Some Past Proposed Specific Time Limits on Tax Benefits for Private Foundations

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Warren Buffett says most of his fortune will be put into a new charitable trust once he's dead, the Wall Street Journal reports.

The billionaire Berkshire Hathaway CEO made the announcement in an interview with the Journal's Susan Matthews.

"I'm going to leave 99% of my wealth to the foundation," says the 83-year-old Buffett, who has pledged to give away 99% of his wealth in a public letter to donors a decade ago.

"I think it's a good idea."

Buffett's two sons and a daughter will oversee the trust, and it's not clear whether it will be "sunset" or "perpetuities," Inside Philanthropy reports.

"Nothing will go to endowments; I want the money spent on current needs," says Buffett.

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