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Buffett Announces New Giving Plan; Cuts Off Gates Foundation

Investor Warren Buffett has announced another $5.3 billion in charitable gifts Friday. But in a major shift of his longtime giving plan, he says he plans to cut off donations to the Bill & Melinda Gates Foundation after his death and let his three children decide how to distribute the rest of his $128 billion fortune. Buffett laid out his new plan for his estate in an interview with the Wall Street Journal. The 93-year-old Buffett has given about $55 billion worth of Berkshire stock to five foundations since 2006 with the biggest share by far going to the Gates Foundation. The other four foundations are affiliated with his family, including the ones each of his children run.