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Larry and Kaye Knight

Larry and Kaye KnightLike so many University of Idaho graduates, Dr. Lawrence L. "Larry" Knight and Kathryn A. "Kaye" Laven met their future spouse while students here. The 1955 graduates still have fond memories of UI icons like Boyd Martin, Donald Gustafson, J. Irving Jolley and Ruben Thielke.

Larry's undergraduate experiences reinforced his intention to go to medical school. Kaye put her education degree to work teaching while Larry attended the University of Washington Medical School. After Larry's specialty training in Colorado and Oklahoma, the pair settled in Boise, where Larry was in practice for 47 years. Even though he attended other schools, "we had no doubt about pledging our loyalty to our ‘real' alma mater, the University of Idaho," Larry says.

In keeping with that pledge, in 1992 the couple created the Kathryn and Lawrence Knight Charitable Remainder Trust (CRT). Such a trust has several unique features that make it an ideal combination of life income plan and charitable gift:

  • It's a form of investment, in that the Knights will receive an income from the trust for as long as either is living;
  • The payout rate was negotiated at the outset (at least 5 percent, per IRS code), and is based on the annual valuation of the underlying investment;
  • The Knights got an income tax deduction when the trust was set up;
  • They can add to it, which the Knights have done over the years;
  • When Larry and Kaye are both gone, the remainder will go to the programs they've designated at UI.

The gift has also helped teach and instill a sense of philanthropy in the Knights' five children.

In addition to the CRT, Larry and Kaye have established and generously funded the Kathryn and Lawrence Knight STEM Faculty Fellowship, and this endowment will be the beneficiary of the trust remainder.

As for the future of the University and the state itself, the Knights say, "We want to see UI capitalize on its long-term reputation - that of a university with solid academic, research and outreach functions. The ‘living and learning' aspects of the University should be emphasized, along with its extensive satellite outreach activities."


Sharon L. Morgan
Senior Director

Phone: (866) 671-7041


Web: Contact Us

UI Media Contacts

A charitable bequest is one or two sentences in your will or living trust that leave to the University of Idaho 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, [name], of [city, state, ZIP], give, devise and bequeath to the University of Idaho [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 UI Foundation 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 gift 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 receive an immediate federal income tax charitable deduction. 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 UI Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 UI Foundation 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 UI Foundation where you agree to make a gift to the UI Foundation 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.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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