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Fundamentals of Estate Planning Test (HS330) - American College Exam Questions

Last updated on June 20, 2026

97% Exam Compliance
400 Total Questions
1
Question
A married man is the sole owner of a small business with an estate tax value of $500,000. In addition,
he and his wife own an office building as joint tenants with right of survivorship which they
purchased five years ago. The building has an estate tax value of $1, 50, 0000. They are considering
dissolving the joint tenancy and retitling the building in the name of the husband as sole owner.

Which of the following statements concerning this action is (are) correct?
Options
A II only
B l only
C lf the husband dies first, it would be easier to qualify his estate for a Section 303 redemption of his business interest.
ll. lf the husband dies first; the probate costs of his estate could be increased.
D Both l and II
E Neither I nor II
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2
Question
A widower dies leaving a net probate estate of $300,000. At the time of his death, his descendants
are as follows:
A son, Joe. who has no children;
A deceased daughter, Mary, whose two children, Irene and Sally, survive; and A daughter, Anne, who has one child, Harry Assuming that the widower’s will provides for the distribution of his assets in equal shares to his children, per stripes, which of the following correctly states the amounts each descendant will receive?
Options
A $1,00,000 to Joe, $50,000 to Irene, $50,000 to Sally, $50,000 to Anne, and $50,000 to Harry
B $100,000 to Joe, $50,000 to Irene, $50,000 to Sally, and $100,000 to Anne
C $75,000 to Joe, $75,000 to Irene, $75,000 to Sally, and $75,000 to Anne
D $60,000 to Joe, $60,000 to Irene, $60,000 to Sally, $60000 to Anne, and $60,000 to Harry
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3
Question
Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs. Barlow. The following is a list of Mr. Barlow’s probate assets and their fair market values at the time of his death:
Commercial real estate $150,000
Furniture and fixtures 75,000
Listed common stock 300,000
Other securities 200,000
In addition, Mr. Barlow also owned a $1 00,000 life insurance policy on his life with Mrs. Barlow
designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow’s estate qualifying for the federal estate tax marital deduction?
Options
A $400,000
S. $500,000
B $600,000
C $825,000
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4
Question
A man died in February of this year. Last year, when he learned that he has a terminal illness, he immediately made the following gifts and filed the required gift tax return: Fair Market Value Gift of listed stock to a
qualified charity $150,000
Gift of listed bonds to his wife 200,000
Gift of a boat to his son 5,000
Gift of a sports car to his daughter 5,000

What amount must be brought back to the man’s estate as an adjusted taxable gift in the calculation of his federal estate taxes?
Options
A $150,000
B 0
C $190,000
D $360,000
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5
Question
All the following statements concerning ownership of property in the form of a joint tenancy with right of survivorship are correct EXCEPT:
Options
A Joint tenants need not be related either by blood or marriage.
B All joint tenants must have equal interests in the property.
C Either real property or personal property may be the subject of this type of ownership.
D Upon the death of a joint tenant, his interest in the property passes to his estate or heirs.
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