Harvey owns a $1 million life insurance policy on his life. If Harvey irrevocably assigns the policy to an Irrevocable Life Insurance Trust, which of the following statements is correct: I. Harvey must live for 3 years beyond the date of assignment in order for the proceeds of insurance to escape taxation in his estate II. Harvey may reserve the right to borrow against the policy for the next 3 years III. The interpolated terminal reserve value of the policy at the time of assignment to the ILIT will constitute an adjusted taxable gift. IV. Crummey withdrawal powers allow ILIT trust beneficiaries to make present interest gifts to Harvey V. The ILIT must be required to lend money or purchase assets from Harvey's estate in order to qualify for federal estate tax exclusion. a. I, & III b. I, III, & IV c. IV, & V d. I, II, III, IV, & V