Which ones of these are true about a living trust. (there can be more than 1)

1. A living trust is established while the owner of the property or money put in trust is still alive.
2. When the minor children reach a certain age, the living trust is always discontinued.
3. The profit is paid to the owner during his lifetime, and to his children upon his death.
4. The estate is managed, invested, and controlled by the trust agency or person.
Please HELP! me with this. I have no idea which ones of these it is. Thank You. John.

1 and 4 are correct.

Where is the math in this question?

hmm

Sure, John! I can help you with that. Here are the correct statements about a living trust:

1. A living trust is established while the owner of the property or money put in trust is still alive.
4. The estate is managed, invested, and controlled by the trust agency or person.

Statement 1 is true because a living trust is created and funded by the owner (also called the grantor or settlor) of the assets while they are still alive.

Statement 2 is false because the continuation or discontinuation of a living trust does not depend on the age of minor children. It can continue even after they reach a certain age.

Statement 3 is false because, in a living trust, the profit or income generated by the assets is typically paid to the owner (grantor, settlor) during their lifetime, and the distribution or disposition of the assets after the owner's death will depend on the provisions of the trust.

Statement 4 is true. A living trust is a legal entity, and the management, investment, and control of the assets held in the trust are typically handled by the trustee, who can be an individual or an institution acting on behalf of the trust.

I hope this clarifies the true statements about a living trust. Let me know if you have any further questions!

I can help you with this! Let's go through each statement one by one and determine which ones are true about a living trust.

1. A living trust is established while the owner of the property or money put in trust is still alive.
This statement is true. A living trust is created during the lifetime of the person who establishes it, and they can continue to manage their assets as the trustee of the trust.

2. When the minor children reach a certain age, the living trust is always discontinued.
This statement is not necessarily true. The terms of a living trust can vary and it depends on the specific provisions set forth in the trust document. It is possible for a living trust to continue even after the minor children reach a certain age. The terms of the trust will dictate when and how the trust is distributed or managed.

3. The profit is paid to the owner during his lifetime, and to his children upon his death.
This statement is not necessarily true. Again, the terms of the living trust will decide how the assets are distributed. The profits or income generated by the trust can be distributed to the owner during their lifetime, but it is not necessary for them to be paid to the owner's children upon their death. The distribution of assets depends on the specific instructions outlined in the trust document.

4. The estate is managed, invested, and controlled by the trust agency or person.
This statement is mostly true. In a living trust, the estate (property or assets) is generally managed by the trustee appointed by the person who establishes the trust. The trustee is responsible for investing, controlling, and managing the assets according to the terms of the trust.

To summarize, the true statements about a living trust are:
1. A living trust is established while the owner of the property or money put in trust is still alive.
4. The estate is managed, invested, and controlled by the trust agency or person.

Please keep in mind that the specifics of a living trust can vary based on individual circumstances and the terms outlined in the trust agreement. It is always recommended to consult with an attorney or legal professional for personalized advice regarding living trusts.