Bequest

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Related to bequests: bequeathed

Bequest

Property left to an heir under the terms of a will.

Bequest

In wills and estates, the gift of part of the estate to a beneficiary. A bequest may be real estate or personal property. For example, if a decedent wishes her son to have her house and her daughter to have the family jewels, then each of these is specified in the decedent's will. In this case, the house and the family jewels are separate bequests. See also: Codicil.

bequest

A gift of personal property made by will.

Bequest

A gift by will of personal property.
References in periodicals archive ?
'Interestingly, our analysis finds the greatest positive effects for economic output and wealth- inequality reduction if the tax proceeds are used for transfers to the young generations who invest it into better education, found a family, or start a business,' said Ottmar Edenhofer, coauthor of the study, emphasizing further that: 'Smart taxing of bequests and land can, thus, help to reduce both intra- and intergenerational wealth
The Australia Council is also delighted to once again deliver the Marten Bequest travelling scholarships, which are the legacy of the late arts philanthropist John Marten.
In 2014, estate tax returns in the United States listed almost $18.8 billion of bequests; New York residents accounted for approximately $1.5 billion of that (Estate Tax Returns Study, IRS Statistics of Income Division, October 2015).
And you can always be sure that all your other obligations are met before a dollar goes to a charity, by using a "Residuary Bequest."
Parents who have had no contact with at least one of their genetic children for more than a year are roughly 40 percent less likely to intend equal bequests than parents who have remained close to all of their genetic offspring.
Calculating the tax: The value of the covered gifts and bequests received during the year is reduced by the amount of the gift tax exclusion (i.e., $14,000 for 2015), and the property's value is determined on the date of receipt.
Kotlikoff, James Sefton, and Martin Weale, "Simulating the Transmission of Wealth Inequality via Bequests," Journal of Public Economics, January 2000, 79 (1), 93-128.
Determining the prevalence of will-making and enhancing understanding of the way in which people seek to use or not use wills to express intentions and provide for families and charitable organisations are relevant to improving advance planning and retirement planning, and in understanding intergenerational wealth transmission and the role and potential of charitable bequests. An Australian survey of not-for-profit organisations (ACOSS 2005) noted that bequests were the third most important fundraising vehicle.
Case law factors related to the tax treatment of nontaxable bequests include:
Absent any insurability risk, it would therefore appear to be optimal to purchase life insurance contracts later in life, when bequest needs are better known.
IT may be a good time during this Make A Will Fortnight to remind anyone who may be considering leaving a charitable bequest of the work of the Huddersfield Common Good Trust.