Gifting a Portion of a House

You're gifting a portion of your house. There's some wrinkles to it from a tax perspective not to get too complicated but technically you are gifting a part of your house in New Jersey. The older you are the less likely it is you're going to live a long time. So if any time an attorney brings up a life estate deed or lady birdie to you ask him or her. What are the gifting and or tax implications to this? If they say none, I'd be a little worried. But the right answer should be you have to file a gift tax return to report the value of the gift.