Bill & Melinda Gates Foundation. But in a recent interview, he said the Gates Foundation will no longer get donations from his estate after he dies. Instead, the money will go into a new overarching trust run by his children. The previous family-related foundations will no longer receive contributions. Buffett’s new plan makes sure his wealth will be given out in line with his values and with input from his children. It shows the trust he has in their judgment and the impact they can make together.