Which expense is not a final expense that can be deducted from the decedent's gross estate on IRS Form 706? Unpaid medical expenses from a rehabilitative facility Casualty losses resulting from a flood to the decedent's home that occurred during the probate process that was not fully reimbursed by the homeowner's insurance policy Transition expenses for family members to pay for living expenses during the probate process A jeweler's appraisal fees to determine the value of the decedent's jewelry Which gift must be recorded on IRS Form 709 as a split gift? Dawn and her husband Bruce paid $30,000 to a private high school for their nephew Ron's tuition. Bill transferred a $300,000 life insurance policy to his wife Carolyn, who is the insured. Roy and his wife Naomi transferred $250,000 to a revocable trust for Roy's mother, the beneficiary of the trust. Cindy gave her father $25,000 in May but her husband Jules did not consent to split this gift with her. However in March, the couple jointly gave their son $40,000 for his birthday. Which statement regarding an ILIT used for estate liquidity planning purposes is not correct? At the grantor's death, policy proceeds can be used to purchase estate assets, which provide the decedent's estate with liquidity. The proceeds of the policy will be included in the grantor's estate if the trustee is obligated to provide the estate with money for estate settlement purposes. The trust can allow the trustee to make loans to the grantor's estate for adequate interest and security. A new life insurance policy purchased by the trustee on the grantor's life is included in the grantor's estate if he or she dies within three years of establishing the ILIT