Larry and Kaye Knight
Like 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."
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 hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your 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.