Schedule D, attached to form 706, lists all life insurance on the decedent, even the insurance that will not be taxed in the estate. If part or all of the policy proceeds are not included in the gross estate, you must explain why they were not included. If the decedent possessed any incidents of ownership, the proceeds are included in the estate. Also, life insurance that was transferred within three years of death may be included even though it was not owned at the time of death.

 

 

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