Which of the following is true concerning the 5/5 Lapse Rule?

The 5/5 Lapse Rule provides that all transfers made to the trust by grantor annually are future interest gifts.

The 5/5 Lapse Rule only comes into play with a single beneficiary trust.

Amounts that lapse under the 5/5 Lapse Rule are considered to be present interest gifts.

Gifts that exceed the annual gift exclusion are considered to be future interest gifts under the 5/5 lapse rule.