In view of the combined estate values for Marcel and Clio, and knowing that one of their planning objectives is the reduction of estate taxes, which of the following estate planning techniques is appropriate?

I.Placing the life insurance policies in an irrevocable trust.

II.Establishing a revocable living trust and funding it by using the unlimited marital deduction and the full unified credit.

III.Making use of the gift tax annual exclusion.

IV.Establishing a qualified terminable interest property (QTIP) trust to pass property to their children.

a.II and III only

b.I and III only

c.II and IV only

d.II, III, and IV only

e.I, II, III, and IV