B.J. owns a single-premium life insurance policy on his wife Cora's life. His will provides that all of his estate will pass to Cora or, if she predeceases him, to their son, Hoss. Assume that B.J. predeceased Cora. Which statement is incorrect?

The replacement cost value of the policy is included inBJ'sprobate estate..

A marital deduction is available toBJ'sestate equal to the replacement cost of the policy.

Hossis the new owner of the policy.

If BJ had gifted the policy to Cora six months before he died, the policy would not be included inBJ'sestate.