Sam creates an irrevocable trust for the benefit of his two children and instructs the trustee to purchase life insurance on his life. Sam contributes to the trust every year cash equal to the amount of the insurance premium, which is $28,000 per year. Sam's children have the right under the agreement to each withdraw a pro rata portion of his contribution every year ($14,000) for a thirty day period, before the trustee pays the premium. This is called a "Crummey power" of withdrawal. Sam's contribution will qualify for the annual federal gift tax exclusion as a present-interest gift, and he will pay no gift tax. (a) True (b) False