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" ... After all, suppose a loyal long-time employee gets a 'gift' on retirement from a grateful employer. The IRS says that isn't a gift so always taxes the worker. It simply isn't a gift according to the IRS. Even so, most bequests like a $100,000 tip do not get taxed as income. The answer is mostly about matching and tax deductions. ... "
" ... First and foremost, a charity that is recognized by the IRS as being tax-exempt does not care in what form they receive an inheritance. They never have to pay taxes on the money they receive. To them, a dollar is a dollar. So, a charity will look at bequests of Traditional IRAs, Roth IRAs, after-tax dollars, or life insurance in the same light. In sharp contrast, your heirs will face substantially different tax implications depending on the type of asset they receive after your death. Please note in this post we are only addressing income taxes, not estate or transfer taxes. ... "
" ... Headlines have since touted the bequests as the ultimate "tips" for the pair. I'm sure that Donohue-Peters and Barrie would rather not characterize their windfalls as such. A tip would be considered taxable income to the recipient for a job well done while a cash bequest would pass to the recipient without any federal income tax consequences. ... "
" ... Pour over provisions: After all your specific bequests you can direct the balance of your estate to a trust that will provide for your family for several generations while minimizing any potential estate tax implications. ... "
" ... Unlike bequests in a will, the goal is to provide each child with a college education, not necessarily the same amount of money. ... "