On the date of her death, Ava owned the following.
∙ An insurance policy (face amount of $500,000) on the life of Benjamin (Ava's current husband)
with herself as the designated beneficiary. The policy has a cash surrender value of $50,000.
∙ A life estate in a trust created by Alexander (Ava's deceased prior husband). The trust (current value of $2,900,000) was worth $1,000,000 when created 10 years ago. A QTIP election was made by the executor of Alexander's estate.
∙ Federal income tax refund of $80,000 on a prior year's tax return and paid to the executor of
Ava's estate.
As to these items, how much is included in Ava's gross estate?

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The Answer of On the date of her death, Ava owned the following.
∙ An insurance policy (face amount of $500,000) on the life of Benjamin (Ava's current husband)
with herself as the designated beneficiary. The policy has a cash surrender value of $50,000.
∙ A life estate in a trust created by Alexander (Ava's deceased prior husband). The trust (current value of $2,900,000) was worth $1,000,000 when created 10 years ago. A QTIP election was made by the executor of Alexander's estate.
∙ Federal income tax refund of $80,000 on a prior year's tax return and paid to the executor of
Ava's estate.
As to these items, how much is included in Ava's gross estate?

On the Date of Her Death, Ava Owned the Following