Most Recent American College HS330 Exam Dumps

Prepare for the American College Fundamentals of Estate Planning test exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the American College HS330 exam and achieve success.

The questions for HS330 were last updated on Mar 28, 2025.

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Question No. 1

In addition to substantial probate assets, a married man with two minor children has a $1,000,000 ordinary life insurance policy payable to his estate. He wants to make certain that if he predeceases his wire the death proceeds will be available to provide income for his wire during her life time and to provide for their two children after her death. He would like the policy and/or its death proceeds to be as free or federal gift and estate taxes as possible with respect to both him and his wire. Which or the following courses or action would best accomplish these objectives?

AAssign the policy to his wire who will establish a revocable inter vivos trust to receive the death proceeds

BEstablish a revocable inter vivos trust and designate the trustee to receive death proceeds

CAssign the policy to an irrevocable inter vivos trust with five and five powers and designate the trustee to receive the death proceeds

DDesignate his wife as beneficiary and she will establish a testamentary trust in her will to receive the proceeds at her subsequent death

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Correct Answer: C

Question No. 2

All the following statements concerning property ownership by a married couple residing in a community-properly state are correct EXCEPT:

AAll properly that is not separate properly is community property.

BCommunity property loses its identity when a community-properly couple moves to a common-law state.

CProperty inherited during the marriage is the separate properly of the spouse who inherited it.

DIncome earned by one spouse becomes community property.

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Correct Answer: B

Question No. 3

Which of the following statements concerning the taxation of estates and trusts is correct?

AThey are taxed as it they were partnerships.

BThey are taxed as it they were corporations.

CThey are entitled to the standard deduction in determining tax.

DThey are taxed on distributable net income that is retained.

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Correct Answer: D

Question No. 4

Non tax benefits of life time gifts include all the following EXCEPT to:

Aavoid claims of creditors evidenced by liens

Breduce probate and administrative costs

Cobtain privacy that is not possible to obtain through testamentary transfers

Dprovide for the education of the donee

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Correct Answer: A

Question No. 5

Which of the following statements concerning guardians is (are) correct?

l. A guardian is appointed by a court.

Il. A guardian holds equitable title to the property he administers for his or her ward.

Al only

BII only

CBoth l and ll

DNeither I nor II

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Correct Answer: A

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