Tag: advancements

What is an Advancement and How Does it Work?

An advancement is a gift given during life to a future heir with the intent that the gift be treated as part of the heir’s inheritance.  For example, a Mother has a Last Will and Testament stating that $50,000 will go to her daughter and $50,000 will go to her son.  While living, Mother gives a $20,000 advancement to her son.  Upon Mother’s death, the son will receive $30,000 and the daughter will receive $50,000.  As the son received $20,000 of his inheritance during life, he will receive $20,000 less upon his Mother’s death.

An advancement is only effective if it is declared in a contemporaneous… Read the rest