Jerry is the owner, the insured and the beneficiary of a whole life insurance policy. Which of the following situations regarding this scenario is incorrect? O When Jerry dies, his federal gross estate will include the death benefit of the life insurance policy. O When Jerry dies, his probate estate will include the death benefit of the life insurance policy. O Jerry's estate will include the death benefit in its taxable income. If Jerry designates a new beneficiary before he dies and the beneficiary is alive at the time of Jerry's death, the death benefit will be excluded from his probate estate