Shulou(Shulou.com)12/24 Report--

Thanks to CTOnews.com netizens for the clues of sharing! CTOnews.com, November 26 (Xinhua)-- Warren Buffett, founder and CEO of Berkshire Hathaway, is famous for his investment wisdom and philanthropy. Recently, he donated about $870 million worth of Berkshire shares to four family charities, his second stock donation this year, and part of his continued commitment to charity.

According to information released by Berkshire Hathaway on November 21, Buffett converted his 1600 Berkshire Class A shares into 2.4 million Class B shares, and then donated those Class B shares to four family charities. Among them, the foundation named after his first wife, Susan Thompson Buffett, received 1.5 million shares, while the foundation run by his three children, Howard, Susan and Peter, each received 300000 shares.

At the same time, Buffett also published a letter to shareholders in which he reiterated his commitment to donate more than 99% of his wealth to charity and has selected a suitable CEO successor for Berkshire Hathaway. He also said that his three children would be executors of his will and trustees of a charitable trust fund that would inherit almost all of his wealth.

In this donation statement, Buffett also made a promise: my will stipulates that more than 99% of my inheritance will go to charity.

Buffett pledged in 2006 to donate 99% of his wealth to charitable foundations, donating to five major foundations each year: the four family charities mentioned above and the Melinda Gates Foundation, which Buffett once chaired. Data show that since 2006, they have received more than $51 billion in donations, of which the Gates Foundation has received more than $39 billion.

The four foundations receiving the donation work in different areas, including the Susan Thompson Buffett Foundation, named after Buffett's first wife, who works in the field of reproductive health. The Howard Buffett Foundation focuses on reducing hunger, reducing conflicts, combating human trafficking and improving public safety. The Sherwood Foundation supports non-profit organizations in Nebraska, while the Novo Foundation conducts initiatives aimed at girls and women.

Buffett's charitable donation also has its economic and legal considerations. By setting up a charitable foundation, he can allocate charitable funds to different areas of society and reduce part of the tax burden. Take the United States as an example, the estate tax in the United States is close to 50%, which is not too high. At the same time, charitable foundations can also prevent the phenomenon of "no more than three generations of wealth", provide high-quality educational opportunities for future generations or directly hire family offspring as managers to achieve intergenerational inheritance of wealth and expand family reputation and prestige.

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