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Question \#5. (4 points) Your client, Chad, meets with his lawyer and forms a living...

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Accounting

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Question \#5. (4 points) Your client, Chad, meets with his lawyer and forms a living trust. Chad transfers various properties into the trust such as his stock investments, $200,000 cash and a valuable copyright on a song he wrote. Chad makes the trust irrevocable and he retains no powers relating to any decisions or administration of the trust. Cart is the trustee. The trust agreement states that throughout the year Carl must distribute the trust's income to the trust's beneficiaries. What type of trust is this? (i.e., is it a grantor trust, simple trust, or complex trust? Why?)

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