Estate Chapter 2 Flashcards
1
Q
Who can tenancy by the entirety property pass to?
A
Only the surviving spouse
2
Q
Life insurance owned by the decedent
A
Is included in the gross estate. then, if the spouse is the beneficiary, the face value is deducted from the AGE because it passes by the marital deduction.
3
Q
What is the nature of the transfer tax system?
A
cumulative; same for lifetime gifts and testamentary transfers
4
Q
Cash value is usually retained by carrier at death.
A
True
