Assume Madi and Devon wanted to establish college funds for each of the grandchildren. Which of the following statements would be true?

		An irrevocable trust would be a completed gift for gift tax and estate tax purposes.
		The transfers would not be subject to GSTT, regardless of the amount or to whom the money is paid, because the payments were made for education.
		If Devon and Madi found out about Marie and wanted to establish a fund for her as well, then any transfer to Marie would be subject to GSTT.
		An appropriate planning technique for both Elizabeth and James' family would be to place the assets into two family trusts, one for Elizabeth's children (with Elizabeth and Scott as joint trustees) and one for James' children (with Catherine as the trustee).