Lily Dies Early in the Current Year

question 72

Essay

Lily dies early in the current year. All her property passes subject to her will, which provides that her surviving husband, Rick, is to receive all the property outright. Her will further states that any property Rick disclaims will pass instead to their children in equal shares. Lily's gross estate is about $10 million, and her Sec. 2053 deductions are very small. Rick, who is in poor health, already owns about $6 million of property. What tax issues should Rick consider with respect to the property bequeathed to him by his wife?

---

Definitions:

Iatmul Men's

Pertaining to the male cultural practices or male-only spaces among the Iatmul people of Papua New Guinea, known for elaborate rituals and art.

Ceremonial House

A structure used for rituals and ceremonies, often within societies that have designated spaces for religious or formal communal events.

Malanggan Ceremony

A complex ritual involving carved masks and totems, celebrated by the people of New Ireland in Papua New Guinea.

Uli Statue

A type of sculpture originating from the New Ireland Province in Papua New Guinea, known for its stylized representation of human forms and spiritual significance.