Long–time Kentucky attorney assists his alma mater
University of Kentucky alumnus, Michael Rowady, ’39, ’41, was born in Winchester just three blocks from where his law office is located today. He was one of seven children of immigrant parents from Lebanon. His father operated a store, and the family lived upstairs over the business.
“We ate all the fresh food we couldn’t sell in the store,” he remembers with a chuckle. “Mother canned the vegetables that didn’t sell, and made the fruit into preserves.” His mother also made all the clothes the seven children wore.
Mr. Rowady was a child of the Great Depression. “I grew up in poverty,” he shares. “As a lad, I decided what I wanted most was to have enough cash coming in to meet my modest needs.”
Mr. Rowady also knew early in life that he wanted to become an attorney. “That’s what my aspiration was,” he confides. “My family didn’t have anything, but they wanted me to have what they didn’t have. My parents sent all seven of their children to the University of Kentucky for an education.”
“I hitchhiked back and forth for six years from my father’s store in Winchester, studying at UK first for my bachelor’s degree, and then going on to law school,” he continues. “While I was a student at UK, I worked various jobs in the summer. There’s no question in my mind that the experiences I had during those years were very valuable.”
Mr. Rowady began practicing law in Winchester in 1941. But his legal career there was interrupted by World War II. He served in the U.S. Army for four years and used his legal skills in military courts. After the war, he returned home to Winchester and embarked upon a long and distinguished career both as an attorney and judge.
A few years ago, Mr. Rowady, now age 93, entered into a charitable gift annuity agreement with the University of Kentucky. A charitable gift annuity is simply a contract between a donor and the University.
The donor transfers cash or property to the University in exchange for income for life at a rate based on the donor’s age. Payments may be set up for the donor alone, or for the donor and another person. The donor also receives a charitable tax deduction when the contract is begun. Once all the annuitants have been paid, the University receives the remaining value.
“I saw the charitable gift annuity as an opportunity to help the University and help myself, too,” observes Mr. Rowady. “And of course, the high rate of return made the charitable gift annuity interesting.”
“I would absolutely recommend a charitable gift annuity with the University of Kentucky to anyone. It’s ideal for a person who wants a guaranteed flow of income at regular intervals. My only regret is that I didn’t put in twice as much!”
For information on how to establish a charitable gift annuity at the University of Kentucky, contact the UK Office of Gift and Estate Planning at 800–875–6272 or at giftandestate@uky.edu.