When William O'Meara (50BSC) died in 2012, he left an indelible impression on his large, Irish-Catholic family. Lovingly referred to as "Uncle Bill," he never married and never had children, but was a father-like figure to many in his life.
"Bill was a hard-working, dedicated guy, and he had so much love for his friends, his coworkers, and his family, especially his nieces and nephews," says Mary (O'Meara) Wagner, one of Bill's two sisters.
Bill, who grew up near the small town of Millersburg, Iowa, graduated high school at age 16 and became the first member of his family to go to college when he enrolled at the University of Iowa in 1943. After just one year on campus, Bill was drafted and went to Germany as part of the U.S. Army's Quartermaster Corps. World War II ended shortly thereafter, and he was able to return to the UI on the G.I. Bill.
Known to be driven yet regimented, Bill had a job offer even before completing his accounting degree in 1950. After starting his career at Price Waterhouse, Bill went to work for one of his clients, John Morrell, where he remained until retiring as vice president and controller at just 58 years old. His more than 30-year professional career, largely in Chicago, was filled with great accomplishments. His niece, Diane Northway (93MBA), said he prospered because of a simple, often overlooked skill.
"Uncle Bill was an Olympic-class listener," says Northway. "He also was a good communicator and a compulsive planner, and those skills really helped him make personal connections anywhere he went. We all certainly learned a lot from him, especially to listen."
Throughout his life, Bill never forgot where it all started: the University of Iowa. When Bill died, he left a bequest in his estate plans to provide unrestricted support for the UI Department of Accounting. Dan Collins (68BBA, 73PhD), the Henry B. Tippie Research Chair in Accounting, says that private support makes a big difference, especially as budgets continue to get tighter.
"The groundbreaking things that set our program apart come about because of private support," says Collins. "In fact, we've already put Bill O'Meara's support to use in our One Button Studio. Students can walk into the One Button Studio, tape themselves doing a presentation, and then receive critiques from others. Some of his support allowed us to purchase camera and computer equipment for this area in the Biz Hub Library."
For Bill's relatives, it's a fitting way to remember a special family member. "Bill always looked back fondly on his time at Iowa," says Helen (O'Meara) Gaffey, Bill's youngest sister. "His Iowa education created many opportunities in his life."
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to the University of Iowa a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
"I give to the University of Iowa, a nonprofit corporation currently located at Iowa City, Iowa, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the University of Iowa or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the University of Iowa as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the University of Iowa as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and the University of Iowa where you agree to make a gift to the University of Iowa and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.