Most Recent American College HS330 Exam Questions & Answers

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 Nov 21, 2024.

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Question No. 1

Many trust instruments provide for the removal of the original trustee. Valid reasons for removing the origin l trustee include which of the following?

l. A shift in trust situs is desirable because of changes in law.

II. The beneficiary has moved his or her residence to a distant state.

Al only

BII only

CBoth l and ll

DNeither I nor II

Show Answer

Correct Answer: C

Question No. 2

Which of the following acts by a person other than a lawyer is clearly an unauthorized practice of law?

AA trust officer gives a client advice about the taxation of a trust.

BA CPA designs an estate plan for presentation to a client.

CA sister drafts a will for her brother using printed forms.

DA CLU explains to a client how a life insurance policy may solve estate liquidity needs.

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Correct Answer: C

Question No. 3

Which of the following statements concerning the gift or estate tax charitable deduction is (are) correct?

lI. If the donor retains an interest in property contributed to a qualified charity during life time, the value of the property may be included in the donor gross estate.

II. An estate tax charitable deduction is allowed for the full value of property transferred to a qualified charity but only if the property is included in the donor gross estate.

Al only

BII only

CBoth l and ll

DNeither I nor II

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Correct Answer: C

Question No. 4

Which of the following statements concerning the inclusion and valuation of all or part of a commercial annuity in the estate of an annuitant is (are) correct?

l. A life annuity with a period certain is includible to the extent of the present value of any remaining guaranteed payments.

ll. lf the executor elects the alternate valuation date, an annuity is includible at its replacement cost 6 months after death.

Al only

BII only

CBoth l and ll

DNeither I nor II

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Correct Answer: A

Question No. 5

Which of the following statements concerning a grantor-retained annuity trust (GRAT) is correct?

AThe grantor retains control of the trust property until revocation or death.

BIf the grantor dies before the retained interest term ends, the estate tax benefits are reduced.

CThe transfer of property to the trust becomes a completed gift for gift tax purposes only at the termination of the grantor's retained interest term.

DThe trust is used as a device for shifting income tax on the current trust income to the remainder person(s).

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Correct Answer: B

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