True Or False

1. One of the main benefits of lifetime gifting is to remove future asset appreciation from the donors estate and thereby reduce potential estate tax and maximizing the net amount transferred to the heirs.

2. A family limited partnership is used to gift business ownership to the younger generation at a discounted value while maintaining controlling interest.

3. A trust is a separate legal entity usually allowing liability protection from beneficiary creditors

4. A donor must place the trust beneficiarys needs above their own and follow the prudent person standard.