Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two grandchildren. He wants the income from the trust paid to the children for 20 years and the principal distributed to the children at the end of 20 years. Write a letter in which you: Analyze the effect of an irrevocable trust on the gift tax and future estate taxes. Suggest other significant alternatives that the client could use both to reduce estate tax and to maximize potential advantages of the payment of gift taxes on transfers of property.