Employer B carries a group term life insurance policy on its employees. If an employee dies, the proceeds from the policy must be included in the decedent’s gross estate.
True/False?
Jason paid $8,000 of the $18,000 purchase price when he purchased property as joint tenants with his sister Ami. The property had a FMV value of $25,000 on the date of Jason’s death and his gross estate must include $7,000 of that value.
True/False?
In March, John Doe created a trust for his son, Bill. Under the terms of the trust, Bill is to get for life the entire income from the property. The annual exclusion for gifts would apply to John’s gift in trust to his son, Bill.
True/False?