When she died, Jill owned a life insurance policy on her life that paid her daug

Question

When she died, Jill owned a life insurance policy on her life that paid her daughter $500,000 upon her death. The policy was only valued at $25,000 prior to Jill's death. What amount, if any, is included in Jill's gross estate?

$500,000.

$25,000 if Jill transferred ownership of the policy within three years of her date of death.

$25,000.

zero - life insurance proceeds due to the death of the decedent are not included in the decedent's gross estate.

zero if Jill's daughter refused to accept the proceeds.

$500,000.

$25,000 if Jill transferred ownership of the policy within three years of her date of death.

$25,000.

zero - life insurance proceeds due to the death of the decedent are not included in the decedent's gross estate.

zero if Jill's daughter refused to accept the proceeds.

Explanation / Answer

As the life insurance policy was still owned by Jill at the time of his death So it will be included in Jill's estate the full death proceeds of $500,000

So correct answer is 500,000

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