Which statement regarding an ILIT is incorrect? Select one:

a. Insurance proceeds paid to the trust are protected from the claims of creditors, including the decedents creditors.

b. The trust cannot hold a survivorship policy when a husband and wife are co-insureds.

c. All incidents of ownership over a policy are held by the trustee.

d. An ILIT allows an insured to leverage annual exclusion gifts, his unified credit and his GST exemption by gifting a policy with a low current gift value in relation to the value at the insureds death.