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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 42327
Experience:  Texas lawyer for 30 years in Estate law
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I plan to help my daughter with her 20% down on purchasing

Customer Question

I plan to help my daughter with her 20% down on purchasing a home - - probably $20,000- $25,000. How does this need to be written up so that this amount would be part of her inheritance. I have not gifted my other 2 children, so I want to keep it equal. Also, how does the yearly IRS gift deduction work.
Submitted: 2 years ago.
Category: Estate Law
Expert:  RayAnswers replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you tonight.
Here you need to amend your will here with language that this money is an advancement and her share is to reduced by this amount.
In Washington An advancement is an irrevocable gift made while living by a parent to his or her child, with the intent that the gift is to represent all or part of the parent's estate to which the child would be entitled on the death of the parent intestate.
Sample language.
The shares shall be adjusted to take into consideration the fact that I currently advanced the amount of $$$$$$ to my daughter ***** ***** and that the executor may reduce her share by this amount in order that the inheritance be equalized to all of my children.
Something like this language to reflect the advancement.Your lawyer may include this in your will or you may do so.
It is also possible to do a codicil to reflect this if you already have an existing will.
I appreciate the chance to help you tonight.Please let me know if you have more follow up.
Expert:  RayAnswers replied 2 years ago.
Washington law here permits advancement once you put it in your will.
RCW 11.04.041
If a person dies intestate as to all his or her estate, property which he or she gave in his or her lifetime as an advancement to any person who, if the intestate had died at the time of making the advancement, would be entitled to inherit a part of his or her estate, shall be counted toward the advancee's intestate share, and to the extent that it does not exceed such intestate share shall be taken into account in computing the estate to be distributed. Every gratuitous inter vivos transfer is deemed to be an absolute gift and not an advancement unless shown to be an advancement. The advancement shall be considered as of its value at the time when the advancee came into possession or enjoyment or at the time of the death of the intestate, whichever first occurs. If the advancee dies before the intestate, leaving a lineal heir who takes from the intestate, the advancement shall be taken into account in the same manner as if it had been made directly to such heir. If such heir is entitled to a lesser share in the estate than the advancee would have been entitled had he or she survived the intestate, then the heir shall only be charged with such proportion of the advancement as the amount he or she would have inherited, had there been no advancement, bears to the amount which the advancee would have inherited, had there been no advancement.
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