A transfer tax advantage achieved by setting up an irrevocable trust and reserving an income interest in the grantor include the following: 1. The value of the gift includes only the remainder interest. 2. If the grantor dies before his or her life interest is terminated, the value of all trust assets are included in his or her gross estate. 3. If the grantor dies after his or life interest has terminated, the value of the trust assets are removed from the grantor's estate. 4. Two of the above