This year Jim created an irrevocable trust to provide for Ted, his 32-year-old nephew, and Teds family. Jim transferred $70,000 to the trust and named a bank as trustee. The trust was directed to pay income to Ted until he reaches age 35, and at that time the trust is to be terminated and the corpus (amount remaining) is to be distributed to Teds two children (or their estates). Determine the amount of the gifts to each donee. You may assume the relevant interest rate is 6 percent.