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Michael must pay his way through college. He is a sophomore in high school and currently babysits regularly on the
weekends. He works 15 hours and makes $8.00 an hour. He will be eligible to work at his uncle's restaurant in three
months, and he can work twenty hours a week at $8,50 an hour. Use the PACED decision-process to decide what
Michael's best choice is. Show each step.

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?