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Lloyd has been working on his estate planning. He has purchased a life insurance policy...

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Finance

Lloyd has been working on his estate planning. He has purchased a life insurance policy on his life, which will pay a $20 million death benefit to his two sons, Jeff and Beau, after paying any estate expenses and liabilities. Lloyd pays the $100,000 annual premiums on the policy. Describe at least three things he should do in order to minimize estate and gift taxes related to this life insurance policy.

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