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In 2014, Lena assigned a paid-up whole life insurance policy to an Irrevocable Trust for the benefit of her three children. Lena died in 2018, and the face value of the whole life insurance policy of $2,000,000 was paid to the Irrevocable Trust. Regarding this transfer, how much is included in Lena’s gross estate at her death? A. $0 B. $45,000 C. $2,000,000 D. $1, 955,000

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Answer: A. $0

Explanation:

By current tax rules, any transfers of life insurance policies within three years of the death of the owner of the policy should be included in their gross estates.

As Lena's policy was transferred in 2014 which was 4 years before he death in 2018, it does not qualify to be included in the gross estate so the answer is $0.

Answer:

A. $0

Explanation:

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