Eric and Tawny gift $120,000 to an Irrevocable Life Insurance Trust with Crummey provisions. The trust has, as beneficiaries, their three children. A few weeks later, Eric dies in an auto accident. Tawny, with the assistance of her attorney and Financial Planner, is calculating Eric’s gross estate.
How much of the gift will be brought back into Eric’s gross estate? The annual exclusion is $15,000 for 2020. Split gifts are available. The 5/5 lapse rule is in effect.

In which of the following games is it clearly the case that the cooperative outcome of the game is good for the two players and bad for society? a. two oil companies own adjacent oil fields over a common pool of oil, and each company decides whether to drill one well or two wells.b. two airlines dominate air travel between city a and city b, and each airline decides whether to charge a "high" airfare or a "low" airfare on flights between those two cities.c. two superpowers decide whether to build new weapons or to disarm.d. in all of the above cases, the cooperative outcome of the game is good for the two players and bad for society