Robert, a widower, created an ILIT four years ago for the benefit of his two children. Robert established the trust t purchase insurance, remove the death benefit from his gross estate, and provide his estate with liquidity to pay his e The trust explicitly directs the trustee, his bank, and the co-trustee, his brother Larry, to purchase a life insurance pc Robert's life. Which of the following statements is correct? a. When Robert dies, the insurance proceeds will not be included in his gross estate because he survived the three b. When Robert dies, the insurance proceeds will be included in his gross estate because the trustee was obligated purchase a life insurance policy on Robert's life. c. The assets in the trust will be included in Larry's gross estate at death because he is the trustee. d. The children, as beneficiaries of the trust, have incidents of ownership in the life insurance policy.