a gift made by a person to one of his or her children or heirs (a presumptive heir
since an heir is only determined on the date of death) in anticipation of a gift
from the still-living parent's potential estate as an advance on one's inheritance.
Example John Richguy is going to leave his son $100,000 under his will or a percentage
of the estate on John's death. John gives the son $50,000 with the intention that
it would be deducted from the inheritance. The main problem is one of proof that
the advanced sum was against the projected inheritance. A person making an advancement
should leave a written statement about the advancement or get a signed receipt.
Such gifts made shortly before death are more readily treated as an advancement
than one made several years earlier.
See also beneficiary estate gift in contemplation of death
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