Murray owns an insurance policy on the life of his father, Logan. Upon Logan's death, the policy proceeds of $2,000,000 are paid to the designated beneficiary, Grace. What are the transfer tax consequences resulting from Logan's death, based on the following independent assumptions?
a. Grace is Murray's daughter.
b. Grace is Murray's wife.
c. What are the tax consequences if Murray dies first (i.e., predeceases both Grace and Logan)?

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The Answer of Murray owns an insurance policy on the life of his father, Logan. Upon Logan's death, the policy proceeds of $2,000,000 are paid to the designated beneficiary, Grace. What are the transfer tax consequences resulting from Logan's death, based on the following independent assumptions?
a. Grace is Murray's daughter.
b. Grace is Murray's wife.
c. What are the tax consequences if Murray dies first (i.e., predeceases both Grace and Logan)?

Murray Owns an Insurance Policy on the Life of His