Thursday, January 30, 2020
Wills and Trusts Essay Example for Free
Wills and Trusts Essay Facts:            Tom is trustee of a trust created by Abe in 1986. The corpus consists of stocks and bonds worth $150,000, an apartment house appraised at $650,000 in a neighborhood which is becoming increasingly industrial, and a vacant lot. Yearly net income from the stocks and bonds is $12,000, and from the apartment house is $36,000. Tom has held the lot for five years, not wanting to sell it at a sacrifice because of the uncertainty of zoning and the location of a proposed highway. The trust instrument directs Tom to pay the income from the trust to Abe for life and, at Abes death, to divide the corpus between Abes children, Ben and Cathy to create two trusts. The two trusts are to continue for Bens and Cathys lives and then to be distributed to their children who are living when Ben or Cathy die. At the end of 1991, Tom sold the vacant lot for $50,000, the fair market value. He also sold some stocks for $35,000, realizing a $10,000 gain. Tom used this money along with $25,000 of accumulated rental income to build an addition to the apartment house. In another 1991 transaction Tom sold for $25,000 stocks that had been purchased in 1989 for $25,000, and lent the proceeds to PO Corp. at 1% below the prevailing interest rate. The loan is secured by a first mortgage on unimproved realty worth $30,000. For several years, Tom has performed substantial services for PO Corp. as a consulting engineer. He owns 100 shares of its common stock. There are 1,000,000 PO shares outstanding. In 1992, Tom allowed Ben to move into the apartment building. Ben got Tom to reduce the rent by $200 per month. Since Ben is an eventual beneficiary of the trust, he argued that he would simply let Cathy have more of the Trust money when Abe died to balance things out. Issue (1): Whether or not Tom breached his duties as trustee and, if so, what are his liabilities to the beneficiaries? Rule:            The issue in the case at bar is covered by the law on Trusts, which is basically formed by an arrangement whereby a property or a wealth owned by a person is managed by one person or an organization for the benefit of an individual or an organization. Relevant to this rule are the rights, duties and responsibilities of the settlor – the person creating the trusts, the trustee – the person for whom the property is entrusted, and the beneficiary – the individual for which the benefits of the trust is reposed. Analysis:            It bears stressing at this point that an examination of the rights and duties of the parties, specially that of the trustee, to a trust is imperative in solving the instant issue.            As trustee, Tom’s duty is to carry out the express terms of the trust. To be able to do the express terms of the trust, he is duty bound to defend the trust, to prudently invest the trusts assets, to be impartial with respect to the beneficiaries, keeping them informed about the trust and to administer the same in the best interest of the beneficiaries. Additionally, Tom has the duty not to delegate, the duty not to profit and not to engage in activities that may result in conflict of interest position.            With the forgoing considerations and upon close perusal of the facts of the case, Tom has breached his duties as a trustee. The express duty of Tom is the delivery of the income of the trust to Abe for life. As it is, Tom performed acts that prejudiced Abe’s interest in the income of the trust. When Tom sold some of the stocks and realized a $10, 000 gain, he should have delivered the same to Abe since it forms part of the income of the trust. The same is true with the accumulated rental income. It should not have been used to build an addition to the apartment house since it forms part of the income which should be delivered to Abe.            Tom is also liable for engaging in activities resulting to conflict of interest position. Notwithstanding the amount involved, his act of lending at 1% below the prevailing interest rate the proceeds of the sale of stocks to PO Corporation for which he renders services as a consulting engineer constitutes a breach of obligation on his part as trustee. In the first place, he is not authorized by the express letters of the trust to grant loans using the properties in trust. The breach was further aggravated when he lent the money to a corporation for which he owns shares of stocks and for which he is rendering substantial services.            Furthermore, the act of Tom in renting the apartment building to Ben at $200 per month less than the prevailing rent is also violative of his duties as a trustee. This would result in the reduction of the income from the apartment building by $2400 per annum to the detriment of Abe. The fact that Ben is an eventual beneficiary is of no moment. Ben has a future interest in the property but this does neither include the right to present possession nor enjoyment of the property. Since Abe is still living, it is only he who has the right to the income and enjoyment of the corpus as well as the income of the trust. Conclusion:            Based on the analysis made above, it is clear that Tom has breached his duties as trustee. His only liability is to Abe who was not able to receive all the income of the trust. As intimated above, Tom has no liability whatsoever to Cathy for like Ben, she is merely a remainderman who has a future interest in the corpus of the trust. She can neither possess nor enjoy the fruits of the trust while Abe is still living. Issue (2):            Whether or not Abe received all the income to which he is entitled? Rule:            The rule applicable to this issue is the express provision of the trust instrument itself. The trust instrument directed Tom to: 1) deliver all income from the trust to Abe while the latter is still living; 2) divide the corpus between Ben and Cathy, Abe’s children upon the demise of the latter; and 3) distribute the same to their children who are living when Ben or Cathy die(Palermo). Analysis:            A perusal of the facts of the case reveals that Abe was not able to receive all income that is due him. He was deprived of the $10, 000 gain realized from the sale of some of his stocks worth $35, 000. He was also deprived of the $25, 000 accumulated rental income. Both income were used by Tom to build an addition to the apartment house, when what he should have done according to the clear letters of the trust is to deliver the same to Abe.            Abe was also deprived of $200 per month when Tom reduced the rent by said amount to the apartment building when Ben, an eventual beneficiary, moved in. Conclusion By not adhering to the letters of the trust instrument, Tom has in effect deprived Abe of the income that the latter is supposed to be entitled to. The trust instrument clearly directed Tom to deliver all income of the trust to Abe for life. Reference: Palermo M. (2006). Crash Course in Wills And Trusts. Electronic article http://www.mtpalermo.com/httoc.htm
Wednesday, January 22, 2020
Princess Diana Spencer Essay -- biographies bio biography
Princess Diana Spencer As I relax on a Sunday evening, breathe in fresh air before I enter my chamber, I catch a glimpse of something magically beautiful. With a long silk blue dress and a pearl-diamond tiara on her golden hair, the Lady, the Princess, the beauty of the world walks down the steps to the cheering crowds. She gives hope to her people when there is none. Sitting here, I feel her warm smile full of love and joy. This is my Diana, the light of this world! Diana’s childhood was full of wealth but lacked the happiness of a bonded family. Diana was born on a warm first day of July 1961. Diana lived in a very large house that had many facilities where she spent time with her siblings and Prince Andrew and Edward. Diana and her siblings were raised to be on their best behavior, and had self-discipline, respect, and proper etiquette taught by her noble parents. However, her parents started fighting when she was just six years old. The following year her parents divorced. Diana and her siblings were to stay with their father. Even though, nannies and servants took care of Diana and her little brother and sisters, the motherly care was missing. Diana felt abandoned and her soul felt deeply wounded. This was especially true for young Charles who missed his mother in an indescribable way. This was the time when Diana discovered her talent. By opening her heart to others, she numbed her own pain. Diana became a substitute mother for Charl es. She protected him and gave him love and warmth. Then, a scene of horror occurred for the nine-year-old Diana Spencer. Her father decided to send her to a boarding school. Diana was so shy, so vulnerable that it took her a long time before she could finally feel at ease in her new enviro... ...n the evening of Sunday the 31 of August. The coffin was moved several times until it was finally left at St. James’s Palace until the funeral on Saturday, September 6, 1997, in Westminster Abbey. After the funeral, the coffin was taken to the family estate at Althorp, for a private interment. The Princess was buried on an island in the center of an ornamental lake. Once I said that Diana is the light of this world. Now I know that these words were not strong enough. What she gave this world, to us her people is indescribable, but we do not seem to understand this until it is gone. Diana was a remarkable woman who gave light, hope, and love to this world. However, at the moment where she finally gained happiness and freedom she was killed. The harsh world took Diana away and left only the memories of this light, a gift from God, our Princes Diana in our hearts.
Monday, January 13, 2020
Political Philosophy of Thomas Hobbes and Rene Descartes Essay
â€Å"Politics should be the application of the science Of man to the construction of the community†Explain this remark and discuss what reasons there might be for thinking it is not trueIn this essay I intend to examine the political philosophy of Thomas Hobbes and Rene Descartes, in particular their ideas relating to the science of man, and attempt to explain why their ideas prove that it is not possible to construct a science of man. I will also briefly mention the philosophy of Donald Davidson in regards to a science of man. The theories of Hobbes and the contemporary socio-biologists attempt to recognise how man works and on that basis build a society. â€Å"Hobbes wished to be seen as the inventor of the science of politics†(Sorrell, p45) He went about this by looking at the psychology of man and discovering that man is a mechanism. Hobbes wanted to understand mechanics. He wanted to look at why men live the way that they do in society and therefore, breaks it down. By doing this he discovered that people are cogs in the social machine. Therefore he wants to examine this cogs to achieve an understanding of the social mechanism, and does this by looking at the psychology of the mind. Hobbes is both an empirist and a materialist. Empirists believe that sense gives all knowledge. Generally, they do not believe in astrology, god, electrons etc. Their philosophy is summed up by saying that all things that give true knowledge can be sensed. Materialists believe that all things in existence are physical matter. In other words, the soul and the spirit do not exist. Therefore Hobbes believes that thoughts are material, that they are caused by sense and vice versa. Tom Sorrell suggests in his essay, entitled â€Å"Hobbes’ scheme of the sciences†, that rather than have knowledge of how the mechanics of the mind’s passions work, a more successful way of gaining political knowledge is to understand what these passions cause. They cause various degrees of action, with the possessor going to various extents to achieve what they want. In chapter six of â€Å"De Corpere†, Hobbes makes a connection between the knowledge of the principles of politics and the knowledge of the motions of the average human mind. Hobbes’ account of political science is an idea of what man must do if his goal is self-preservation. These ideas are not what mankind will do but what it will have to do, in a rational way, to form a political civilisation. One would assume that as Hobbes identifies both a natural science (that of the work of nature), and a civil science – that of the common wealth – (which makes laws and wills), he would suggest that they are parallels which, in political philosophy, work together. However, there are a few problems with Hobbes’ theory. Hobbes suggests that a monarch makes a better sovereign than an assembly. Yet, surely he would not agree that a monarch who is not dedicated would be better suited than a group of thoughtful representatives. A politically secure society is built up from its people. Hobbes believes that these people all have one motivation; self-gain, or to be more precise self-preservation. Hobbes suggests that there is a link between voluntary motion and vital motion. He goes on to say that senses work together with the vital motions to produce that which is voluntary, i.e. an endeavour. These endeavours can be categorised in two ways; attractions and aversions. An example of an attraction is to pick up a piece of cake because it looks good. That of an aversion is to run away from a dog because you are scared of dogs. As it is possible to see these actions are derived from the senses, again agreeing with Hobbes empirist theory. Endeavours are the small motions within man which occur before he walks, talks, runs or carries out any other voluntary motion. These endeavours are so small that they are undetectable. By understanding why men act the way that they do, it is easier to come to a conclusion as to how society should be structured. However, the idea that the existence of a science of man can be questioned suggests that society can be constructed without it. This is due to the fact that many psychological and political theories are founded on the basis that there is a science of man. Without this â€Å"science of man†these theories are in turn questioned and therefore cannot be viably backed as reasons for the construction of the community. Another prolific philosopher whose arguments should be taken into account is Rene Descartes. Descartes thinks that we, as humans, are made up of two separate substances. The body is the physical stuff and the mind – the res cogitans (thinking thing) – purely mental stuff. The res cogitans can will your body to move. The difficulty with Descartes’ theory is that the mind and body interact; if you pour boiling water on you hand, you will feel pain. Again we have to take into account voluntary and vital motions. A voluntary motion is me moving my arm. A vital motion is my arm moving. I move my arm because I want to; but I may not necessarily want it to be moved. This can happen for a number of reasons. It may be possible that I have a muscle spasm in my arm or that somebody moves it. All of this suggests that for Descartes’ theory to be correct there must be some kind of connection between a material substance (the body) and an immaterial substance (the mind). However, we will find it impossible to understand the idea of a science of man if we cannot understand how the two substances interact. Therefore, again, we have no proof that it is possible to build a political philosophy on the basis of a science of man. On p213 of Davidson , we find an explanation of monisms and dualisms. â€Å"Theories are thus divided into four sorts: nomological monism, which affirms that there are correlating laws and that the events correlated are one (materialists belong in this category); nomological dualism, which compromises various forms of parallelism, interactionism and epiphenominalism; anomalous dualism which combines ontological dualism with the general failure of laws correlating the mental and the physical (cartesianism). And finally there is anomalous monism which shows an ontological bias only in that it allows the possibility that not all events are mental, while insisting that all events are physical. â€Å"The final position is that which Davidson himself follows. Davidson’s argument suggests that the psychology of man does not follow any causal laws. Therefore, it is impossible to impose any rationality on theories involving the mind. These anomological psychological states are defeasable. They are defeasable because it is possible that by adding another condition to the situation the expected behaviour changes. Therefore it is impossible to agree with any political philosophy that involves the necessity of a science of man. What is easily discovered is that there are many different political philosophies and many different concepts as to what is a science of man. Philosophers such as Hobbes and his counterparts, Mill and Marx, possess the shared assumption that political philosophers must accept the political opinion that they are arguing for. They all think that rational agents must accept their arguments yet they all have different arguments. They all believe that for a successful political structure human nature cannot be ignored, if the structure is to command respect. As I have shown, Descartes and Davidson on the other hand, believe that a science of man is impossible; Descartes because he believes that our minds are immaterial and Davidson because man’s behaviour follows no causal laws. All of this shows us that trying to interpret man’s actions and apply them to a science is an impossible conquest. Man is too complicated a mechanism to understand and therefore political philosophy, for a sensible and rational social structure, must be founded on another basis.
Sunday, January 5, 2020
A Summary On Action Plan - 2052 Words
Summary of Action Plan This information was gathered in an interview with Andrea Williams, Principal of Theresa Bunker Elementary School. The action plan most recently implemented was the Continuous Improvement Plan (CIP) for the 2015-2016 school year. This is the strategic action plan that is required by the state each year. The district sets forth goals each year with input from the principals in June. The schools in this district start each year planning the CIP for the current school year. This plan has 5 goals included in the plan. The first goal is that 75% of students in K-3 will score proficient on the state’s reading inventory assessment. A second goal is for 75% of students in 3rd-6th to meet or exceed the state’s percent proficient in the state’s ELA and Math standardized tests. A third goal is for students in 1st-6th to show growth by having an SGP score of 40 or higher on the spring testing of the STAR math and reading. 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