Advancement

Business, Legal & Accounting Glossary

Definition: Advancement



What is the dictionary definition of Advancement?

Dictionary Definition


n. 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.


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Advancement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. December 04, 2020 https://payrollheaven.com/define/advancement/.
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Advancement. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/advancement/ (accessed: December 04, 2020).
American Psychological Association (APA):
Advancement. PayrollHeaven.com. Retrieved December 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/advancement/

Definition Sources


Definitions for Advancement are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 3 Views.