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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 141–145 (page: 30)

Updated On: 9-Feb-2026
Page 30 of 81
PDF with 400 Questions

Important factors in assessing liquidity needs in estate planning include which of the following?
1. The types of assets that comprise the estate
2. The date of drafting the will

  1. Neither 1 nor 2
  2. 2 only
  3. Both 1 and 2
  4. 1 only

Answer(s): D



Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). Which of the following statements concerning IRD is (are) correct?
1. The income is taxable to the person or entity receiving it.
2. The present value of the income is includible in the decedent's gross estate.

  1. 1 only
  2. 2 only
  3. Neither 1 nor 2
  4. Both 1 and 2

Answer(s): D



Which of the following types of partial interests in property may be allowed a charitable deduction for estate tax purposes?
1. A remainder interest in the donor vacation home
2. A testamentary gift of a percentage of a decedent entire interest in property held in trust

  1. Both 1 and 2
  2. Neither 1 nor 2
  3. 1 only
  4. 2 only

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. 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.
  2. The deceased spouse's interest in the property qualifies for the marital deduction since it passes outright to the surviving spouse.
  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): A



Which of the following types of real property ownership will be deemed to be a tenancy in common?

  1. Two brothers own equal amounts of all the common stock in a corporation, the only asset of which is real property.
  2. Two brothers are equal partners in a general partnership that owns a piece of real property used in the partnership business.
  3. Two brothers own equal fractional interests in a piece of real property and at the death of one of the brothers the survivor will own the entire piece of property.
  4. Two brothers own equal undivided interests in a piece of real property, with each brother being able to divest himself of his interest by sale, gift, or will.

Answer(s): D



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