Five years before his death,Troy purchased a $5 million whole life insurance policy on his life and
Question:
Five years before his death,Troy purchased a $5 million whole life insurance policy on his life and named his son, Don, the beneficiary. Shortly after purchase,
Troy transferred the policy to an irrevocable trust, naming his son as trustee.Troy retained no incidents of ownership.
a. Has Troy made a gift?
b. Is the $5 million in proceeds included in Troy’s gross estate?AppendixLO1
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Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
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