Update: This just in--the Senate has postponed the scheduled June 29 vote on reducing the estate tax.

In explaining his decision to give away most of his money through the Gates Foundation, Warren Buffett says his children have had more privileges and advantages than more than 99 percent of the rest of the children in America. His heirs don't need to inherit every last cent of his billions as well. Buffett says he hopes his gift will serve as a model for others.