My dad (Non Resident) set up irrevocable trust. CA House is only asset. My kids are beneficiaries. I am trustee. Dad gave my right to live in the house as long as I am alive. After my death estate passes to kids. Is it gift? If so, how much I have to pay to IRS? House was bought for $400 (2012). Now it may be $500K . How do IRS estimate volume of the right to live in the property as long as I live, if it is gift?