(MENAFN- Live Mint) "At Thanksgiving I have much to be thankful for,” Warren Buffet said in a statement Tuesday, announcing that he had gifted 2.4 million Class B shares of Berkshire Hathaway stock to charitable foundations run by his children gifts to The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation total approximately USD 876 million( around ₹7,250 crore) and are in addition to the regular donations he makes each summer to those foundations and the Bill and Melinda Gates Foundation is the second year that Buffett has made additional gifts to the family foundations around Thanksgiving.\"My children, along with their father, have a common belief that dynastic wealth, though both legal and common in much of the world including the United States, is not desirable,\" Buffett said in the statement, adding that after his death, his children would act as trustees of a charitable trust that would inherit 99 per cent of his wealth“testamentary trust will be self-liquidating after a decade or so and operate with a lean staff,” Buffett said. His will will be available for inspection at the county courthouse in Omaha, he said. Buffett first committed to giving away his fortune in 2006, and in 2012, he increased the annual donations he made to the foundations Susan Thompson Buffett Foundation is named after Buffett's first wife who has since passed away. His children are Susie, Howard and Peter Buffett 2021, Warren Buffett estimated that he had given away about half of his wealth as counted by the number of Berkshire Hathaway shares that he holds. The remaining shares, he said, were valued at around USD 100 billion.“I feel good but fully realize I am playing in extra innings,” the Berkshire Hathaway Inc. chief executive officer said in a Thanksgiving letter to shareholders. He's long pledged that more than 99% of his wealth will go to philanthropy.“After my death, the disposition of my assets will be an open book - no 'imaginative' trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse” in Omaha, Nebraska, where he lives is the world's ninth-richest person, with a $120.8 billion net worth, according to the Bloomberg Billionaires Index, and his fortune has gained $13.3 billion this year. In 2010, he started the Giving Pledge, with his friends Bill Gates and Melinda French Gates, saying he would donate his fortune either in his lifetime or at his death. Four years earlier, he started making massive donations to the Gates's foundation, as well as foundations tied to his children's three children, who range in age from 65 to 70, are the executors of his current will as well as the named trustees of the charitable trust that will receive his fortune, he said in the letter.“They were not fully prepared for this awesome responsibility in 2006, but they are now,” Buffett said.“In administering the testamentary trust, the three must act unanimously. Because of the random nature of mortality, successors must always be designated. The trust's charter will be broad.”Warren Buffett also said in the letter that he donated Berkshire Hathaway stock valued at more than $868 million to charities, including one named after his late wife, this week. Buffett gave 1.5 million Class B shares to the Susan Thompson Buffett Foundation and 300,000 shares each to the Sherwood Foundation, the Howard G. Buffett Foundation and the NoVo Foundation, according to a letter - the same number of shares donated to each group last year. He made the donation after converting 1,600 Class A shares into 2.4 million Class B shares.*With Agency Inputs
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