American College HS-330 Fundamentals of Estate Planning Test Online Training
American College HS-330 Online Training
The questions for HS-330 were last updated at Apr 26,2025.
- Exam Code: HS-330
- Exam Name: Fundamentals of Estate Planning Test
- Certification Provider: American College
- Latest update: Apr 26,2025
All the following items will be included in a decedent’s gross estate at their date of death value for federal estate tax purposes EXCEPT:
- A . a gratuitous transfer of property taking effect at the decedent’s death
- B . a gratuitous life time transfer of property in which the decedent retained the power to revoke the transfer with the consent of another person
- C . a no-refund life annuity payable to the decedent that was purchased by the decedent from a life insurance company
- D . a gratuitous life time transfer in which the decedent retained a reversionary interest on the date of
death equivalent to more than 5 percent of the value of the property
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 non skip life income beneficiary with the remainder distributed solely to skip persons.
All the following items are deductions from a decedent’s gross estate in determining his adjusted gross estate EXCEPT:
- A . state death taxes
- B . attorney fees
- C . claims against the estate
- D . estate administration expenses
Many trust instruments provide for the removal of the original trustee. All the following are valid reasons for removal of a trustee EXCEPT:
- A . A shift in trust situs is desirable because of changes in law.
- B . The beneficiary has been successful with investments and wants to manage the trust assets.
- C . The beneficiary is not able to get along with the present corporate trustee.
- D . The beneficiary has moved his or her residence to a distant state.
A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes
to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part of the son are required EXCEPT:
- A . His refusal to accept the inheritance must direct specifically that his sister is to receive it instead.
- B . His refusal to accept the inheritance must be in writing.
- C . His refusal to accept the inheritance must be received by the executor of his father’s estate within 9 months of his father’s death.
- D . He must not have received any part of his inheritance or any income from it prior to his refusal to accept it.
All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:
- A . The surviving spouse must make a qualified disclaimer to all other property in the deceased spouse’s estate within 9 months of death.
- B . No person can be given the right to direct that the property go to anyone other than the surviving spouse as long as the surviving spouse is alive.
- C . The surviving spouse must be given a life time right to receive all the property’s income at least annually.
- D . The deceased spouse’s executor must make an irrevocable election to have the property includible in the surviving spouse’s gross estate.
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