Fundamentals of Estate Planning test Exam Dumps

HS330 Exam Format | Course Contents | Course Outline | Exam Syllabus | Exam Objectives

Test Detail:
The HS330 Fundamentals of Estate Planning test is administered by the American College. It is designed to assess the knowledge and understanding of individuals in the field of estate planning. Here is a detailed overview of the test, including the number of questions and time, course outline, exam objectives, and exam syllabus.

Number of Questions and Time:
The HS330 test consists of multiple-choice questions and is divided into two parts: Part A and Part B. The total number of questions and time for each part are as follows:

Part A:
- Number of Questions: Approximately 100 multiple-choice questions
- Time Limit: 2 hours

Part B:
- Number of Questions: Approximately 35 multiple-choice questions
- Time Limit: 1 hour

Course Outline:
The HS330 course covers various topics related to estate planning. The course outline may include the following areas:

1. Introduction to Estate Planning:
- Basic concepts and principles of estate planning
- Overview of applicable laws and regulations
- Ethical considerations in estate planning

2. Property Ownership and Transfer:
- Types of property ownership
- Estate planning implications of different property types
- Transfer methods and strategies

3. Wills and Trusts:
- Importance and elements of a valid will
- Types of trusts and their uses in estate planning
- Revocable and irrevocable trusts

4. Estate and Gift Taxes:
- Overview of estate and gift tax laws
- Tax planning strategies and exemptions
- Generation-skipping transfer tax

5. Charitable Planning:
- Charitable giving techniques and strategies
- Tax benefits of charitable contributions
- Charitable remainder trusts and charitable lead trusts

6. Business Succession Planning:
- Planning for the transfer of a business to the next generation
- Buy-sell agreements and other business succession strategies
- Valuation of closely-held businesses

Exam Objectives:
The objectives of the HS330 test include:
- Assessing the candidate's knowledge and understanding of estate planning concepts, laws, and strategies.
- Evaluating the ability to apply estate planning principles to different scenarios.
- Demonstrating proficiency in analyzing and solving estate planning problems.

Exam Syllabus:
The HS330 test syllabus covers a wide range of estate planning topics, including but not limited to:
- Basic estate planning concepts and terminology
- Property ownership and transfer methods
- Wills, trusts, and other estate planning documents
- Estate and gift tax laws and strategies
- Charitable planning techniques
- Business succession planning

Note: The specific content and emphasis within each topic may vary, and it is recommended to consult the official American College materials or authorized study resources for the most accurate and up-to-date syllabus.

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American-College
HS330
Fundamentals of Estate Planning test
https://killexams.com/pass4sure/exam-detail/HS330
QUESTION: 386
All the following items are allowed as a deduction from a decedent's gross estate to determine
the decedent's adjusted gross estate EXCEPT:
A. Expenses incurred in the presentation of probate assets.
B. Payments of estate debts.
C. Expenses incurred for the benefit of individual heirs.
D. Costs of distributing probate assets to estate beneficiaries.
Answer: C
QUESTION: 387
All the following statements concerning guardians for minors are correct EXCEPT:
A. A guardian named in a deceased parent's will is not necessarily binding on the court.
B. A guardian has equitable title to the property he administers for the minor.
C. A special guardian can be appointed by the court to protect a minor's rights in a legal
proceeding.
D. A guardian of the person of a minor may not necessarily be the guardian of the minor's
property.
Answer: B
QUESTION: 388
All the following statements concerning real property ownership by married couples as joint
tenants with right of survivorship are correct EXCEPT:
A. The deceased spouse's interest in the property qualifies for the marital deduction since it
passes outright to the surviving spouse.
B. All benefits of ownership remain available to the surviving spouse without interruption
during the administration of the deceased spouse's estate.
C. Jointly held property between spouses does not pass through the probate estate of the first
spouse to die.
D. In common-law states the total value of the property receives a stepped-up tax basis in the
estate of the first spouse to die.
Answer: D
QUESTION: 389
All the following statements concerning property ownership by a married couple residing in a
community-property state are correct EXCEPT:
130
A. All property that is not separate property is community property.
B. Community property loses its identity when a community-property couple moves to a
common-law state.
C. Property inherited during the marriage is the separate property of the spouse who inherited it.
D. Income earned by one spouse becomes community property.
Answer: B
QUESTION: 390
All the following are grounds for contesting a will EXCEPT:
A. The instrument is a forgery.
B. The testator executed a later valid will.
C. The testator did not have testamentary capacity.
D. The widow was bequeathed less than her intestate share.
Answer: D
QUESTION: 391
All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be
brought back into the estate of the grantor EXCEPT the power to
A. terminate the trust
B. change the trust remainderpersons
C. add principal to the trust
D. designate who shall enjoy the trust income
Answer: C
QUESTION: 392
An executor may value assets as of the date of death or the alternate valuation date 6 months
after death. Assuming the executor elects the alternate valuation date, all the following
statements are correct EXCEPT:
A. A property interest that diminishes with the mere passage of time, such as a patent, is
includible at the date of death value.
B. Property sold by the executor before the alternate valuation date is valued at its sale price.
C. Property that has increased in value since the date of death is valued at the alternate
valuation date.
D. Property distributed under the will within the alternate valuation period is valued at the date of
death.
131
Answer: D
QUESTION: 393
A father wants to accumulate funds for his 12-year-old son's college education. On the advice of
his attorney, the father establishes an IRC Section 2503(c) trust and funds it with annual gifts.
All the following statements concerning this arrangement are correct EXCEPT:
A. The trust must be irrevocable.
B. The father's annual gift tax exclusion must be reduced by any amount used to pay college
tuition costs.
C. Any accumulated income and all trust principal must be available for distribution to the son
when he attains age 21.
D. In the event of the son's death prior to age 21, trust assets must either be payable to the son's
estate or be subject to a general power of appointment held by the son.
Answer: B
QUESTION: 394
Generally the courts will accept as the federal estate tax value of a closely held corporate
business the price established by a buy-sell agreement if all the following conditions are met
EXCEPT:
A. The agreement requires the payment of liquidated damages to the survivors if the executor
fails to carry out its terms.
B. The agreement as to per-share value is fair, adequate, and made at arm's length.
C. The agreement requires a deceased shareholder's executor to sell the stock at the price
specified in the agreement.
D. The agreement requires a shareholder to first offer his stock to the corporation or other
shareholders at the specified price if he wishes to sell it during his lifetime.
Answer: A
QUESTION: 395
The personal representative of a decedent has the duty to file all the following tax returns
EXCEPT
A. the surviving spouse's income tax return for the year of death
B. the estate's income tax return
C. the decedent's final income tax return
D. the federal estate tax return
132
Answer: A
QUESTION: 396
The failure of an individual to have a will can result in all the following EXCEPT:
A. The decedent's state of domicile might receive the property left by the decedent.
B. Testamentary gifts to charity cannot be made.
C. Unnecessary death taxes may be imposed.
D. A surviving spouse receives only his or her elective share.
Answer: D
QUESTION: 397
All the following transfers are subject to the generation-skipping transfer tax (GSTT)
EXCEPT:
A. A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's
parents are still alive.
B. A direct cash payment of $28,000 from a grandparent to a private prep school to cover the
tuition costs for her grandchild.
C. A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both
skip and non-skip beneficiaries.
D. A termination of a trust at the death of the nonskip life income beneficiary with the
remainder distributed solely to skip persons.
Answer: B
QUESTION: 398
All the following statements concerning a federal estate tax deduction for a bequest or gift to a
qualified charity are correct EXCEPT:
A. A 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.
B. The amount of a charitable deduction is reduced by any taxes and administrative expenses
chargeable against the bequest.
C. An estate may deduct the value of the remainder interest in a charitable remainder trust.
D. The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted
gross estate.
Answer: D
QUESTION: 399
133
A person dying without a will loses all the following rights EXCEPT the right to
A. name the person to settle the estate
B. have assets pass to heirs
C. give property to a charity
D. take maximum advantage of the marital deduction
Answer: B
QUESTION: 400
All the following statements concerning the gift and estate tax chartiable deduction are correct
EXCEPT:
A. It is possible for a charitable contribution made during the donor lifetime to generate both
income and transfer tax deductions for the donor.
B. If the donor retains an interest in property contributed to a qualified charity during lifetime, the
value of the property may be included in the donor gross estate.
C. 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.
D. A donor is denied a charitable deduction for property that passes to a qualified charity as the
result of a qualified disclaimer if the donor original transfer was to a noncharitable donee.
Answer: D
134
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