Warren Buffett admits his original philanthropic plans were not 'feasible'-he's instead left his three kids $500 million a year to give away | Fortune

""Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible. During my many years, I've also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.""

""Instead of a single sweeping plan, I'm handing over most of my remaining wealth to my three children's charitable foundations, allowing them to distribute about $500 million each year.""

""That 'honeymoon' period will not last forever. I plan to speed up lifetime gifts, recognizing that my longevity has accelerated the need to act.""

Warren Buffett, with a net worth of $144 billion, is reevaluating his philanthropic strategies. He acknowledges that his earlier grand plans for wealth distribution were not feasible. Instead of a single plan, he is distributing his wealth to his children's charitable foundations, allowing them to manage approximately $500 million annually. Recent gifts include $750 million to The Susan Thompson Buffett Foundation and $250 million each to The Sherwood Foundation, The Howard G. Buffett Foundation, and NoVo Foundation. Buffett believes his children are best suited to manage these funds effectively.

Read at Fortune