W wants to place property in an irrevocable trust for her minor grandson, age 15. The trust instrument is subject to the following terms and conditions:

1. The third-party trustee may use the income and principal for the beneficiary before he reaches 30 "as she seems necessary" for the maintenance, support, and education of the beneficiary;
2. If the beneficiary dies before reaching age 21, the trust, property, and accumulated income will be paid to his estate.
3. The beneficiary on attaining age 21 may, within 30 days thereafter, request that the trust be terminated by giving written notice to the trustee. If the beneficiary fails to exercise this right, the trust continues automatically until the beneficiary reaches age 30, at which time the trust will terminate. The principal and accumulated income will then be paid over to the beneficiary.

Is the annual per done exclusion available under section 2503? See Heidrich v. commissioner, 55T.C. 746 (1917); Williams v. U.S. 378 F. 2d 693 (CT. C1. 1967); and Illinois National Bank V. U.S., 756F. Supp. 117 (C.D. I11. 1991).