Edie died last month owning a whole life insurance policy on her husband Robs life. The death benefit amount was $500,000 and the insurance company valued the policy at $80,000. Edie was the beneficiary of the policy and her son Manny was the contingent owner. Which of the following statements is correct?

The amount included in Edie's gross estate and probate estate is$80,000.

The death benefit is included in Edie's gross estate but not in her probate estate.

Edie's estate will include$80,000for the value of the policy but a marital deduction is available to herestate to offset this tax.

The policy will go through intestacy and probate at Edie's death.