New York Laws
Part 1 - Substantive Rules Governing Dispositions
2-1.5 - Advancements and Their Adjustment

(a) An advancement is an irrevocable gift intended by the donor as an
anticipatory distribution in complete or partial satisfaction of the
interest of the donee in the donor's estate, either as distributee in
intestacy or as beneficiary under an existing will of the donor.
(b) No advancement shall affect the distribution of the estate of the
donor unless proved by a writing contemporaneous therewith signed by the
donor evidencing his intention that the gift be treated as an
advancement, or by the donee acknowledging that such was the intention.
(c) When so proved, the advancement is part of the estate of the donor
for the purpose of distribution. If such advancement is equal to or
greater than the interest of the donee, whether in intestacy or under
the will, such donee or his successor in interest may not share in the
distribution of the estate; but if less than such intestate share or
testamentary interest, the donee or his successor in interest may take
his intestate share or testamentary interest reduced by the amount of
the advancement.
(d) Unless otherwise provided in a writing contemporaneous with the
advancement and signed by the donor:
(1) An advancement, made as provided in this section, may be adjusted
out of the property of the donor in such manner as may be equitable.
(2) The advancement shall have the value at which it is appraised for
estate tax purposes, or, if not included in the gross taxable estate of
the donor, the value at which it would have been appraised if included
therein.
(e) Nothing in this section shall increase or decrease the elective
share of a surviving spouse under either 5-1.1 or 5-1.1-A except to the
extent authorized by paragraph (b) of those sections.