American College HS330 Exam Actual Questions

Name: Fundamentals of Estate Planning test
Brand: QA4Exam
SKU: HS330
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The questions for HS330 were last updated on Oct 2, 2024.

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Question No. 1

The personal representative of a decedent has the duty to file all the following tax returns EXCEPT:

Athe surviving spouse's income tax return for the year of death

Bthe estate's income tax return

Cthe decedent's final income tax return

Dthe federal estate tax return

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Correct Answer: A

Question No. 2

The failure of an individual to have a will can result in all the following EXCEPT:

AThe decedent's state of domicile might receive the property left by the decedent.

BTestamentary gifts to charity cannot be made.

CUnnecessary death taxes may be imposed.

DA surviving spouse receives only his or her elective share.

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Correct Answer: D

Question No. 3

All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:

AA direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.

BA direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.

CA distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.

DA termination of a trust at the death of the non skip life income beneficiary with the remainder distributed solely to skip persons.

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Correct Answer: B

Question No. 4

All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

AA life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.

BThe amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.

CAn estate may deduct the value of the remainder interest in a charitable remainder trust.

DThe amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.

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Correct Answer: D

Question No. 5

A person dying without a will loses all the following rights EXCEPT the right to:

Aname the person to settle the estate

Bhave assets pass to heirs

Cgive properly to a charity

Dtake maximum advantage of the marital deduction

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Correct Answer: B

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