What are the estate tax consequences

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Pat had held all incidents of ownership on a $500,000 policy on her life payable to her daughter, Maria. On advice from her attorney, Pat, six years ago, assigned all incidents of ownership on the policy to an irrevocable trust for the benefit of Maria with her attorney serving as trustee. On Pat's death earlier this month $500,000 was paid to Maria. What are the estate tax consequences?

Reference no: EM133654839

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