Focusing on Onslo's whole life insurance policy, what would be the implications of assigning ownership of this policy to an ILIT? Question 8 options: Onslo will incur an immediate federal gift tax liability because the transfer of the policy will constitute a future interest gift. If Onslo survives the irrevocable transfer of the policy by more than three years, the policy proceeds will be removed from his estate. Onslo will be able to borrow against the accumulated cash values of the policy after three years to pay his personal debts. If Daisy and Rose are permissible Crummey Withdrawal beneficiaries of the ILIT, the transfer of the policy by Onslo to the ILIT will not require the filing of a federal gift tax return