[WSBAPT] Advancements

[Heather deVrieze]

I think every case is of course a bit different.  It depends whether
everyone, kid included, agree that this should be treated as an
advancement.  Is mom filing a gift tax return?  Is it a gift or more like
a loan?  My general preference is to make reference to the advancement in
the Will and provide for specific gifts to other children to equalize,
prior to equal division of the residuary.  It also helps to put receiving
child on notice that the distribution is being treated as an advancement.

 

The law provides “Every gratuitous inter vivos transfer is deemed to be an
absolute gift and not an advancement unless shown to be an advancement.”
So the burden is on the testatrix, or other children after mom dies, to
prove advancement and not gift.  Sometimes a notarized statement, kept
with the Will might be enough, but where mom is competent and has the
evidence of the advancement available, why not get it in the Will?

 

Heather

 

 

Heather S. de Vrieze
Attorney-at-Law

 

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Lisa Schuchman
Sent: Monday, February 03, 2014 4:27 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Advancements

 

I am working on a will with a client who has given one of her (adult)
children money that she’d like credited to his share of her estate.    Has
anyone dealt with how to make a statement of an advancement as part of
estate planning?  Should she note that in her will and keep a tally
separately?  What do you do?

 

Lisa E. Schuchman
206-325-2801
www.lisaschuchman.com <http://www.lisaschuchman.com/> 

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what you get when you don’t. -Pete Seeger

 

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