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 ?
The trust provided for the distribution of the decedent's estate, including the payment of pecuniary bequests to two charities.
The IRS ruled that satisfying the charities' pecuniary bequests with IRA assets caused the assets to be included in the trust's income in the year in which the assets were distributed to it.
645 election for living trusts if distributions of appreciated assets will be made in satisfaction of pecuniary bequests.
fixed-dollar) bequests and for residuary generation-skipping bequests payable after other pecuniary bequests are satisfied.
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.
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.
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.