Gifting/Transfer Of Ownership Via A Trust

Where there is a genuine intention giving up of ownership, control and actual physical transfer of property to a living trust/inter vivos trust and the founder as Trustee is primarily conducting the affairs of the trust for the beneficiaries’ benefit, can these be considered a gift in the founders’ lifetime and as such not part of his/her estate upon death?

Should this be acceptable, is a necessary consequence that the property needs to remain in trust in perpetuity for the beneficiaries and their descendants or can these assets vest at some point in the future if the trustee’s and/or beneficiaries agree to do so?