If a borrower lives in a recourse state and defaults on a mortgage note that contains an exculpatory clause and the lender receives less than the amount owed on the mortgage when the property is sold, the lender will… do nothing since the lender is limited to the proceeds from the sale of the property take legal action against the borrower to recover the difference seek the difference from the borrower’s title insurance company file for bankruptcy protection

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?