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It is often desirable to keep life insurance death proceeds out of the insured’s estate for tax reasons. Which of the following describe(s) a necessary condition for keeping the proceeds out of the insured’s gross estate?
I The insured must surrender all incidents of ownership.
II The transfer of incidents of ownership must occur more than three years prior to death.
III The insured cannot continue to pay premiums on the policy.
I only
II only
I and II only
I, II and III
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The goal of this project is to create a worksheet that through inputs and a series of formulas, be a basis of an expandable tool, that you can use to create project an amortization schedule.
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