Next generation of Buffetts poised to become powerhouse

Trio entrusted with managing charitable trust upon father's death

- THALIA BEATY AND JOSH FUNK

The next generation of Buffetts Howard, Susie and Peter is poised to become one of the most powerful forces in philanthropy when their 94-yearold father, the legendary businessman and leader of Berkshire Hathaway, Warren Buffett, eventually passes away.

But it wasn't always going to be that way.

Buffett announced in June he would donate his fortune, now valued at nearly $144 billion (U.S.), to a charitable trust managed by his three children when he dies instead of giving it to the Gates Foundation, as he indicated 18 years ago.

The next generation of Buffetts will then have 10 years to give the money away, Warren Buffett said.

In the meantime, the elder Buffett continues to make huge annual donations to the Gates Foundation and his four family foundations, which will continue throughout his lifetime. He first mentioned plans for a new charitable trust in November.