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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
All the following statements concerning guardians for minors are correct EXCEPT:
Options
A A guardian has equitable title to the properly he administers for the minor.
B A guardian named in a deceased parent’s will is not necessarily binding on the court.
C A special guardian can be appointed by the court to protect a minor’s rights in a legal proceeding.
D A guardian of the person of a minor may not necessarily be the guardian of the minor’s properly.
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2
Question
Which of the following transfers will be successful in removing property from a grantor’s gross estate?
Options
A II only
B l only
C A grantor’s transfer of a personal residence to a qualified personal residence trust if the grantor survives the retained interest term.
D Both l and ll
E Neither l nor ll
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3
Question
Important factors in assessing liquidity needs in estate planning include which of the following?
Options
A II only
B l only
C The types of assets that comprise the estate II. The date of drafting the will
D Both l and ll
E Neither l nor ll
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4
Question
A woman is the income beneficiary of an irrevocable trust. All the following powers held by her will cause all the assets in the trust to be includible in her gross estate for federal estate tax purposes

EXCEPT:
Options
A the power to direct the trustee to distribute trust corpus to her
B the testamentary power to direct the trustee to use trust assets to pay her estate taxes
C the testamentary special or limited power to direct the trustee to distribute trust assets to her children
D the testamentary power to direct the trustee to pay trust assets to her estate
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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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