American College HS330 Fundamentals of Estate Planning test Exam Practice Test

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Total 400 questions
Question 1

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:



Answer : D


Question 2

To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:



Answer : A


Question 3

A woman is the income beneficiary of an irrevocable trust. All the following powers held by her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes EXCEPT:



Answer : C


Question 4

All the following statements concerning qualification of property for the federal estate tax marital deduction are correct EXCEPT:



Answer : C


Question 5

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



Answer : D


Question 6

For estate tax purposes which of the following is (are) a form of charitable gifts that may qualify for the charitable deduction?

l. Split gifts

ll. Charitable remainder trusts



Answer : C


Question 7

Which of the following statements concerning ownership of property held in trust is (are) correct?

l. The legal owner of property held in trust is a trustee.

lI. The equitable owner of property held in trust is a beneficiary.



Answer : C


Page:    1 / 14   
Total 400 questions