Zack and Leah live in a community property state. Zack owns a policy on his life, the proceeds of which were paid to his daughter from a prior marriage. Zack and Leah used community funds to purchase and maintain the policy. Discuss the estate tax and gift tax consequences of this arrangement.

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In a community property state such as California Arizona Texas or others marital property acquired during the marriage is considered community propert... View the full answer