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When a trust or estate uses those amounts to satisfy a pecuniary bequest, the distribution of IRD items is considered a sale or exchange requiring the trust or estate to recognize income.
A bypass trust, grandchild trust, or other trust may be structured as a pecuniary bequest. This is a bequest of a specific dollar amount rather than a share of the estate.
The second district has ruled analogously and declared that "any person who voluntarily accepts a beneficial interest under a will is held thereby to ratify and confirm the entirety of the will which conferred the benefit." (7) In Kyker v Kyker, the plaintiff accepted a pecuniary bequest while pursuing a claim alleging lack of testamentary capacity and undue influence.
The chapter presents such new terminology as class gift, exercisable power, sprinkle, spray, testamentary power, and pecuniary bequest. The figures well illustrate the parties to a trust and the parties to a power of appointment.
This would typically apply after the grantor's death when property is distributed from a revocable trust to a beneficiary to fund a pecuniary bequest. Estates are not subject to this provision.
Under trust and estate tax law, the transfer of property to satisfy a pecuniary bequest (i.e., one in which a specific monetary amount rather than specific property is left to a particular heir) is treated as a distribution of the property from the estate to the heir.
Funding a pecuniary bequest with appreciated or IRD assets will cause capital gain or ordinary income to be recognized by the family trust at the date of funding.
The Act provides that gain must be recognized when property is distributed to satisfy a pecuniary bequest from estates of individuals dying after 2009.
A disposition of an LLC interest by gift, bequest, or inheritance (although the distribution of property from an estate to satisfy a pecuniary bequest is considered an exchange);
In addition, there are situations in which an estate or trust will recognize gain as a result of the distribution of appreciated property, which will require an adjustment to the property's basis: (1) the property is distributed in satisfaction of a specific pecuniary bequest; (2) the property is subject to liabilities in excess of basis; or (3) the fiduciary elects (under Sec.
The will included a $10 million pecuniary bequest to H, Inc., dependent on H's status as a charitable organization at A's death.
1.663(c)-4(b) provides a special exception to the separate-share rules generally applicable to pecuniary bequests. If a pecuniary bequest is not entitled to income or to share in appreciation or depreciation and the governing instrument does not provide that it is to be paid or credited in more than three installments, the pecuniary bequest is to be treated as a separate share.
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