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Maxwell died August 8, 2021. Of the following transfers made during his life, which is included in his gross estate? The transfer of a whole
Maxwell died August 8, 2021. Of the following transfers made during his life, which is included in his gross estate?
- The transfer of a whole life insurance policy on Maxwell's life to an ILIT on September 16, 2017.
- The sale of his term insurance policy to his brother, Donald, for fair market value on July 12, 2019.
- The transfer of a whole life insurance policy on Maxwell's life (face value $150,000) valued at $20,000 to his son on September 16, 2019.
- A gift of $15,000 to Maxwell's sister on August 7, 2021. No gift tax was due on the gift.
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