2 Basic Idea Prepayment of inheritance Thus must account for it when intestate dies But transfer from intestate to heir is presumed to be a nonadvancement gift 3 How prove gift is advancement ID: 776107
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Advancements
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Slide2Advancement in Popular Press
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Slide3Basic Idea
Prepayment of inheritance.Thus, must account for it when intestate dies.But, transfer from intestate to heir is presumed to be a non-advancement gift.
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Slide4How prove gift is advancement?EC § 201.151
1. Contemporaneous writing of advancer (intestate decedent)
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Slide5How prove gift is advancement?EC § 201.151
1. Contemporaneous writing of advancer (intestate decedent), or2. Written acknowledgment by advancee (heir) at any time.
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Slide6Problem 4, Page 49
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Slide7Problem 4, Page 52
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Slide8Value of Advanced Property
Date of advancement valueNot date of death value.
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Slide9Problem 6, Page 49
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Slide10No debt created
If heir’s advancement is greater than hotchpot share, heir keeps entire advancement but get nothing from estate.
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Slide11Extra Problem
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Slide12Extra Problem
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