American College HS330 : Fundamentals of Estate Planning test

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American College Fundamentals of Estate Planning test Sample Questions:

1. In addition to substantial probate assets, a married man with two minor children has a $1,000,000 ordinary life insurance policy payable to his estate. He wants to make certain that if he predeceases his wife the death proceeds will be available to provide income for his wife during her lifetime and to provide for their two children after her death. He would like the policy and/or its death proceeds to be as free of federal gift and estate taxes as possible with respect to both him and his wife. Which of the following courses of action would best accomplish these objectives?

A) Assign the policy to an irrevocable intervivos trust with five and five powers and designate the trustee to receive the death proceeds
B) Designate his wife as beneficiary and she will establish a testamentary trust in her will to receive the proceeds at her subsequent death
C) Establish a revocable intervivos trust and designate the trustee to receive death proceeds
D) Assign the policy to his wife who will establish a revocable intervivos trust to receive the death proceeds

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

A) The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
B) 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.
C) Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
D) All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.

3. 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.

A) 2 only
B) Both 1 and 2
C) 1 only
D) Neither 1 nor 2

4. An individual who is a resident of State W is also the sole proprietor of a business located in State
W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z.
Which state will tax the real property used by the proprietorship?

A) State W
B) State Y
C) State X
D) State Z

5. A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants are as follows:
A son, Joe, who has no children; A deceased daughter, Mary, whose two children, Irene and Sally, survive; and A daughter, Anne, who has one child, Harry
Assuming that the widower's will provides for the distribution of his assets in equal shares to his children, per stirpes, which of the following correctly states the amounts each descendant will receive?

A) $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
B) $60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60,000 to Anne, and $60,000 to Harry
C) $75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
D) $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne

Solutions: