It is not a true option, but is a contract to purchase later on, at the option of the buyer.An Option is an agreement that is irrevocable by the one giving the option over a stated period, for consideration, at a stated price agreed, that has no performance required or restriction made on the buyer/optionee.

I have been searching through the Property Appraiser's website for Absentee Owners and I keep seeing these Trusts, Living Wills, Irrevocable/Revocables, Etc... and I was wondering what to make of these.

Jeff Cook,My history of creating conservation easements dates back to the late 1970s.Conservation easements are extremely complex and can be set up in many ways, including irrevocable and extremely restrictive.

They will not allow for entity investing, requiring that the loan be in your personal name or the name of a irrevocable trust.

I read an article not too long ago about creating an irrevocable trust to own each individual flip property (The LLC would own the trust). 

The property is owned by an irrevocable land trust, the trustee is the lawyer who formed the trust, and the "sponsor" is simply the Trustor who funds the trust with a property.

But staying where they are, collecting some rent that covers their expenses, lower property taxes because they've been there so long is their saving grave.These are the issues facing our parents.We are currently doing some estate planning ourselves and placed our property in land trusts, and long term probably an irrevocable trust.

This land is in an irrevocable trust.

From the estate planning aspect, the system I like is having a revocable trust (irrevocable if you have high net worth and need additional asset protection) and Family limited partnership, these would then house your other assets and entities.

There could be some issues concerned with the trust itself and how it was written up; is it revocable or irrevocable?