As one of the most wealthy people on earth, Warren Buffett must know a thing or two about financial planning. This article focuses on Buffett’s estate planning strategies and how they may benefit others. When he dies, Buffett intends for his remaining billions to go into a charitable trust to be dispersed by his three children.

While most of us do not have billions of dollars to give away, his planning shows a lot of forethought and flexibility – which everyone can learn from. 

Even if you don’t feel you have much of an estate to plan for, simply having an estate plan means you get to decide what happens after you pass away or become incapable of making your own decisions. It will also prevent your loved ones from entering a lengthy and often expensive legal process. 

A basic estate plan should include:

• Beneficiary designations
• A simple will
• Powers of attorney and advance directives

So, how can you plan your estate like Warren Buffett? If you want a significant amount of your wealth to go to charity after you pass, you may consider a charitable trust or a private foundation. While these options are typically reserved for the wealthy, there are other similar paths forward. A charitable account called a donor-advised fund is a low-cost way to benefit the organizations that you care most about. 

If you’d like to learn more about charitable giving and estate planning, please contact Rhodes Law Firm today!