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Form 712, also known as the "Life Insurance Statement," is used for federal estate tax purposes to report the value of life insurance policies owned by the decedent at the time of death. When a trust is involved, if the trust is the owner of the life insurance policy, Form 712 must be completed to disclose the policy's value as part of the trust's assets in the estate. This helps determine the overall value of the estate and ensure proper tax compliance.

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2w ago

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