Can you put property into a trust, but keep the power to take it back again as long as you substitute other property of equal value?  Yes in some cases, according to an IRS ruling. This means you could put real estate, artwork, an insurance policy or other property into a trust, and keep the power to take it back for yourself, as long as you’re willing to pay the fair market value of it to the trust.

Under the ruling, this is true if the trustee (someone other than you) certifies the substituted property is of equivalent value.  Also, the substitution must not benefit one beneficiary at the expense of another.