Five years ago, Don bought a $600,000 life insurance policy on his own life and named his estate as the beneficiary. Four years ago, Don irrevocably assigned all incidents of ownership in the policy to his wife Betty. Don died this year after a brief illness. The insurance company placed a value on the policy of $400,000. Which of the following statements is/are correct?

A. When Don dies the death benefit amount of $600,000 is included in his gross estate.

B. Betty is the new owner of the policy; therefore, a marital deduction of $600,000 is available to Dons estate.

C. The life insurance policy is not included in Dons estate at death because he transferred the policy to Betty more than three years ago.

D. The $400,000 value of the policy will be included in Dons estate at his death.