Ten years ago, Carolyn created a revocable trust using marketable securities valued at $500,000. The trust department at the local bank is the trustee. Under the terms of the trust, Carolyn retained a life estate with a remainder interest for her grandchildren. Last year, when the trust assets were valued at $900,000, Carolyn released her right to revoke the trust, making it irrevocable. Carolyn dies in the current year when the trust assets are valued at $1 million.