John Smith has enough wealth to have a taxable estate for estate tax purposes. In which of the following cases will a $1,000,000 death benefit life insurance policy on the life of John Smith where his child, Mary Smith, is named as the beneficiary, pass $1,000,000 to Mary, but generate no estate taxes? I. If Mary Smith owns the policy and has owned it for more than three years II. If an Irrevocable Life Insurance Trust, managed by ABC Trust Company, has owned the policy since the creation of the life insurance policy III. If John Smith owns the policy IV. If John Smith and Mary Smith own the policy jointly V. If the John Smith revocable living trust, with John Smith as the trustee, owns the policy I & II I, II & IV I, II & V III only III, IV, & V