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

a. The third-party trustee may use the income and principal for the beneficiary before he reaches 30 "as she deems necessary" for the maintenance, support, and education of the beneficiary;

b. If the beneficiary dies before reaching age 21, the trust property and accumulated income will be paid to his estate;

c. The beneficiary, on attaining age 21 may, within 30 days thereafter, request that the trust terminate 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-donee exclusion available under § 2503(c)? See Heidrich v. Commissioner, 55 T.C. 746 (1971); Williams v. U.S., 378 F.2d 693 (Ct. Cl. 1967); and Illinois Nat'l Bank v. U.S., 756 F. Supp. 1117 (C.D. Ill. 1991).