Ignore Inflation adjustments - the Basic (Lifetime) Exclusion amount is $10M - 2010(c)(3)(C) and the Annual Exclusion is $10,000 - 2503(b). Assume gift-splitting is utilized wherever available. Allison is married to Winston and together they have two sons, Dan, and Bill. Allison and Winston also have an adult member of their household, Ferguson,1 who they view as family but have never legally adopted. 1.Winston did not make any gifts during the year. 2.Allison transfers $5,000,000 to an irrevocable trust, retaining the right to income for her life, remainder to Dan, Bill, and Ferguson in equal shares. Assume that the right to income is worth $3,200,000 and the remainder is worth $1,800,000. 3.Allison transfers $1,500,000 to a trust under the terms of which income is to be paid to Winston for life, remainder to Dan, Bill, and Winston in equal shares. Allison retains an unlimited right to alter the terms of the trust in any manner. 4.Allison buys Dan (now 16 years old) a sensible Honda Civic for $30,000 to drive back and forth to high school. 5.Bill is 18 years old and just began college as a freshman at Campbell University. Allison makes a direct payment