From Fool.com….
A bequest is a wonderful thing. It means that someone is receiving or has received a gift and that someone has generously given that gift. It’s a certain kind of gift, though, and one with a bit of a dark side – because a bequest is a gift typically given via a will. It involves someone dying.
It’s good to learn about bequests, as many of us will likely consider making some, and many of us will likely receive one or more bequests in our lifetime.
Tax talk
When it comes to a bequest, a key consideration is taxation. First off, know that any property passed on to a spouse is transferred tax free. That’s true for same-sex couples, too, thanks to the U.S. Supreme Court’s 2013 decision in United States v. Windsor.
