Misplaced Pages

#406593

29-598: ICTS may refer to: ICTS International , a Dutch firm of aviation and general security Intermediate Capacity Transit System (now Innovia Metro), a metro system International Centre for Theoretical Sciences International Container Terminal Services , a port management company in the Philippines Iranian Center for Translation Studies Iraqi Counter Terrorism Service See also [ edit ] ICT (disambiguation) Topics referred to by

58-411: A family trust . Family trust Sections Contest Property disposition Common types Other types Governing doctrines In the trust law of England , Australia , Canada, and other common law jurisdictions, a discretionary trust is a trust where the beneficiaries and their entitlements to the trust fund are not fixed, but are determined by the criteria set out in

87-478: A fixed trust the beneficiary has a specific proprietary right in relation to the trust fund. Each beneficiary of a discretionary trust, in contrast, is dependent upon the trustees to exercise their power of selection favourably. In Gartside v IRC [1968] AC 553 the Inland Revenue argued that as each beneficiary might be entitled to income from the trust fund, each should be charged as if he were entitled to

116-410: A potential threat on the basis of a number of indicators, including age, name, origin and behavior during questioning. In the late 1990s, the firm also developed a product system based on a computerized algorithm called APS (Advanced Passenger Screening) which analyzes passenger information procured by airline companies and determines the potential risks posed by a given passenger. APS is used by most of

145-549: A scanner that extracts data required by U.S. Customs automatically. ICTS International also produces a computer-based training system for X-ray operators that simulates potential workday situations. Executive Officers of ICTS International include Menachem J. Atzmon (Chairman of the Supervisory Board since 2004), Ran Langer (Managing Director since 2004), and Alon Raich (CFO since 2008). Atzmon holds controlling shares, owning more than 60% of ICTS International through

174-570: A share of the profits made. This allows for the income made to be divided between family members, who then may each pay a lower rate of taxation than otherwise would be due. Family trusts in Australia are primarily used by the wealthy, with 0.4 percent of taxpayers accounting for 95 percent of the income distributed from such trusts. The Australian Taxation Office estimates an approximate total of 800,000 trusts in Australia, with assets totalling more than $ 3 trillion. Family trusts pay no tax, with

203-424: Is absent in discretionary trusts. Although there are clearly duties, it is less clear whether there are any correlating rights. However, it seems clear that the trustees' duty is limited to (a) determining whether to exercise their discretion, and (b) exercising their discretion lawfully under the terms of the trust. Whilst the beneficiaries will have standing to sue the trustees for failing to fulfill their duties, it

232-455: Is different from Wikidata All article disambiguation pages All disambiguation pages ICTS International The firm and its subsidiaries specialize in aviation security services, operating airport checkpoints and electronic equipment, such as x-ray screening devices and manual devices, and verifying travel documents. Security services and consulting are also provided to other public and private transportation sectors. In 2014,

261-432: Is not clear that they would gain by such action. In Re Locker's Settlement [1977] 1 WLR 1323 the trustees of a discretionary trust did not make any distributions for a number of years based upon the expressed wishes of the settlor. The trust then fell dormant, and after several more years, the trustees sought directions. The court held that their discretionary powers continued, and that they should exercise it in respect of

290-491: Is not possible for a constructive trust or a resulting trust to arise as a discretionary trust. Discretionary trusts can be discretionary in two respects. First, the trustees usually have the power to determine which beneficiaries (from within the class) will receive payments from the trust. Second, trustees can select the amount of trust property that the beneficiary receives. Although most discretionary trusts allow both types of discretion, either can be allowed on its own. It

319-421: Is permissible in most legal systems for a trust to have a fixed number of beneficiaries and for the trustees to have discretion as to how much each beneficiary receives, or to have a class of beneficiaries from whom they could select members, but provide that the amount to be provided is fixed. Most well-drafted trust instruments also provide for a power to add or exclude beneficiaries from the class; this allows

SECTION 10

#1732772718407

348-461: The trust instrument by the settlor . It is sometimes referred to as a family trust in Australia or New Zealand. Where the discretionary trust is a testamentary trust , it is common for the settlor (or testator ) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents. Discretionary trusts can only arise as express trusts . It

377-561: The Netherlands, Germany, Spain, Italy, Portugal, Japan and Russia. I-SEC was established in 2005 as the aviation security arm of the ICTS International. PI (Procheck International) is a subsidiary of I-SEC. Huntleigh USA, the airline security and passenger screening company that was responsible for the passengers that boarded the flights at Boston and Newark prior to the 9/11 attacks , provides airport ground services in

406-449: The US. Such services include charter flight and cargo security screening, aircraft search, guard services, airlines' agents, queue monitors, aircraft cleaning, ramp and below-the-wing services, skycap, wheelchair attendants, baggage handling, etc. Huntleigh USA is a wholly-owned subsidiary of ICTS. AU10TIX offers a front-end solution meeting the security and regulatory compliance requirements of

435-707: The company employed 4,784 people with an annual sales revenue of US$ 173 million. The main subsidiaries of ICTS International include the I-SEC international Security Group, Huntleigh USA and AU10TIX . I-SEC specializes in the provision of advanced aviation security services worldwide, which include security consulting and security handling: security profiling, checkpoint screening, hold baggage screening ("HBS"), X-ray operator training and integrated services. I-SEC's management and key personnel are developers of pioneering aviation concepts, methods and technologies, focusing primarily on high-risk environments. I-SEC has operations in

464-509: The courts held that the same analysis was equally applicable to exhaustive discretionary trusts. The rights of individual beneficiaries under a discretionary trust being uncertain, it was open to question to what extent the beneficiaries of a discretionary trust (if all of adult age and sound mind) could utilise the rule in Saunders v Vautier . It had been held that beneficiaries under a discretionary trust could do so, although that authority

493-412: The dormant years now as they should have done at the time. The court reaffirmed that if trustees refuse to distribute income, or refuse to exercise their discretion, although the court could not compel it be exercised in a particular manner, it could order that the trustees be replaced. The position with a duty to consider exercising discretion in non-exhaustive discretionary trusts is more complicated, as

522-585: The duty to exercise discretion can be satisfied by deciding to accumulate. Discretionary trusts still serve a useful function to their beneficiaries, despite their original source of popularity (tax savings) having diminished in most countries. They still continue to be used for these reasons, among others: The popularity of discretionary trusts rose sharply after the decision of the House of Lords in McPhail v Doulton [1971] AC 424 where Lord Wilberforce restated

551-524: The financial services sector, including Section 326 of the USA Patriot Act. AU10TIX's front-end solution incorporates unique features, such as dynamic questionnaire, developed on the basis of ICTS's experience in detection of suspicious signs and in advanced document checks. ICTS has used the security system employed in Israel, whereby passengers are profiled to assess the degree to which they pose

580-475: The large airlines in the United States. Another ICTS International product is Integrated Passenger Processing Solutions or IP@SS, a system that accelerates passenger flow while enhancing security. Automated TravelDoc is a system which performs automatic scans of travel documents to verify their authenticity and ensure they meet the requirements of the destination country. Another product is APIS Solution,

609-430: The protection of family assets or the employ of a tax minimisation strategy . Commonly used to arrange family affairs, family trusts place an obligation on a trusteed to hold and manage assets on behalf of beneficiaries . This method of financial structuring removes assets from ownership of an individual. This in turn can impact tax liability, as income derived from the trust can then be distributed to its beneficiaries by

SECTION 20

#1732772718407

638-405: The same term [REDACTED] This disambiguation page lists articles associated with the title ICTS . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=ICTS&oldid=1198713595 " Category : Disambiguation pages Hidden categories: Short description

667-532: The scope of charitable trusts . In the United Kingdom , for example, the Finance Act 1975 imposed a "capital transfer tax" on any property settled on a discretionary trust, which was replaced in the Finance Act 1988 by the inheritance tax . In Australia, a family trust refers to a type of discretionary trust , set up to manage the assets of a family or its business. Family trusts are vehicles for

696-471: The settlor, the trust would be valid. Because under a discretionary trust, no one beneficiary could be said to have title to any trust assets prior to a distribution, this made discretionary trusts a powerful weapon for tax planners. Inevitably, the surge in popularity has led to a legislative response in most jurisdictions, thus in many countries there are now considerable tax disadvantages to discretionary trusts, which has predictably hampered their use outside

725-416: The test for certainty of objects in connection with discretionary trusts. Previously, it had been understood that for the trust to be valid, the trustees had to be able to draw up a "complete list" of all the possible beneficiaries, and if they could not do so, the trust was void . But Lord Wilberforce held that provided it could be said of any person whether they were "in or out" of the class, as described by

754-421: The trustee. Discretionary trusts are the most common trust method used in Australia, where the trustee is given complete direction as to how trust income is distributed to beneficiaries. Family trusts are the typical discretionary trust, used to hold the personal or business assets of a family. A family business can be operated through a discretionary family trust, with the beneficiaries of that trust being paid

783-443: The trustees greater flexibility to deal with changes in circumstances (and, in particular, changes in the revenue laws of the applicable jurisdiction). Characteristically, discretionary trusts provide for a discretionary distribution of income only, but in some cases the trustees also have a power of appointment with respect to the capital in the trust, i.e. the corpus. Discretionary trusts are usually sub-divided into two types: In

812-538: The whole of the fund. Perhaps unsurprisingly, the House of Lords rejected this argument. Even where there is a sole member of the class remaining, so long as there is a possibility that another member of the class could come into existence, that member is not considered a sole beneficiary for purposes of taxation liability. Gartside v IRC concerned a non-exhaustive discretionary trust; however, in Re Weir's Settlement [1969] 1 Ch 657 and Sainsbury v IRC [1970] Ch 712,

841-484: Was decided pre- McPhail v Doulton , where to be valid the trustees had to be able to draw up a "complete list" of beneficiaries. That notwithstanding, leading commentators have suggested that provided all of the beneficiaries could be ascertained, they should still retain the right to terminate the trust under the rule, so long as it is an exhaustive discretionary trust. The ordinary correlation between beneficiaries' rights and trustees' duties which arises in fixed trusts

#406593