Order the answer to: Five years before his death, Troy purchased a $5 million

Custom Essays law-business-law Order the answer to: Five years before his death, Troy purchased a $5 million

law-business-law

Order the answer to: Five years before his death, Troy purchased a $5 million

Question Five years before his death, Troy purchased a $5 million whole life insurance policy on his life and named his son, Don, the beneficiary. Shortly after purchase, Troy transferred the policy to an irrevocable trust, naming his son as trustee. Troy retained no incidents of ownership.
a. Has Troy made a gift?
b. Is the $5 million in proceeds included in Troy’s gross estate?
Subject law-business-law
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