A New Jersey teacher left a surprisingly large gift for students in her Will with the intent of helping to pay for college.
Genevieve Via Cava taught for years as a special education teacher in Bergen County, New Jersey. She was not a particularly well-known person outside of those she taught. However, she was apparently a very frugal person and was able to amass a small fortune by saving as much money as she could and foregoing treats for herself. A longtime friend said that Via Cava even refused to get needed hearing aids because of the expense.
Via Cava passed away at the age of 89. Her frugality will pay off for future generations of students with special needs in the district in which she taught, as The New York Times reports in "New Jersey Teacher Leaves Students $1 Million Gift in Her Will."{: target="_blank"}
Via Cava left a scholarship fund for future graduates. It directs that at least one student with special needs from each graduating class be given a scholarship for $25,000. The $1 million that Via Cava donated in total is enough for the scholarship fund to last in perpetuity. That means that Via Cava's name will live on as students will benefit from her kindness every year.
It is always nice when these stories of such people make the news, however, not everyone who leaves money behind for other people does so in this fashion or in this amount. There are many different ways that a charitable bequest of any size can be incorporated into an estate plan.
Visit an estate planning attorney to hear about your options for charitable giving.
Reference: New York Times (June 8, 2018) "New Jersey Teacher Leaves Students $1 Million Gift in Her Will."{: target="_blank"}