Supporting scholarship and community
A Stanford family makes a gift of rental property to build income and a legacy
Stanford has been a constant in the lives of Jimmy, MS ’66, MS ’67, PhD ’72, and Jean Kan. They fell in love while Jimmy was a graduate student at Stanford. Shortly after, Jean began a job at Stanford Libraries, where she worked for more than 30 years. That deep affiliation was top of mind as the Kans began to explore how they could support Stanford by donating rental property they no longer wished to manage.
“Since immigrating to the United States from Hong Kong, I have received many gifts,” says Jean. “I was able to become a permanent resident and citizen and earn an education from top-rated colleges. The support and encouragement from my colleagues and mentors at the Stanford Libraries enabled me to enrich my skills and confidence. Now it is time to give back to the community and to Stanford.”
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Jimmy and Jean Kan
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Jimmy and Jean Kan on campus, spring 1968.
As newlyweds, the couple lived in graduate student housing while Jean settled into her new job, where she helped introduce geographic information systems to graduate students; decades later, her contributions would be recognized by the conferral of librarian emeritus. After earning graduate degrees in physics and mathematics at Stanford, Jimmy served as a professor at the City College of San Francisco for nearly 40 years.
Jean’s long association with Stanford Libraries made it a natural choice as the primary beneficiary of their gift of rental property, which will support the processing, cataloging, preservation, and digitization of materials at several libraries.
Savvy real estate investments pay off—and pay forward
The Kans made shrewd real estate investments in the Bay Area as home prices began to accelerate in the 1970s and ’80s. Rather than flip the homes, they decided to rent them out over the long term. These investments provided a steady stream of rental income for many years, but they also came with the headaches of managing several properties.
Transferring one of our properties to Stanford through a charitable remainder unitrust has enabled us to continue generating income without managing the property, while also giving back to Stanford.” —Jimmy and Jean Kan
“After we retired, we reached the stage where we wanted to simplify our lives and consider how best to dispose of a few of our single-family rental properties,” says Jimmy. “Transferring one of our properties to Stanford through a charitable remainder unitrust has enabled us to continue generating income without managing the property, while also giving back to Stanford.”
With Stanford serving as trustee and managing the investment of the proceeds from the sale of the property, the Kans receive annual payments that they expect to match or exceed their lost rental income, without all the hassle. And they know that, ultimately, the assets in their trust will be put to good use supporting the university that has played such an important role in their family over the decades.
“It was a pleasure to work with Stanford’s Office of Planned Giving and Gift Real Estate team,” says Jimmy. “Everything went smoothly, including setting up the charitable remainder unitrust and taking care of the final paperwork and tax reporting. A gift of real property through a unitrust is an excellent way to donate to Stanford.”
Making use of more free time
With one less property to manage, the Kans can devote more time to their passions. They regularly travel abroad with family and friends, and they are both patrons and performers of the arts. They sing together in a local chorus, and Jean plays piano. Jimmy is also a poet and is currently working on publishing a collection of Chinese and English poems.
They still live near the campus that brought them together all those years ago and they make the occasional visit to see the new buildings and enjoy the rare sight of a water-filled Lake Lagunita.
“We are inspired by all of the interdisciplinary work happening at Stanford, the focus on artificial intelligence and sustainability,” says Jimmy.
“It makes us hopeful for the future,” adds Jean.