In 2018, Mr. Colburn created a trust for the benefit of his five adult children and transferred \(\$ 300,000\) to it. The trustee may decide how much income to pay to each child each year. The trust will terminate at the end of 40 years, and the assets will be divided equally among the children or their estates. Does Mr. Colburn receive a gift tax exclusion of \(\$ 70,000\) ? Explain.