Bequest

Bequest,

Definition of Bequest:

  1. Personal property gifted (bequeathed) through a will. See also devise and legacy.

  2. In 2020, the IRS increased the estate and gift tax exemption from $11.4 million to $11.58 million per individual, and from $22.8 million to $23.16 million for married couples. Furthermore, the annual gift exclusion amount was spiked from $14,000 in 2017, to $15,000 in 2018. This essentially means that an individual may leave $11.58 million to his or her heirs and pay no federal estate or gift tax, while a married couple can shield just under $24 million from federal estate and gift taxes, by doing the same.

  3. A legacy.

  4. A bequest is a financial term describing the act of giving assets such as stocks, bonds, jewelry, and cash, to individuals or organizations, through the provisions of a will or an estate plan. Bequests can be made to family members, friends, institutions, or charities. When real estate is left through a will, it is called a devise.

Synonyms of Bequest

Attested copy, Bequeathal, Birthright, Borough-English, Codicil, Coheirship, Coparcenary, Devise, Entail, Gavelkind, Heirloom, Heirship, Hereditament, Heritable, Heritage, Heritance, Incorporeal hereditament, Inheritance, Law of succession, Legacy, Line of succession, Mode of succession, Patrimony, Postremogeniture, Primogeniture, Probate, Reversion, Succession, Testament, Ultimogeniture, Will, Legacy, Inheritance, Endowment, Estate, Heritage, Bestowal, Bequeathal, Settlement, Provision, Benefaction, Gift, Present, Contribution, Donation

How to use Bequest in a sentence?

  1. .
  2. .
  3. .
  4. .
  5. Her $135,000 was the largest bequest the library ever has received.

Meaning of Bequest & Bequest Definition