Dr. Ruth Gottesman, who is the widow of a Wall Street financier, has made a historic donation. The 93-year-old recently donated $1 billion to the Albert Einstein College of Medicine, which is located in the Bronx. There was only one stipulation, and that was that the money be used to cover tuition costs for current and future students. As a former professor at the school, Dr. Gottesman understands the significance of getting through medical school and how much debt students usually take on to do so.

In many cases, students graduate with $200,000 of debt or even more, which can make it difficult for them to pay their loans down or off, even with a good salary after graduation. The money was donated from the fortune of her late husband, who had a stake in Berkshire Hathaway and other companies, along with other significant investments. The gift is one of the largest to ever be given to a US educational institution, and very likely the largest gift ever offered to a medical school.

Another reason to donate to that specific school is that the Bronx is a traditionally poor borough, with high rates of residents who have health problems and a lot of premature births. Giving future medical professionals the opportunity to get through school without tuition debt can be a game-changer for people in that area, and they can come back and work in a community that needs their care.

Helping people in disadvantaged groups get educational support to follow their dreams can also be life-changing for anyone in the area who wants to go to medical school but may have always felt that it was unaffordable. With Dr. Gottesman’s generous gift, there will be more opportunities for residents of the Bronx to attend school, and there will likely be a large number of applications from students in other areas of the country who would love the option of free tuition.

Dr. Gottesman has secured a valuable opportunity for every student accepted into the school in the future, and increased the likelihood that the school will continue to turn out quality medical professionals for the long term. That’s highly valuable to the students, the Bronx, and society as a whole.

If you would like to include charitable giving in your estate plan, please contact us today. Our firm will guide you in all stages of the preparation process, from reviewing your assets to discussing your estate planning goals, to drafting a plan that accurately reflects your wishes!