American College certification practice

HS-330 Practice Questions

Try 10 free HS-330 exam-style questions for Fundamentals of Estate Planning test. Check each answer and review the explanation and source references.

Exam code
HS-330
Provider
American College
Free questions
10
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400 questions
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All the following statements concerning a power of appointment are correct EXCEPT:
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Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the property will qualify for the federal estate tax marital deduction? l. When the surviving spouse receives the property by electing to take against the deceased spouse’s will ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of another beneficiary
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Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?
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A wife makes outright gifts of $66,000 this year to her son, and her husband agrees to split the gifts with her. Which of the following correctly states the amount of the taxable gifts?
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A woman is the income beneficiary of an irrevocable trust. All the following powers held by her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes EXCEPT:
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A man died in February of this year. Last year, when he learned that he had terminal illness, he immediately made the following gifts and filed the required gift tax return: Fair Market Value Gift of listed stock to a qualified charity $200,000 Gift of listed bonds to his wife 300,000 Gift of a boat to his son 10,000 Gift of a sports car to his daughter 10,000 What amount must be brought back to the man’s estate as an adjusted taxable gift in the calculation of his federal estate taxes?
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Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction? l. Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stripes ll. Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate
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All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in an insured’s gross estate EXCEPT :
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A father deeded a house as a gift to his daughter in 1990 but retained the right to live in it until his death. He died this year while still living in the house. The following are relevant facts: The father bought the property in 1980 for$130,000. The fair market value of the property when the gift was made in 1990 was $150,000. The father filed a timely gift tax return but paid no gift tax because of the applicable credit amount. The fair market value of the property at the father’s death was $220,000. The daughter sold the property 3 months after her father’s death for $220,000. She had a gain of:
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Which of the following statements concerning a general power of appointment is (are) correct? l. A general power of appointment is a power over property so broad that it approaches actual ownership or control over the property subject to the power. II. The property subject to a general power of appointment will be includible in the gross estate of the holder of the power it held until death.
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