Important American College HS330 Exam Questions
American College Fundamentals of Estate Planning test HS330 Exam
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| Vendor: | American College |
|---|---|
| Exam Name: | Fundamentals of Estate Planning test |
| Registration Code: | HS330 |
| Related Certification: | American College ChFC Certification |
| Exam Audience: | Finance Accountants, Financial Consultant, |
Question: 1
Which of the following is an example of a taxable gift for federal gift tax purposes?
Question: 2
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.
Question: 3
A number of states have passed statutes governing ''living wills.'' Which of the following statements concerning a living will is (are) correct?
l. A living will is an alternative to an inter vivos trust under certain circumstances.
lI. A living will is an oral will made by the testator during a final illness when it is impossible to write one.
Question: 4
In which of the following situations will the grantor be taxed on income from trust property.
1. The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries.
2 .An adverse party to the grantor holds the power to determine the timing of trust distributions to the beneficiaries.
Question: 5
Which of the following statements concerning federal gift, estate, and income taxes is (are) correct
1. A taxable gift of income-producing property automatically transfers income tax liability to the donee.
2. The value of gifts made within 3 years of death cannot be brought back into the donor's gross estate.