Which of the following is a true statement concerning Crummey powers?

1. Allows an otherwise future interest to qualify for the annual exclusion.
2. Beneficiary must be given a reasonable time within which to exercise the withdrawal power.
3. The beneficiaries must be notified by the Grantor whenever a contribution has been made into the trust.

Question 16 options:

I only

I and II

I and III

III only