How much is to be included in the gross estate from the proceeds of life insurance?MoonLife Insurance – Inday (wife) irrevocably designated as beneficiary – Php 1 MillionPhilCam Insurance – Executor of Nicanor is revocably designated as beneficiary – Php 1 MillionProLife OK Insurance – Estate of Nicanor is the revocably designated as beneficiary – Php 1 MillionSunDeath Insurance – Junior (son) revocably designated as beneficiary – Php 1 Million

The gross estate encompasses the total value of a deceased individual's assets, including real…

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How much is to be included in the gross estate from the proceeds of life insurance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How much is to be included in the gross estate from the proceeds of life insurance?

MoonLife Insurance – Inday (wife) irrevocably designated as beneficiary – Php 1 Million
PhilCam Insurance – Executor of Nicanor is revocably designated as beneficiary – Php 1 Million
ProLife OK Insurance – Estate of Nicanor is the revocably designated as beneficiary – Php 1 Million
SunDeath Insurance – Junior (son) revocably designated as beneficiary – Php 1 Million

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68. How much is to be included in the gross estate from the proceeds of life insurance? MoonLife Insurance - Inday (wife) irrevocably designated as beneficiary - Php 1 Million PhilCam Insurance - Executr of Nicanor is revocably designated as beneficiary - Php 1 Million ProLife OK Insurance - Estate of Nicanor is the revocably designated as beneficiary - Php 1 Million SunDeath Insurance - Junior (son) revocably designated as beneficiary - Php 1 Million Answer:_____________
Assume Darrin transfers ownership of the life insurance policy on his life to an Irrevocable Life Insurance Trust (ILIT) and retains the right to borrow against the policy. Assume Darrin dies five years later. Which of the following is correct regarding the treatment of the proceeds of the life insurance policy? O The proceeds will always be included in Darrin's federal gross estate. The proceeds will be included in Darrin's federal gross estate if he has any outstanding loans against the life insurance policy. O The proceeds will be included in Darrin's federal gross estate if Darrin continued paying the policy premiums after the life insurance policy was transferred to the ILIT. O The proceeds will never be included in Darrin's federal gross estate.
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