Life insurance proceeds

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Reference no: EM133295996

Questions

1. Life insurance proceeds received by someone other than the decedent or the decedent's estate will never be included in the decedent's gross estate.

True or False

2. Proceeds of life insurance paid to the decedent's estate when the decedent was the insured on the policy is included in the decedent's gross estate if the decedent had the right to designate the beneficiary of the policy.

True or False

3. The gross estate includes the value of half of real property owned by a decedent and spouse as tenants by the entirety.

True or False

4. A difference between IRC §2036(a)(2) and IRC §2038 is that IRC §2036(a)(2) includes an interest in property whereby the transferor retained a power over the transferred property subject to a contingency regardless of whether the contingency ever occurred, while IRC §2038 does not.

True or False

Reference no: EM133295996

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