Upon his death in 2022, Nicolas owned an insurance policy on his own life (face amount of $700,000) with his wife, Holly, as the designated beneficiary. Holly is not a U.S. citizen. Nicolas and Holly also owned real estate (worth $600,000) as tenants by the entirety. Nicolas had furnished all of the purchase price. 

1. As to these transfers, how much is included in Nicolas's gross estate? 2. How much is passed on to Holly for purposes of marital deduction?

Answer rating: 100% (QA)

To determine the inclusion in Nicolass gross estate and the amount passed on to Holly for the marita... View the full answer