Winston and Ginger are husband and wife and have always lived in Texas.At the time of Winston's prior death in 2009,he was insured in the amount of $1,000,000.The policy was taken out after their marriage,and premiums were paid 50% from community funds and 50% from Winston's separate property.The designated beneficiary of the policy is Harry,Ginger's son by a prior marriage.As to the policy proceeds:
A) $500,000 is included in Winston's gross estate,and Ginger has made a gift to Harry of $500,000.
B) $750,000 is included in Winston's gross estate,and Ginger has made a gift to Harry of $250,000.
C) $1,000,000 is included in Winston's gross estate.
D) $750,000 is included in Winston's gross estate.
E) None of the above.
Correct Answer:
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