Question $10$

An annual exclusion is available for which of the following completed gifts?

Dee places $$1,000,000$ in trust for Mac. The trust provides that Mac will receive all trust income each year for his entire life beginning in the fifth year after the trust is funded.

Dee places $$1,000,000$ in trust for Mac. The trust provides that Mac will receive the trust corpus upon the death of Dee.

Each year Dee gifts $$15,000$ to the Dee Life Insurance Trust. The money enables the trustee to pay the premiums on a $$5,000,000$ life insurance policy owned by the trust on Dee's life. Upon Dee's death the trust provides that the life insurance proceeds received by the trust due to Dee's death are to be distributed to Mac. Each year that Dee gifts $$15,000$ to the trust, Mac receives a letter informing him that he has the right to withdraw the funds for $90$ days beginning from the date the gift was received by the insurance trust. Mac never exercises his right to withdraw the annual gifts.

Dee places $$1,000,000$ in an irrevocable trust for Mac. The trust provides that Dee is entitled to all income and corpus of the trust until she dies. Mac will receive all trust income and corpus upon the death of Dee.