According to the Associate Press, Warren Buffett, the world's second-richest man, wowed the world last summer when he announced that he plans to give away most of his $48.4 billion fortune, and now he wants to make sure those donations are spent quickly.
Most of Buffett's shares of his holding company, Berkshire Hathaway Inc., will go to five charitable foundations over time, but the billionaire plans to eventually give all of his shares away.
Here's what can be learned:
- Obviously this Warren Buffet has a well though out plan.
- It's clear he's considered the tax consequences of his will by giving to foundations.
- He also has outlined a game plan to avoid the instituionalization of the waelth he has created by distributing it within speciofic persiod of times.
- Most important he's come to grips with his "life Bank" which is outlined in "The 10 principles of Wealth for Black Folks and Other People Too!" Mr. Buffet understands that his "Life Bank" is running and he's come to grips with that by undertsanding that statitics says; he has about 12 more years - give or take a few- on this earth
- Much more than can meet the eye.
Buffett said in his annual letter to shareholders Thursday that he stipulated in his will that the proceeds from all Berkshire shares he owns at death must be used for "philanthropic purposes within 10 years after my estate is closed." He estimated his estate should be settled within three years of his death.
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