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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 126–130 (page: 27)

Updated On: 9-Feb-2026
Page 27 of 81
PDF with 400 Questions

Which of the following acts by a person other than a lawyer is clearly an unauthorized practice of law?

  1. A sister drafts a will for her brother using printed forms.
  2. A CLU explains to a client how a life insurance policy may solve estate liquidity needs.
  3. A CPA designs an estate plan for presentation to a client.
  4. A trust officer gives a client advice about the taxation of a trust.

Answer(s): A



A father and son have been farming land owned by the father for the past 12 years. Just prior to his death, the father was offered $900,000 for his farm because of its possible use as a shopping center. The son would like to continue to farm the land if it can be included in his father's estate at its current use value. Additional facts are:
1. Average annual gross rentals from nearby farms of similar acreage are $36,000.
2. Average annual state and local real estate taxes on the farm are $4,000.
3. The interest rate for loans from the Federal Land Bank is 8 percent.

For federal estate tax purposes, the farm method valuation formula would result in a current use value for the farm of

  1. $600,000
  2. $300,000
  3. $500,000
  4. $400,000

Answer(s): D



All the following statements concerning lifetime gifts are correct EXCEPT:

  1. A substantial amount of property may be given away over a period of time without the imposition of the federal gift tax because of the annual exclusion.
  2. The amount of gift tax paid within 3 years of death is included in the gross estate.
  3. If a wealthy widower lives more than 3 years after making a taxable gift to his sister, the value of the gift has no effect on his federal estate tax liability.
  4. Gifts of life insurance within 3 years of death are included in the donor-insured's gross estate.

Answer(s): C



All the following statements concerning an estate for a term of years are correct EXCEPT:

  1. The tenant has the right to possess the property during the term of his interest.
  2. An interest may extend beyond the lifetime of the grantor.
  3. The tenant may transfer the property at the end of the term of his interest.
  4. It is an interest in property established for a specific duration.

Answer(s): C



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

  1. The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
  2. 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.
  3. Jointly held property between spouses does not pass through the probate estate of the first spouse to die.
  4. All benefits of ownership remain available to the surviving spouse without interruption during the administration of the deceased spouse's estate.

Answer(s): B



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