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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 91–95 (page: 20)

Updated On: 9-Feb-2026
Page 20 of 81
PDF with 400 Questions

The executor of an estate has a choice of waiving the executor's fee. Factors that should be considered by the executor in making this choice include all the following EXCEPT

  1. the estate tax bracket of the estate
  2. the income tax brackets of the other beneficiaries
  3. whether the executor is otherwise a beneficiary of the estate
  4. the income tax bracket of the executor

Answer(s): B



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

  1. All property that is not separate property is community property.
  2. Property inherited during the marriage is the separate property of the spouse who inherited it.
  3. Community property loses its identity when a community-property couple moves to a common law state.
  4. Income earned by one spouse becomes community property.

Answer(s): C



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?

  1. Assign the policy to his wife who will establish a revocable intervivos trust to receive the death proceeds
  2. Assign the policy to an irrevocable intervivos trust with five and five powers and designate the trustee to receive the death proceeds
  3. Designate his wife as beneficiary and she will establish a testamentary trust in her will to receive the proceeds at her subsequent death
  4. Establish a revocable intervivos trust and designate the trustee to receive death proceeds

Answer(s): B



Ignoring the annual per-donee exclusion, which of the following transfers is a gift for federal gift tax purposes?

  1. A father promises to buy his daughter a condominium when she finishes college.
  2. An individual gratuitously performs valuable services for the benefit of a close friend.
  3. A grandmother pays her grandson's $30,000 tuition at an Ivy League university.
  4. A creditor cancels the promissory note of a recently unemployed friend as a charitable gesture.

Answer(s): D



Limited interests in property include all the following EXCEPT

  1. life estates
  2. remainder interests
  3. fee simple estates
  4. reversionary interests

Answer(s): C



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