That’s what he said at the Berkshire annual meeting in Omaha last Saturday. Statistics show that more than half of all Americans have no will or revocable living trust.
Buffett has been making annual gifts to the Bill and Melinda Gates Foundation, but he will still have a very sizable estate. Douglas County and the Omaha Public Schools stand to receive millions from the Nebraska inheritance tax.
In response to the question of the future of Berkshire after Warren and Charlie are no longer around to run the company, “There are no perpetuities.”