In July of the current year, Horace Hiatt, a widower, transferred $14,000 worth of publicly traded stock to an irrevocable trust with Benton National Bank as trustee. He named his granddaughter, Heather, then age 15, the beneficiary. The trust instrument provides that, until Heather reaches age 21, the trustee is to distribute amounts of income and/or principal to her as it “shall deem to be in the best interest of Heather.” In addition, the trust instrument states that, if Heather dies before reaching age 21, the trust assets are to be distributed in accordance with Heather’s appointment under a general power of appointment. The trust instrument provides further that the trust assets, including undistributed income, will be paid over to Heather upon her attaining age 21. However, if Heather does not ask for such property within 60 days of being notified of her right to ask for it, the trust is to continue until Heather reaches age 45, and the trustee is to continue to have the distribution powers it received at inception. Your manager asks you to research the effect, if any, on the eligibility for the gift tax annual exclusion resulting from the language stating that the trust will continue until age 45 if Heather does not ask for the trust assets within a certain time frame. Your manager suggests that she seems to recall reading a 2006 letter ruling on this issue and asks that you try to locate it and that you also try to locate applicable higher authority, if any. Draft a memo to your manager addressing the availability of the annual exclusion.