A pecuniary bequest is a gift of a specific dollar amount (rather than a share, fraction or percentage of assets). Examples of pecuniary bequests are “I hereby devise the sum of $10,000 to my spouse” or “I hereby devise to the trustee of the marital deduction trust, the smallest amount necessary to avoid or minimize the payment of federal estate taxes, considering all relevant factors pertinent to this estate planning objective, including, without limitation, the use of the applicable exclusion amount available at the time of my death”. Another common marital deduction approach is the “reverse pecuniary” approach in which the dollar amount to be distributed to the credit shelter trust is determined first with the marital deduction trust receiving the residue of the grantor’s estate.
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Thomas J. Murphy is the founder of Murphy Law Firm, Inc. His practice emphasizes estate planning, elder law (including nursing home issues), all probate matters (including contested matters and guardianships) and tax controversies. Mr. Murphy is one of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in more than 100 jury trials.
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