So, I'm familiar with inheritances, living trust etc. But this is my first time dealing with a life estate. T/P parent put property into a life estate, he had/has three older kids.  One child paid the other two for their interest in the property. My T/P is one who got paid for his interest in the property Would this be a gift and what would the cost be calculated as if it was a gift or is this something else?  Thanks