Brenda transferred ownership of a whole life insurance policy on her life to an ILIT seven years ago and retained the right to borrow against the policy. When Brenda dies, the proceeds of the life insurance policy are: A. Included in Brenda’s federal gross estate if she has any outstanding loans against the life insurance policy. B. Included in Brenda’s federal gross estate if Brenda continued paying the policy premiums after the life insurance policy was transferred to the ILIT. C. Never included in Brenda’s federal gross estate. D. Always included in Brenda’s federal gross estate.
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Brenda transferred ownership of a whole life insurance policy on her life to an ILIT seven years ago...
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