Karen died on May 5 of the current year. Her executor elects date- of- death valuation. Karen's gross estate possib includes the following items:
• Joint checking account (with her husband), which has a balance of $10,000. Her husband did not contribute t account.
• Joint savings account (with her daughter), which has a balance of $50,000. Her daughter did not contribute t account.
• Life insurance policy on the life of Karen, having a face value of $400,000. The cost of a comparable policy immediately before Karen's death is $150,000. Karen's estate is the beneficiary.
• Life insurance policy on the life of Karen's daughter, having a face value of $100,000 with an interpolated ter reserve immediately before Karen's death of $30,000.
Unexpired premiums are $5,000. Karen is the beneficiary. How much, if any, of these items are included in Kare estate?

Question

Quizplus · Accepted Answer

The Answer of Karen died on May 5 of the current year. Her executor elects date- of- death valuation. Karen's gross estate possib includes the following items:
• Joint checking account (with her husband), which has a balance of $10,000. Her husband did not contribute t account.
• Joint savings account (with her daughter), which has a balance of $50,000. Her daughter did not contribute t account.
• Life insurance policy on the life of Karen, having a face value of $400,000. The cost of a comparable policy immediately before Karen's death is $150,000. Karen's estate is the beneficiary.
• Life insurance policy on the life of Karen's daughter, having a face value of $100,000 with an interpolated ter reserve immediately before Karen's death of $30,000.
Unexpired premiums are $5,000. Karen is the beneficiary. How much, if any, of these items are included in Kare estate?

Karen Died on May 5 of the Current Year