Ellen has indicated that she would like to leave a legacy for her grandchildren. She would like to pay for college expenses at a private university for her grandchildren. Which of the following gifting techniques can Ellen use today to both meet her objective and to reduce her estate without incurring estate or gift taxes? Please explain.

A. Transfer assets, valued at the estimated cost of education for four years, into an irrrevocable living trust.

B. Transfer assets, valued at the estimated cost of education for four years, into a Q-TIP trust.

C. Prepay the cost of four years of college directly to her grandchildren.

D. Fund 529 accounts for each of her grandchildren with the maximum allowable contribution (currently 5 times annual exclusion amount).