A Revocable Gift Trust is a particular type of revocable trust for educational or other specified purposes, often established for grandchildren or other close family members. This type of trust allows you, as the maker of the trust, to make gifts that are revocable during your lifetime yet protected from the beneficiary's creditors at your death.
With a Revocable Gift Trust, you retain the right to revoke the gift and, as a result, pay the income tax on the income generated by the trust. At your death the beneficiary receives the trust assets with a basis equal to fair market value at the time of your death, thereby avoiding federal income tax if they immediately sell the property. Only the value increase from the time of your death will be subject to income tax.