All the following statements concerning the use of a funded irrevocable life insurance trust are correct EXCEPT:

A)The income earned on the trust property is taxable to the trust creator if the income is used to pay premiums on a life insurance policy on the life of the creator.

B)The cash value of a policy on the life of the trust creators daughter is excluded from the creators gross estate for federal estate tax purposes.

C)The creation and funding of the trust have no gift tax implications.

D)The creator loses control over both the funding property and the life insurance policy.