advancement


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Advancement

A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death.

An advancement is not the same as a gift or a loan because the person intends that the "advance" of the heir's share of the estate be applied against what the heir would normally inherit. Although sometimes used to describe situations involving both people who have died intestate (without leaving a valid will) and people who have left a will, the term advancement should be used only when there is no valid will. The laws of Descent and Distribution regulate the distribution of an intestate's property. The term Ademption applies to lifetime gifts that reduce a beneficiary's share under a will.

advancement

n. a gift made by a person to one of his or her children or heir (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: estate, beneficiary)

advancement

(Improvement), noun amplification, betterment, development, elaboration, elevation, emendation, enlargement, expansion, gain, gradus amplior, growth, increase, progress, progression, promotion, rise

advancement

(Loan), noun accommodation, allowance, anticipation, concession, consideration, investment, realization in advance
Associated concepts: intestate succession, statute of distribution
See also: advocacy, application, augmentation, boom, civilization, development, edification, elevation, favor, growth, increase, incursion, loan, longevity, preference, priority, profit, progress, prosperity, reform, sanction, step, suggestion

advancement

see ADVANCE.

ADVANCEMENT. That which is given by a father to his child or presumptive heir, by anticipation of what he might inherit. 6 Watts, R. 87; 17 Mass. R. 358; 16 Mass. R. 200; 4 S. & R. 333; 11 John. R. 91; Wright, R. 339. See also Coop Just. 515, 575; 1 Tho. Co. Lit. 835, 6; 3 Do. 345, 348; Toll. 301; 5 Vez. 721; 2 Rob. on Wills, 128; Wash. C. C. Rep. 225; 4 S. & R. 333; 1 S. & R. 312; 3 Conn. Rep. 31; and post Collatio bonorum.
     2. To constitute an advancement by the law of England, the gift must be made by the father and not by another, not even by the mother. 2 P. Wms. 856. In Pennsylvania a gift of real or personal estate by the father or mother may be an advancement. 1 S. & R. 427; Act 19 April 1794, Sec. 9; Act 8 April, 1833, Sec. 16. There are in the statute laws of the several states provisions relative to real and personal estates, similar in most respects to those which exist in the English statute of distribution, concerning an advancement to a child. If any child of the intestate has been advanced by him by settlement, either out of the real or personal estate, or both, equal or superior to the amount in value of the share of such child which would be due from the real and personal estate, if no such advancement had been made, then such child and his descendants, are excluded from any share in the real or personal estate of the intestate.
     3. But if the advancement be not equal, then such child, and in case of his death, his descendants, are entitled to receive, from the real and personal estate, sufficient to make up the deficiency, and no more.
     4. The advancement, is either express or implied. As to what is an implied advancement, see 2 Fonb. Eq. 121; 1 Supp. to Ves. Jr. 84; 2 lb. 57; 1 Vern. by Raithby, 88, 108, 216; 5 Ves. 421; Bac. Ab. h.t.; 4 Kent, Com. 173.
     5. A debt due by a child to his father differs from an advancement. In case of a debt, the money due may be recovered by action for the use of the estate, whether any other property be left by the deceased or not; whereas, an advancement merely bars the child's right to receive any part of his father's estate, unless he brings into hotch pot[?] the property advanced. 17 Mass. R. 93, 359. See, generally, 17 Mass. R. 81, 356; 4 Pick. R. 21; 4 Mass. R. 680; 8 Mass. R. 143; 10. Mass. R. 437; 5 Pick. R. 527; 7 Conn. R. 1; 6 Conn. R. 355; 5 Paige's R. 318; 6 Watts' R. 86, 254, 309; 2 Yerg. R. 135; 3 Yerg. R. 95; Bac. Ab. Trusts, D; Math. on Pres. 59; 5 Hayw. 137; 11 John. 91; l Swanst. 13; 1 Ch. Cas. 58; 3 Conn. 31; 15 Ves. 43, 50; U. S. Dig. h.t.; 6 Whart. 370; 4 S. & R. 333; 4 Whart. 130, 540; 5 Watts, 9; 1 Watts & Serg. 390; 10 Watts, R. 158; 5 Rawle, 213; 5 Watts, 9, 80; 6 Watts & Serg. 203. The law of France in respect to advancements is stated at length in Morl. Rep. de Jurisp. Rapport a succession.

References in periodicals archive ?
Indemnification agreements can include detailed provisions defining the types of conduct for which advancement and indemnification are available, the method for determining whether a director is eligible for advancement and indemnification, the priority of payments, and the remedies available to directors for non-payment.
This section of the Web site also includes information on "how to prepare for and take an advancement exam.
The current study was conducted as a re-evaluation of the substantial changes made to the structure of this hospital's clinical advancement process after the initial review 2 years earlier.
As any advancement officer can tell you, the key to fundraising is linking the institution's needs and the donor's desire to make a difference.
Super DLTtape Technology offers the next substantial advancement in three critical attributes of magnetic recording.
To ensure opportunities for advancement, Corning uses employee "coaches" to help minority and female workers develop their potential.
This new institutional advancement solution will greatly enhance the work of the Office of Advancement at Spring Arbor University," said Rhonda Saurbek, Assistant Vice President for Advancement Operations.
The Chief of Naval Personnel recently announced the Combat Meritorious Advancement Program (CMAP), which is specifically targeted at Sailors who serve in deployed combat units and are involved with combat operations.
Developed by Jobs for the Future (JFF), "Pathways to Advancement" exemplifies a growing field of practice in career ladders and low-skilled worker advancement models.
While this heat can be directly attributed to an economy that is starting to shake off the dust, it also is due to the passion for industry-wide advancement and success that motivates many metalcasters.
The announcement was made this morning at the Council for Advancement Support of Education (CASE) 2007 Summit for Advancement Leaders, an annual conference taking place in Chicago, Illinois, July 8-10.

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