25. Determine whether each of the following situations involves the transfer of a present interest or a future interest.

a. A trust is established for the donor’s 8-year-old daughter. The trustee can decide how much income to pay the daughter each year. At age 21, the daughter will receive all of the accumulated income and principal.

b. A trust is established by transferring $10,000 each year for each of three beneficiaries who are given 30 days after receiving notice of the transfer to demand payment of the $10,000.

c. All rights to a life insurance policy are given to the donor’s son.