George Lucas will donate a significant amount of his money to charities focusing on education and health issues. Wikimedia On Tuesday, George Lucas announced Disney purchased his Lucasfilm production company for a whopping $4 billion.

But don't expect Lucas to make any extravagant purchases in the immediate future.

Instead, the creator of the "Star Wars" franchise has plans for a major "Bill Gates-style philanthropic initiative" focusing on education and health issues, according to The Hollywood Reporter.

But Lucas is no stranger to charitable giving, as he currently serves as chairman of the George Lucas Educational Foundation and in 2006 gave $175 million to his alma mater, USC. He also supports charities such as Make-A-Wish, Stand Up To Cancer, Film Foundation, among others.

In September, even before the new Disney deal, Forbes estimated the divorced, 68-year-old filmmaker's net worth at $3.3 billion, making him the 36th richest celebrity in the world.

In 2010, Lucas signed The Giving Pledge, the effort by Gates and Warren Buffett to get America's wealthiest individuals and families "to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice either during their lifetime or after their death."

"I am dedicating the majority of my wealth to improving education," explained Lucas in a public letter at the time of the pledge. "It is the key to the survival of the human race. We have to plan for our collective future -- and the first step begins with the social, emotional and intellectual tools we provide to our children."

Read the rest of the letter below in which Lucas explains his philanthropic beliefs and future plans (via GivingPledge.org):