Scenario Recap: Julia, age $70,$ creates a Grantor Retained Annuity Trust $($GRAT$)$ in $2024,$ transferring $$5,000,000$ worth of her stock portfolio to the GRAT. She retains the right to receive an annual annuity of $$200,000$ for $10$ years. The remainder value at the time of transfer is $$3,500,000,$ which will go to her children after the trust term. Julia's goal is to reduce her taxable estate. What is the taxable value of the gift made by Julia when establishing the GRAT?

$$1,500,000$

$$3,500,000$

$$5,000,000$

$$200,000$