...A/B Trusts An A/B Trust is any type of trust that splits into two separate and distinct trusts upon the death of the grantor. One of the separate and distinct trusts is a Credit Shelter Trust, which is designed to hold as much of the grantor's property as is sheltered from the federal estate tax by virtue of the unified credit; i.e., $2,000,000 for decedent's dying in years 2006, 2007, and 2008, and $3,500,000 for decedent's dying in the year 2009. The other separate and distinct trust is a Marital Trust, which is designed to hold the remainder of the decedent's property, which is sheltered from the federal estate tax by virtue of the unlimited marital deduction. These separate and distinct trusts are designed to eliminate or reduce the federal estate tax liability of a married couple over the deaths of both spouses. An A/B Trust arrangement can be created under a living trust or a testamentary trust, since these provisions do not take effect until after the grantor's death. See "Credit Shelter Trusts" and "Marital Trusts." See also "Family Trusts" and "By-Pass Trusts." Back to Table of Contents Asset Protection Trusts An "Asset Protection Trust" is a type of trust that is designed to protect assets from the claims of creditors. There are two types of Asset Protection Trusts - a Domestic Asset Protection Trust (also known as an "Onshore Trust" or "DAPT") and a Foreign Asset Protection Trust (also known as an "Offshore Trust"). Both types of trusts are also referred to...
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...Trust is Key Though I may not have the quintessential wisdom from old age I do have experience dealing with trust and the many ways it can screw with someone’s mind. Like most children I was forced to trust the judgment from my parents since they were all I knew from my birth. Neither of my parents went to college, but tried to groom me into a college prepared student. That didn’t go so well. I had no idea what I was doing, and neither did they. The school I went to did no college preparation what so ever, and my parents saw nothing wrong with that. So finally when I graduated I had no idea what I was going to do or how to even proceed. My parents led me to believe that I could go wherever I wanted, so I did. I went to Rhode Island College, and after one semester my parents said that there was no way I was going there and that I needed to come home and pick somewhere else to go. I had invested a lot into that college, and they tore it away. They told me that they have picked a new college for me to go to and I’d be starting in a few weeks. It was culinary school, and though I didn’t mind the classes I hated the outcome. So then I went to Suffolk Community College, with no help from them, and no support in order to start a career path that actually interests me. What I have learned through my limited experiences with life and trust is to be very wary of who you trust, and always trust yourself. Trust needs to be a two way road, and though you cannot get through life only trusting...
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...Wills, Trusts and Estate Planning Everyday many loved ones die without a Will in place and as a result, their affairs are left in limbo. Without a valid Will in place, your loved ones will be left to pick up the pieces, pay the unpaid bills and correspond and possibly litigate with creditors. There is a common misconception that a Will can or should only be created later in life. However, if you have assets eg. a house, savings, or a business, and people or others you would like to look after, you must consider making a will no matter your age. Thinking, talking & planning for death may feel uncomfortable. However, if you died or became incapacitated, through illness, accident, old age or emergency without sorting your affairs, this could wreak havoc on those you’ve left behind. Like Wills, another widely misunderstood concept is that of trusts. Trusts are often seen as something only the rich need to be concerned with. A trust is created when assets (which can include property, cash, shares etc) are transferred by a person (the settlor) to one or more persons (the trustees) with instructions that they are held for the benefit of others (the beneficiaries). A trust may be set up during a person’s lifetime and have immediate effect, in which case it is usually evidenced by a formal trust deed and commonly referred to as a settlement. Trusts play a key role in everyday life and can provide to be extremely useful depending on the intentions of the Settlor. A...
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...What situation are you facing and what do you want to achieve? The situation that I am facing is the beginning of a new job in Advertising Design for a local law firm. As with the start of any new job, I need to develop a trusting and credible relationship with my employers to promote a positive and open working environment. I must build on their confidence in me and work towards eliminating any fear or suspicion that they might have in dealing with a new employee. A successful outcome would be fostering a mutually trusting and open relationship with my employers where they know they can rely on me to produce high quality work on time and I know I can trust them to treat me fairly. Over time, we will develop an open relationship and will discuss any potential issue that arises directly to one another. I hope that I will be treated on the same level as an employee who has been working with the firm for a long time and who manages to maintain his position in good standing. What are the important features of this situation that need to be considered to ensure success? To ensure success, I must prove myself to be an approachable and responsible employee through the assignments that my boss delegates to me. I must consider the exact requirements of each assignment and ask questions to clarify so that I am fully aware of my boss’ expectations and visions for the advertisement that I am designing. I may encounter barriers in developing a trusting relationship in the beginning since...
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...Building Organizational Trust Kirsimarja Blomqvist Telecom Business Research Center, Lappeenranta University of Technology and Sonera Research, P.O.BOX 20, 53851 LAPPEENRANTA, FINLAND e-mail: Kirsimarja.Blomqvist@lut.fi, mobile +358-40-755 1693 Pirjo Ståhle, Competence, Knowledge and Technology Management, Sonera Ltd, PL 116, 00051 SONERA, FINLAND e-mail: pirjo.stahle@sonera.com ABSTRACT In this paper we study the role of trust in enhancing asymmetric partnership formation. First we briefly review the role of trust. Then we analyze the state-of-the-art of the theoretical and empirical literature on trust creation and antecedents for experienced trustworthiness. As a result of the literature review and our knowledge of the context in praxis, we create a model on organizational trust building where the interplay of inter-organizational and inter-personal trust is scrutinized. Potential challenges for our model are first the asymmetry of organizations and actors and secondly the volatility of the business. The opportunity window for partnering firms may be very short i.e. there is not much time for natural development of trust based on incremental investments and social or character similarity, but so called “fast” or “swift” trust is needed. As a managerial contribution we suggest some practices and processes, which could be used for organizational trust building. These are developed from the viewpoint of large organization boundary-spanners (partner/vendor managers) developing...
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...Concept of Trust All human beings want a person they can talk to about important matters they don’t want public and someone they can rely on. People want someone who has strength they don’t have to help them. Some human being want to trust people some don’t and there are others who can trust many or only a certain few. But what causes someone to be able to trust people? How do you know you trust someone? How long can you trust someone and what can you trust them about? There are many factors to the concept of trust that make it what it is. Some people feel that they don’t trust people even though they just met just because of the way they act or the gestures they make. Do you really know you can trust someone from the way they move? In the article “Who’s Trustworthy? A Robot Can Help Teach Us” by Tara Parker-Pope there was a research experiment conducted using 86 undergraduate students. This experiment involved the students getting tokens and exchanging tokens with other people to get more but you had to work in pairs. The catch is you can take tokens from your partner and you don’t have to give them back and you can win more tokes then your partner. The point of this is to see if you can trust your partner or see if he/she would take it all and leave you dry and they filled out a survey to see if you trusted this person because of the way he acted or moved. Later on in the experiment the students where one by one sent to this robot to have a conversation. This robot made...
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...Recovery of Trust: Case studies of organisational failures and trust repair BY GRAHAM DIETZ AND NICOLE GILLESPIE Published by the Institute of Business Ethics Occasional Paper 5 Authors Dr Graham Dietz is a Senior Lecturer in Human Resource Management and Organisational Behaviour at Durham University, UK. His research focuses on trust repair after organisational failures, as well as trust-building across cultures. Together with his co-author on this report, his most recent co-edited book is Organizational Trust: A cultural perspective (Cambridge University Press). Dr Nicole Gillespie is a Senior Lecturer in Management at the University of Queensland, Australia. Her research focuses on building, repairing and measuring trust in organisations and across cultural and professional boundaries. In addition, Nicole researches in the areas of leadership, teams and employee engagement. Acknowledgements The authors would like to thank the contact persons in the featured organisations for their comments on an earlier draft of this Paper. The IBE is particularly grateful to Severn Trent and BAE Systems for their support of this project. All rights reserved. To reproduce or transmit this book in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, please obtain prior permission in writing from the publisher. The Recovery of Trust: Case studies of organisational failures and trust repair Price...
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...Trust: A Concept Analysis The term trust encompasses a wide array of meaning. It can be regarded both as a logical and an emotional act. Trust can be defined as having utter belief in the reliability, ability or truth of any person or thing; it is a state where the acceptance of truth even without evidence or investigations becomes possible (Oxford University Press, 2013). However, according to Merriam-Webster (2013) trust is defined as a guaranteed reliance on the strength, character or the character of any entity. Trust is an utterly important concept, even when considering it from the perspective of the nurse management. As mentioned earlier, trust has an element of emotion and logic in it. It is considered logical where a person perceives the potential gains or losses of putting their reliance on someone, calculating the possible satisfaction derived out of putting their trust into them and only after carefully analyzing all these aspects, then deciding whether or not to trust someone. However, it can be referred as emotional when any entity exposes themselves to others, hoping that rather than taking advantage of their situation, the others would tend to understand their situation and support them open heatedly. There are various dimensions to trust, some of which could be defined under the terms of predictability, delayed reciprocity, value exchange and exposed vulnerabilities. Human beings have a knack of forecasting for their future and in doing so, it is imperative...
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...Trust is very important, but be careful to whom you give it to because the person you trust the most, could one day be the person you despise. “Trust is like a like a piece of paper, once it's crumpled it can’t be perfect again,” so trust can be broken as easily as a toothpick, but you will have to climb mountains to put it back together. Avi, the author of The True Confessions of Charlotte Doyle, takes the theme of the book a huge step further when she proves that Charlotte is lost in the world of trust. This is shown when Charlotte decides to give trust to the Captain, in the meantime, she is thinking if she should trust this new person Zacharia. An example in the book, when Charlotte and the Captain’s trust is shown when they have a talk on page 45, “As for your meals, you may join me whenever you choose.” Therefore the quote here explains the relationship between Charlotte and Captain Jaggery....
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...George Saieed Dr. Cucinotta English 10 18th September 2012 Trust is a powerful word, one that displays many faces, which Homer uses to his advantage in his work The Odyssey. As shown by Homer, trust is the reliance on any quality or characteristic of a person (mainly his or her truthfulness), especially his or her ability or strength to perform an action. Trust can also be formed based off of a condition of a relationship, such as loyalty, i.e. the bond of trust between Odysseus and his men as a result of their loyalty to each other. Lastly, a big part of trust is formed from hope. All of these parts of trust combined form a very powerful concept, as lack of it wreaks havoc, while the presence of it can forge some of the strongest bonds, as both shown in Books IX – XI. In these few books, there are many happenings, some due to trust, and some due to lack of trust, as portrayed by the encounters of both the main character, Odysseus, the rest of his men, and those from the outside world. Trust, a seemingly ever – present concept, is usually a result of companionship, loyalty, or hope, and is sometimes essential for survival. In Book IX, much of the trust is based on the reliance of a person when performing an action. Near the beginning of the book, Odysseus and his men land on the island of the Lotus’. Odysseus sends out a few men, who eventually meet the Lotos Eaters, who offer them the Lotos plant. They eat of it, and no longer want to go home. Odysseus then goes...
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...Trust is an aspect that keeps the world spinning. Ernest Hemingway once quoted, “The best way to find out if you can trust somebody is to trust them.” You never know how not being able to fully rely on someone can affect you. Having assurance can help people be able to find new opportunity and relax in a stressful world. You never know how being close to one person can help you in the real world. Someone that did this was the billionaire Mark Cuban. He started out doing anything to earn extra money, and through this tough time he still trusted people with the advice they gave him. Now Mark is one of the richest person in America. Without him having faith in others who know if he would be were he is today. You never know how one simple sign...
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...Antitrust Laws & Their Effects Jamar Averyhart Dr. Law Trine University In order to have a free economy you must have a competitive market place. A market that is open and stimulates the economy. This gives consumers whether they are organizations or just regular citizens the opportunity to purchase consumer goods at a relatively low price. As opposed to other economies that are not open markets, and that have one firm dominating the market place. Which drives up the price of consumer goods and make them unreasonably high. This is where antitrust laws come into play ("The Antitrust Laws," 2015). What are antitrust laws? Antitrust laws keep organizations from creating monopolies in industries, or colluding to drive up the price of items. If two major firms i.e. Apple and Microsoft were to merge. They control a large majority of the marketplace in the computer industry. This merger would lead to a shift in the price of computer and computer technology. It would create unequal competition and drive many other firms out of business. With the resources and consumer base that both companies have they would be able to dictate the prices in the industry and not have to rely on consumer demand and market trends. The first ever antitrust law was passed in 1890 which was the Sherman Act ("The Antitrust Laws," 2015). The Sherman Act made it illegal to try to form a monopoly, have a monopoly, or plan to have one. ("The Antitrust Laws," 2015) With the Sherman Act violating any...
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...a bad thing. There are naturally occurring monopolies like public utilities and when a firm is the only producer of a particular good or service. This single firm or company because the scale of economies is so large that they can supply the entire market at a lower cost than any other competing firm could. Monopolies become a problem when a firm or corporation is the only producer selling a particular good or service, this monopoly wills tend to produce fewer products at a high price. This meanwhile is not productive of a free market. The antitrust laws that are in place today came about from the Sherman Act of 1890. This act was created when the public grew resentfully of the trusts that emerged in the 1870’s and 1880’s. The Sherman Act states that “Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce among several states, or with foreign nations is declared to be illegal.” This surprising short sentence is the cornerstone for our antitrust laws today. The Sherman Act basically outlawed restraints of trade, meaning anything that would restrain the flow of free trade. This gave a firm foundation for new and current business to enter into the market place; there would be no fear that they would be pushed out of the market either by price-fixing or collusion. These antitrust laws allowed the normal flow of business to continue. By normal flow of business I mean the law of diminishing returns as well the economies and...
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...Antitrust Claims Antitrust laws were put in place to preserve competition as the rule of trade. Microsoft was accused of violating antitrust laws, and engaging in anti-competitive behavior by illegally using its Windows operating system monopoly. Netscape contended that Microsoft’s anticompetitive practices caused anti-trust injury by violating the Sherman Act. The Sherman Act The Sherman ACT of 1890 prohibits every contract, combination, or conspiracy that restrains trade, or any attempted or actual monopolization or conspiracy or combination to monopolize. While the Sherman Act does not ban all forms of trade, it does stop those that are considered unreasonable. Fixing prices, rigging bids, and dividing markets are all considered violations of the Sherman Act (Anonymous, 2012). It is not illegal for a company to have a monopoly in their industry. However, if the organization attempts to hold their monopoly status through ventures that exclude other companies from having a hold in the market, then the Sherman Act comes into play. Microsoft As most of the world is aware, Microsoft is a monopoly. AOL Time Warner accused Microsoft of engaging in illegal practices to maintain this monopoly (Well & McMillan, 2003). The alleged anticompetitive practices pertained to their Windows operating system. The suit claimed Microsoft held its position as a monopoly in the personal computer operating trade by unlawful exclusionary conduct (Ohlhausen, 2008). In layman’s terms...
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...Antitrust Claims Antitrust represents an uneasy compromise between laissez faire and interventionist visions of public policy. It recognizes the need for governmental involvement in the economy beyond the protection of property rights; yet it rejects overt control of market outcomes. The appropriate degree of governmental involvement for antitrust policy remains a contentious issue. Laissez faire and interventionist economic theories have competed for influence in antitrust decision making ever since the enactment of the Sherman Act of 1890. Antitrust laws were adopted by Congress to outlaw or restrict business practices considered to be monopolizing or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared every contract, combination or conspiracy in restraint of trade or commerce between states of foreign countries to be illegal. Clayton Antitrust Act of 1914, was amended by the Robinson-Patman Act of 1936, prohibits discrimination among customers through pricing and disallows mergers, acquisitions or takeovers of one firm by another if the effect will substantially lessen competition. The Antitrust Division of the United States Department of Justice enforces for the federal government, but private lawsuits to halt antitrust activities have become popular, particularly since attorneys fees are awarded to the winning party. This act is seen to be a legal specialty that has kept a few industries honest. The world’s largest media company and Microsoft...
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