Alvin and Lindsay are husband and wife and have always lived in New York,a common law state.In 1990 and using separate funds,they bought an annuity from an insurance company-the purchase price was furnished 1/3 by Alvin and 2/3 by Lindsay.Under the terms of the contract,Alvin is to receive $40,000 per month for life when he reaches age 65.If Lindsay survives Alvin,she is to receive $25,000 per month for her life.Alvin dies first in 2009,at which time the value of Lindsay's survivorship annuity is $2,100,000.As to this annuity,how much (if any)is included in Alvin's gross estate?

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The Answer of Alvin and Lindsay are husband and wife and have always lived in New York,a common law state.In 1990 and using separate funds,they bought an annuity from an insurance company-the purchase price was furnished 1/3 by Alvin and 2/3 by Lindsay.Under the terms of the contract,Alvin is to receive $40,000 per month for life when he reaches age 65.If Lindsay survives Alvin,she is to receive $25,000 per month for her life.Alvin dies first in 2009,at which time the value of Lindsay's survivorship annuity is $2,100,000.As to this annuity,how much (if any)is included in Alvin's gross estate?

Alvin and Lindsay Are Husband and Wife and Have Always