Warren Buffett’s decision to leave his fortune to a trust controlled by his children instead of the Gates Foundation will have negative consequences for the world. Buffett had planned to give away his estimated $137 billion fortune to the Gates Foundation after his death, but now it will be divided among his three adult children.
The philanthropic trust that Buffett intends to set up will become one of the largest charitable foundations in the world, but there is a risk that it may not achieve its full potential. This is because there needs to be unanimous agreement among Buffett’s children for any decisions to be made regarding the use of the funds. With each child having their own distinct vision for philanthropy, this could lead to disagreements and delays.
Buffett should consider giving away his fortune in a way that will have a greater impact on the world. He has already given over $40 billion to the Gates Foundation, which has been used to fund initiatives such as providing vaccines to poor countries and fighting diseases like AIDS, tuberculosis, and malaria. These efforts have saved millions of lives.
Instead of leaving his children to decide how to use the funds, Buffett could consider giving it directly to the world’s poorest people or using it to tackle major remaining killer diseases. He could also set up a foundation that focuses on specific areas such as education, healthcare, or poverty alleviation.
Buffett’s decision will have far-reaching consequences and may lead to millions of lives being lost. With great wealth comes great responsibility, and Buffett should use his fortune to make a positive impact on the world.
Source: https://www.vox.com/future-perfect/363170/warren-buffett-bill-gates-foundation-billion-charity