LO.7 Steve and Pam are husband and wife. Steve predeceases Pam. Under Steve’s will, all of his uncommitted estate passes to the children of his first marriage. Comment on any marital deduction allowed to Steve’s estate in each of the following situations.

a. Steve and Pam own real estate as tenants by the entirety.

b. Steve and Pam own real estate as tenants in common.

c. Steve owns an insurance policy on his life with Pam as the designated beneficiary.

d. Pam owns an insurance policy on Steve’s life with herself as the designated beneficiary.

e. Steve owns an annuity on his life. Upon Steve’s prior death, the annuity pays Pam a reduced amount for her life.

f. Pam is the designated beneficiary of Steve’s IRA.