Beth is a widow who consulted Gary, a CFP professional, for advice with respect to her financial and estate planning goals. Beth told Gary that she had just updated her estate plan and had executed a will, a trust, a durable power of attorney, and a health-care power of attorney. Beth reports that she is the trustee of her trust while she is alive and her son Carter as the successor trustee upon her passing. She also reports that she is the trust beneficiary while she is still alive. Beth does not understand her estate plan and wants Gary to help her understand it. Which of the following statements that Gary makes to Beth is not correct?

	If Beth becomes incapacitated and Carter serves as successor trustee, she has made a taxable gift to Carter.
	The durable power of attorney will allow Carter to assume management of any trust owned assets when Beth becomes incapacitated.
	Any assets that Beth places in the trust during her lifetime will not be subject to probate but will be included in her taxable estate at death.
	Beth has executed a revocable trust and she may change the terms of her trust at any time.