Four years ago, Roper transferred to his son ownership of a $100,000 life insurance policy that Roper purchased on his own life in 2000. The cash value of the policy on the transfer date was $25,000. Roper died on March 1st of this year. The amount included in Roper's gross estate due to the life insurance policy is

Question

Quizplus · Accepted Answer

Since Roper transferred ownership of the life insurance policy more than three years before his death, the proceeds of the policy are not included in his gross estate.

Four Years Ago, Roper Transferred to His Son Ownership of a $100,000