specific bequest

n. the gift in a will of a certain article to a certain person or persons. Example: "I give my diamond engagement ring to my niece, Sophie." (See: will, bequest)

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Careful consideration is required when designating specific beneficiaries to receive specific assets--any tax is paid from the remainder of the Estate, not the recipient of the specific bequest.

Death and Taxes--When the Certainties Collide

Preparation pointer: A specific bequest of a partnership interest to a particular heir does not cause a termination of the partnership because the transfer from the estate to the beneficiary is not treated as a distribution of the interest for estate tax purposes (Sec.

Accounting for the death of a partner: a partner's death raises several tax issues that practitioners should be aware of when doing pre- and postmortem planning for partners and partnerships

to pay for the back surgery of the decedent's nurse; the decedent's funeral and estate administration expenses, debts, nursing services before the decedent died, a specific bequest under the decedent's will; and estate taxes of approximately $3 million).

FLP litigation: have Strangi and Bongard provided clarification, guidance on FLPs?

Buchelt engaged Attorney James Pouros to modify the trust to make a specific bequest, and eliminate existing bequests to her sisters.

Hospitals battle over which is beneficiary of a trust

The first question is important in the sense that it may tell us to exercise cautions on drawing hard conclusions from any specific bequest motive.

BEQUEST MOTIVES, SOCIAL SECURITY, AND ECONOMIC GROWTH

Wills that were written by the testators themselves or spoken in the presence of other persons, show specific bequest patterns compared to wills written by other persons (Tables 2 and 3).

DEATH AND THE TRANSFER OF WEALTH: BEQUEST PATTERNS AND CULTURAL CHANGE IN THE EIGHTEENTH CENTURY

Her fellow neighbour David Smith, 81, will miss out on a specific bequest because he retired to the village less than 20 years ago - but was delighted by other donations to village life.

Margaret was a kindly, wonderful and charming lady who always thought of other people. This generosity is totally in character; Widow leaves more than pounds 400,000 to villagers who took her to their hearts

You may provide for the Foundation by a specific bequest or by a percentage of the property remaining after all other bequests have been made.

Year-end giving: your best "tax-wise" moves for 1988

In her last will and testament she provided for a specific bequest of $150,000 for her son, a U.

REPORTING FOREIGN TRANSFERS: RECENT DEVELOPMENTS AFFECT U.S. DONEES

The daughter received a specific bequest of a fee simple interest in her mother's property under the mother's will;

Be careful making disclaimers where trusts are involved

In order to qualify as a specific bequest the amount of money or the identity of the property must be ascertainable under the terms of a testator's will at the date of death.

Income tax consequences of an inheritance

Scenario 1: Gross estate value $5,000,000 Marital deduction, specific bequest 2,500,000) Taxable estate 2,500,000 Federal estate tax 1,025,860 Available unified credit (192,800) Net Federal estate tax $ 833,000

Remarried with children: estate tax considerations of a significantly younger spouse