On March 1,Bart transfers ownership of a $700,000 life insurance policy on his life that he purchased in 2011.How long must Bart live to avoid inclusion of the $700,000 death benefit in his estate?

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According to the IRS, if an individual transfers ownership of a life insurance policy within three years of their death, the death benefit is included in the individual's estate for estate tax purposes. Therefore, Bart must live for at least three years after transferring ownership of the policy to avoid inclusion of the death benefit in his estate.

On March 1,Bart Transfers Ownership of a $700,000 Life Insurance