Exam Code: HS330
Exam Name: Fundamentals of Estate Planning test
Updated: Apr 19, 2024
Q&As: 400
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All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:
A. A direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.
B. A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.
C. A termination of a trust at the death of the nonskip life income beneficiary with the remainder distributed solely to skip persons.
D. A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.
Which of the following acts by a person other than a lawyer is clearly an unauthorized practice of law?
A. A sister drafts a will for her brother using printed forms.
B. A CLU explains to a client how a life insurance policy may solve estate liquidity needs.
C. A CPA designs an estate plan for presentation to a client.
D. A trust officer gives a client advice about the taxation of a trust.
All the following statements concerning qualification of property for the federal estate tax marital deduction are correct EXCEPT:
A. The property interest passing to the surviving spouse must be includible in the decedent's gross estate.
B. The property received by a surviving spouse after a successful will contest fails to qualify.
C. The property interest must be includible in the surviving spouse's estate at death unless consumed or given away.
D. The surviving spouse must receive the property as the beneficial owner rather than as a trustee for someone else.
A father is considering giving his daughter a gift. For tax planning purposes, the father should give his daughter which of the following?
A. A bond that cost him $25,000 and is now worth $10,000
B. Securities that cost him $10,000, its present fair market value, but which has a substantial potential for appreciation
C. Raw land that cost him $1,000 and which now has a fair market value of $14,000
D. Real estate that cost him $30,000 and is now worth $110,000, subject to a $100,000 mortgage
All the following are grounds for contesting a will EXCEPT:
A. The widow was bequeathed less than her intestate share.
B. The instrument is a forgery.
C. The testator did not have testamentary capacity.
D. The testator executed a later valid will.
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