Question - At her death Tricia owned a life insurance policy on her life that paid her daughter $500,000 upon her death. The policy was only valued at $25,000 prior to Tricia's death. What amount, if any, is included in Tricia's gross estate?
$500,000
$25,000
$25,000 if Tricia transferred ownership of the policy within three years of her date of death.
zero - life insurance proceeds due to the death of the decedent are not included in the decedent's gross estate.
zero if Tricia's daughter refused to accept the proceeds.