American College Fundamentals of Estate Planning test HS330 Exam Questions

All the following statements concerning property ownership by a married couple residing in a community-property state are correct EXCEPT:

If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of:

Which of the following statements concerning state death tax exemptions and tax rates for classes of estate beneficiaries is (are) correct?

1. Exemptions are determined by the closeness of the beneficiary's blood relationship to the decedent.

2. Closest relatives receive the lowest tax rates and lowest exemption amounts.

A wife makes outright gifts of $40,000 to her son this year, and her husband agrees to split the gifts with her. Which of the following correctly states the amount of the taxable gifts?

Which of the following statements concerning ante nuptial agreements is (are) correct?

l. They are frequently used to protect the interests of children of former marriages.

II. They can legally deprive a surviving spouse of his or her elective share of a deceased spouse's estate.

Losses resulting from which of the following occurrences constitutes a permissible deduction from a decedent's gross estate to determine the adjusted gross estate?

1. Unreimbursed losses of estate assets due to theft.

2. Unreimbursed losses of estate assets due to a storm.

The federal gift tax is