Pastor tom was employed by the first church for 40 years. on pastor tom's retirement there was no adequate pension plan. two months after the retirement, a wealthy parishioner, in consideration for pastor tom's 40 years of faithful service and for being such a sweet man, promised to pay him $500 per month for the rest of his life. this promise is probably not enforceable.
(a) true
(b) fasle

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?