Assertion: bequest | /r/HasProperty | paid
Facets:
value: from assets
type: OTHER
value: from an estate
type: LOCATION
Source sentences:
text: A gift or bequest of a specific sum of money or of specific property, which is required by the specific terms of the will or trust instrument and is properly paid or credited to a beneficiary, is not allowed as a deduction to an estate or trust under section 661 and is not included in the gross income of a beneficiary under section 662, unless under the terms of the will or trust instrument the gift or bequest is to be paid or credited to the recipient in more than three installments.
text: In determining whether a gift or bequest of a specific sum of money or of specific property, as defined in paragraph (b) of this section, is required to be paid or credited to a particular beneficiary in more than three installments:
text: All gifts and bequests under a decedent's will (which are not disregarded pursuant to subdivisions (i) and (ii) of this subparagraph) for which no time of payment or crediting is specified, and which are to be paid or credited in the ordinary course of administration of the decedent's estate, are considered as required to be paid or credited in a single installment.
text: The furniture, watch, automobile, and the farm are excluded in determining whether any gift or bequest is required to be paid or credited to A in more than three installments.
text: "I bequeath Ten Percent [10%] of the residue of my estate") if you want the Law School Foundation to receive an amount that will be determined only after all other bequests and expenses have been paid and the estate assets have been valued.
text: A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid.
text: A residual bequest distributes all or a portion of the remaining balance of your estate after all other bequests are paid.
text: A bequest might be a specific amount of money or assets, a percentage of those assets, or the residual (what is left over after heirs and other obligations are paid) from an estate.
text: Since the bequest is paid from assets owned at death, the charitable deduction for $100,000 is taken on Form 706, which is the estate tax return.
text: A residuary bequest is used to give a charitable organization all of an estate owner’s property after all debts, taxes, expenses, and other bequests have been paid.