Why might a child benefit from a wealthy parent who gives a remainder interest in a farm to a charity and uses the value of the tax benefit to pay for life insurance in an Irrevocable Life Insurance Trust (ILIT) instead of simply leaving a gift to the charity in the will? 1. The family farm will pass to the child estate tax free 2. Life insurance will always appreciate faster than farmland 3. With a remainder interest, but not a will, the farm will pass to the charity estate tax free 4. Life insurance from an ILIT passes to the children estate tax free, but the farm would not 5. Farmland will always appreciate faster than life insurance