By The Associated Press
OMAHA, Neb. (AP) -- The foundations run by Warren Buffett's three children will likely be the first ones to start handing out the nearly $37 billion the world's second-richest man promised to start giving away next month.
The Oracle of Omaha plans to give the bulk of his nearly $44 billion fortune to the Bill & Melinda Gates Foundation, which is run by Microsoft Corp. co-founder Bill Gates, who is also Buffett's friend.
But the Gates foundation will likely need some time to determine how to handle Buffett's commitment of roughly $30 billion worth of Berkshire Hathaway stock to the foundation over time. So the foundations run by Susie, Howard and Peter Buffett, which will each receive about $1 billion worth of stock in Warren Buffett's investment company over time, might start reinvesting their father's fortune sooner than the Gates foundation."