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American College HS330 - Fundamentals of Estate Planning test

Updated: Nov 12, 2026

Q & A: 400 Questions and Answers

HS330 Braindumps VCE
  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test

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American College HS330 Exam Syllabus Topics:

SectionObjectives
Topic 1: Financial Planning Strategies- Financial Planning Strategies
  • 1. Life insurance strategies
  • 2. Business succession planning
  • 3. Estate liquidity planning
  • 4. Risk management
  • 5. Asset allocation
  • 6. Investment planning
  • 7. Charitable giving
Topic 2: Estate Planning Concepts- Estate Planning Concepts
  • 1. Property ownership
  • 2. Asset titling
  • 3. Asset protection strategies
  • 4. Beneficiary designations
  • 5. Trusts
  • 6. Wills
  • 7. Transfer mechanisms
  • 8. Probate
Topic 3: Tax Laws- Tax Laws
  • 1. Federal gift tax
  • 2. Tax minimization strategies
  • 3. Estate tax calculations
  • 4. Federal estate tax
  • 5. Estate planning tax provisions
Topic 4: Legal Principles- Legal Principles
  • 1. Property law
  • 2. Trust law
  • 3. Estate administration
  • 4. Contract law
  • 5. Role of executors and trustees
  • 6. Powers of attorney

American College Fundamentals of Estate Planning test Sample Questions:

Question #1

All the following statements concerning real property ownership by married couples as joint tenants with right of survivorship are correct EXCEPT:

  • A. In common-law states the total value of the property receives a stepped-up tax basis in the estate of the first spouse to die.
  • B. All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.
  • C. Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
  • D. The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #2

Which of the following statements concerning an installment sale is (are) correct?
1.Some portion of the purchase price must be paid in any one taxable year other than the year of sale.
2.Installments due after the seller's death are excludible from the seller's gross estate.

  • A. 1 only
  • B. 2 only
  • C. Both 1 and 2
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

All the following statements concerning revocable trusts are correct EXCEPT:

  • A. Property transferred to a revocable trust typically avoids being included in the probate estate of the grantor.
  • B. A transfer to a revocable trust changes the income tax picture of the grantor.
  • C. Revocable trusts are created and operate before the death of thesettlor.
  • D. A transfer to a revocable trust is treated as an incomplete gift for gift tax purposes.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #4

A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. Which of the following statements concerning this action is (are) correct?
1.If the husband dies first, it would be easier to qualify his estate for a Section 303 redemption of his business interest.
2.If the husband dies first, the probate costs of his estate could be increased.

  • A. 1 only
  • B. 2 only
  • C. Both 1 and 2
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #5

Alan, a widower, is a retired executive with substantial assets. He wishes to provide for the financial security of his two grandchildren since their father, Alan's son, has always managed money poorly. This year Alan would like each grandchild to receive a substantial gift. Which of the following statements concerning the generation-skipping transfer tax (GSTT) on these gifts is (are) correct?
1.Federal estate or gift tax will not be imposed if the gift is otherwise subject to the GSTT.
2.Assuming no prior gifts, Alan can gift a cumulative total of (not including the annual exclusion) $1.5 million to his grandchildren without the imposition of the GSTT.

  • A. 1 only
  • B. 2 only
  • C. Both 1 and 2
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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