A gift by will of personal property A bequest is not includable in the income of the recipient Basis is usually the value of the property at the decedent's death If a bequest of money is to be paid at intervals, then to the extent that it is paid out of income from property, it is taxable income to the recipient
A bequest is a very simple and uncomplicated way to help provide for the future excellence of Indiana University A bequest may be of a specific sum, a percentage, or the residue of an estate, and may consist of cash, securities, life insurance proceeds, real estate, and/or personal property A bequest may be made through a will or by a living trust, and should be directed to the "Indiana University Foundation, a not-for-profit corporation with principal offices in Bloomington, Indiana, for the general benefit of Indiana University " Similar language can be used to direct a bequest to specific uses at the University
A bequest is money or property which you legally leave to someone when you die. The church here was left a bequest to hire doctors who would work amongst the poor. money or property which you arrange to give to someone after your death (bequeath)