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Free HS-330 Exam Braindumps
HS-330 Fundamentals of Estate Planning Test Questions 196–200 (page: 41)

Updated On: 9-Feb-2026
Page 41 of 81
PDF with 400 Questions

Which of the following transactions is a taxable gift for federal gift tax purposes?

  1. A mother purchased listed common stocks titling them in joint names with her daughter and the stocks have not yet been sold.
  2. A grandmother purchased a U.S. savings bond that is registered as payable to her and her two grandchildren and the bond has not yet been surrendered for cash.
  3. A man deeded real estate to his sister but did not record the deed nor did he deliver the deed to his sister.
  4. A father made a deposit of $100,000 into a bank account titled jointly with his son, and the son has not yet made any withdrawals.

Answer(s): A



Many trust instruments provide for the removal of the original trustee. Valid reasons for removing the original trustee include which of the following?
1. A shift in trust situs is desirable because of changes in law.
2. The beneficiary has moved his or her residence to a distant state.

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

Answer(s): D



A man recently died with only probate assets. Under the terms of his will, he left his entire probate estate outright to his wife. The following are relevant facts about the estate:
* Gross estate $1,700,000
* Estate administration expenses 30,000
* Debts of decedent 65,000
* Allowable funeral expenses 5,000

The amount of the allowable marital deduction is

  1. $1,635,000
  2. $1,695,000
  3. $1,665,000
  4. $1,600,000

Answer(s): D



When the owner of a closely held business dies, the payment of a portion of the federal estate tax may be deferred for a period of several years if the estate otherwise qualifies under the provisions of IRC Section 6166. Which of the following statements concerning this deferral of federal estate tax is correct?

  1. To qualify for the tax deferral, the closely held business must represent more than 50 percent of the value of the decedent's adjusted gross estate.
  2. Under certain circumstances, the estate will forfeit its right to tax deferral, and all the remaining unpaid estate tax will become due and payable immediately.
  3. The interest on the unpaid estate tax is payable over the first 10 years, after which the tax plus interest on the balance is payable in equal installments for the last 5 years.
  4. The interest rate on the deferred tax is determined by the prime rate in effect on the date of death.

Answer(s): B



Which of the following statements concerning both the joint tenancy with right of survivorship and the tenancy by the entirety forms of real property ownership is correct?

  1. Both forms of ownership are restricted to two equal owners at any one time.
  2. Both forms of ownership provide that an owner can sell his interest in the property at any time without destroying the form of ownership.
  3. Both forms of ownership provide that a deceased owner's interest passes to the surviving owner.
  4. Both forms of ownership are restricted to husband and wife.

Answer(s): C



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