Georgia owns an insurance policy on the life of Jake with Scarlet as the designated beneficiary. Upon Scarlet's death, no Federal transfer tax consequences result.

Name: Georgia owns an insurance policy on the life of Jake with Scarlet as the designated beneficiary. Upon Scarlet's death, no Federal transfer tax consequences result.
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Upon Scarlet's death, the life insurance proceeds will pass to her estate, and no federal transfer tax consequences will result.

Georgia Owns an Insurance Policy on the Life of Jake