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Five years ago, Mary assigned ownership of an insurance policy on the life of her husband, Bud, to the trustee of Buds living trust. The

Five years ago, Mary assigned ownership of an insurance policy on the life of her husband, Bud, to the trustee of Buds living trust. The trustee is beneficiary, and terms of the trust provide that at Buds death Mary is entitled to a life estate in the trust income. If Mary survives Bud, could there be an estate tax problem?

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