Pecuniary Bequest

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Pecuniary Bequest

A gift of money in a will, as opposed to some other asset. For example, if a man's will gives his son $100,000 cash, rather than ownership of his home, the man has made a pecuniary bequest.
References in periodicals archive ?
645 election for living trusts if distributions of appreciated assets will be made in satisfaction of pecuniary bequests.
Caution: If a will contains pecuniary bequests to charity and the estate uses IRD items to fulfill them, the IRD will be triggered and taxed to the estate on the date of distribution of the IRD items to the charity.
663(c)-4(b) provides a special exception to the separate-share rules generally applicable to pecuniary bequests.
Specific bequests of property do not carry out income and, thus, do not carry out IRD unless the will or other governing instrument directs that specific or pecuniary bequests be funded with IRD items.
The use of appreciated property to satisfy a pecuniary bequest results in the recognition of income (the difference between the FMV of the item and its basis in the hands of the decedent) by the estate.
In the authors' view, if the marital bequest is a pecuniary bequest, funding it with IRD will accelerate the IRD recognition, as previously noted.
On distributions to fund certain types of pecuniary bequests (e.
As discussed previously (in Part 13 of this article in February), distributions by an executor to fund a pecuniary bequest and distributions to fund a residuary or fractional bequest when a Sec.
D to partially fund a "true worth" formula pecuniary bequest rather than a residuary bequest would produce essentially the same results as under the Sec.
691 income in respect of a decedent (IRD) in satisfaction of a pecuniary bequest will trigger a capital gain or ordinary income to the estate, depending on the type of IRD.
If, however, the will provided that the simple pecuniary bequest was to be satisfied in four or more installments, the surviving spouse would be taxed on $80,000 of estate income for 19XX, the estate's distributions deduction (and the surviving spouse's reportable income) would be limited to the estate's $80,000 of DNI.
48) Unless specifically noted, the discussion in this article, and the examples used, presume that the pecuniary bequest is funded with property valued at the date of transfer - the true worth pecuniary gift or bequest.