Mark has a life expectancy of only five years and is considering ways of reducing his large taxable estate. Which of the following can be considered advantages of making lifetime gifts over making transfers at death?

$i.$ the annual exclusion is available for present interest gifts

$ii.$ property will receive a step$-$up in basis when gifted

iii. direct payments of medical and tuition expenses to the applicable institution are exempt from gift $iv.$ tax and therefore do not reduce the available annual exclusion amount

future appreciation is removed from the estate