Classify each of the following independent statements:.
-Proceeds of an insurance policy on decedent's life. Decedent's son purchased the policy and is its owner and beneficiary.

Question

Quizplus · Accepted Answer

Since the decedent neither owned the insurance policy nor was the beneficiary, the proceeds of the insurance policy are not included in the decedent's gross estate. The ownership and beneficiary status are key factors in determining estate inclusion, and in this case, both are attributed to the decedent's son, not the decedent.

Classify Each of the Following Independent Statements