Eric and Tawny gift $120,000 to an Irrevocable Life Insurance Trust with Crummey provisions. The trust has, as beneficiaries, their three children. A few weeks later, Eric dies in an auto accident. Tawny, with the assistance of her attorney and Financial Planner, is calculating Eric’s gross estate.
How much of the gift will be brought back into Eric’s gross estate? The annual exclusion is $15,000 for 2020. Split gifts are available. The 5/5 lapse rule is in effect.
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Eric and Tawny gift $120,000 to an Irrevocable Life Insurance Trust with Crummey provisions. The tru...
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