Fabio made a completed gift of $10,000,000 to the Fabio Fami…
Fabio made a completed gift of $10,000,000 to the Fabio Family Trust, which is an irrevocable trust. The beneficiaries of the trust are Fabio’s two children, both of whom are adults. Fabio has retained the right to substitute other property of equivalent fair market value for any of the trust’s property at any time, unless he releases such power. As of today, Fabio has not released such power. Of the following statements regarding this this trust, which is true, assuming Fabio still holds such substitution power?