• Schmidt and Cecelia are married and have one adult daughter, Ruth. • Schmidt creates an irrevocable trust to purchase a life insurance policy on his life. The trust will hold the policy and make no distributions until Schmidt dies - when the death proceeds are collected, the trustee will pay them outright to Ruth. • The insurance policy requires annual premium payments of $50,000, and Schmidt transfers $50,000 to make the first annual premium. 1. Assuming that neither Schmidt nor Cecelia have made any other transfers to Ruth, what is the amount of the gift, if any