American College HS330 : Fundamentals of Estate Planning test

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American College HS330 Exam Syllabus Topics:

American College Fundamentals of Estate Planning test Sample Questions:

1. A wife with substantial property in her own name would like to provide for her husband in the event of her prior death but does not want him to be able to leave her property to a second wife if he remarries. She would also like to take advantage of the marital deduction to save federal estate taxes. Her attorney has advised her that qualified terminable interest property (QTIP) will accomplish her objectives.
To qualify such property for the marital deduction, all the following requirements must be met EXCEPT:

A) An irrevocable election must be made by the decedent's executor to have the property includible in the surviving spouse's gross estate.
B) The property must have been included in the decedent's gross estate for federal estate tax purposes.
C) The surviving spouse must be given a general power to appoint each year at least $5,000 or 5 percent of the value of the property.
D) The surviving spouse must be given a lifetime right to receive all the property's income at least annually.

2. All the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship are correct EXCEPT:

A) All joint tenants must have equal interests in the property.
B) Upon the death of a joint tenant, his interest in the property passes to his estate or heirs.
C) Either real property or personal property may be the subject of this type of ownership.
D) Joint tenants need not be related either by blood or marriage.

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

A) give property to a charity
B) name the person to settle the estate
C) have assets pass to heirs
D) take maximum advantage of the marital deduction

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

A) A termination of a trust at the death of thenonskip life income beneficiary with the remainder distributed solely to skip persons.
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 direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.
D) A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.

5. Which of the following statements concerning pooled-income funds is (are) correct?
1.A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2.It is an irrevocable arrangement in which the remainder interest passes to charity.

A) 2 only
B) 1 only
C) Neither 1 nor 2
D) Both 1 and 2

Solutions: