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 ?
But the greatest benefit of a bequest may be that it gives you the immediate personal satisfaction of knowing you will influence the lives of others.
Internal Revenue Code (IRC) section 2055 states that the "value of the taxable estate shall be determined by deducting from the value of the gross estate the amount of all bequests, legacies, devises or transfers" to qualifying charitable institutions, including organizations which conduct religious, charitable, scientific, literary, and educational activities, among others.
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.
It uses the experiences from the restricted bequest made by the Othmers to LICH as an example of what can happen to restricted bequests without strong protections.
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.
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.
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:
Moreover, because of the wealth transfer and since bequests are normal goods, bequests are now larger in the high-bequest state and smaller in the low-bequest state, that is, [w.
The funding successful scholarship or grant applicants get comes from the interest earned on the bequests and donations NERF receives.
You need to advertise you're open for business and ready to accept bequests," he said.