Lila Is the Owner and Beneficiary of a Policy on the Life

question 43

True/False

Lila is the owner and beneficiary of a policy on the life of her husband, Austin. Upon Austin's death, the insurance proceeds paid to Lila do not qualify for the marital deduction.

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Definitions:

Hierarchical Structures

Organizational or social arrangements where members are ranked according to levels of importance or authority.

Family Roles

The functions or responsibilities that each family member assumes in the household, which can vary by culture and dynamic.

Interconnected

Entities or systems that are linked or related in such a way that they affect each other or work together as parts of a whole.

Parentify

The process by which a child assumes adult responsibilities within the family, often due to the dysfunction or absence of parents.