Before her death in early 2016, Katie made the following transfers:
In 2008, purchased stock in Green Corporation for $200,000 listing title as follows: "Katie, payable on proof of death to my son Travis." Travis survives Katie, and the stock is worth $300,000 when Katie dies.
In 2014, purchased an insurance policy on her life for $200,000 listing Paul, another of Katie's sons, as the designated beneficiary. The policy has a maturity value of $1,000,000 and was immediately transferred to Paul as a gift.
In 2014, made a gift of land (basis of $300,000; fair market value of $1,300,000) to Adriana, Katie's only daughter. As a result of the transfer, Katie paid a gift tax of $150,000. The value of the land is still $1,300,000 at Katie's death.
In 2014, established a savings account with Noah, her grandfather. Title to the account was listed as "Katie and Noah, joint tenants with right of survivorship." Of the $200,000 deposited in the account, Katie furnished $20,000 and Noah contributed the balance. At Katie's death, the balance was $206,000.