American College HS330

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American College Fundamentals of Estate Planning test Sample Questions:

1. In addition to substantial probate assets, a married man with two minor children has a $1,000,000 ordinary life insurance policy payable to his estate. He wants to make certain that if he predeceases his wife the death proceeds will be available to provide income for his wife during her lifetime and to provide for their two children after her death. He would like the policy and/or its death proceeds to be as free of federal gift and estate taxes as possible with respect to both him and his wife. Which of the following courses of action would best accomplish these objectives?

A) Assign the policy to an irrevocable intervivos trust with five and five powers and designate the trustee to receive the death proceeds
B) Establish a revocable intervivos trust and designate the trustee to receive death proceeds
C) Designate his wife as beneficiary and she will establish a testamentary trust in her will to receive the proceeds at her subsequent death
D) Assign the policy to his wife who will establish a revocable intervivos trust to receive the death proceeds

2. Which of the following factors is (are) used to make a choice between having an entity-purchase or cross-purchase partnership buy-sell agreement?
1.The cost basis of the partners' business interests.
2.The amount of the partners?individual personal net worths.

A) 2 only
B) 1 only
C) Both 1 and 2
D) Neither 1 nor 2

3. An individual who is a resident of State W is also the sole proprietor of a business located in State
W. He owns real property located in State X that is used by the proprietorship. While on vacation in State Y, the individual meets an untimely death. Under the terms of his will, his entire estate is bequeathed to a resident of State Z.
Which state will tax the real property used by the proprietorship?

A) State Z
B) State X
C) State Y
D) State W

4. On January 1, 2004 a father gave his daughter a $200,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are:
*Date of issue: July 1, 1992
*Premium paid on July 1, 2003 $3,200
*Terminal reserve on July 1, 2003 20,000
*Terminal reserve on July 1, 2004 24,000
What is the value of the policy for federal gift tax purposes?

A) $200,000
B) $ 21,600
C) $ 23,600
D) $ 23,200

5. Income earned but unpaid at the time of a decedent's death is deemed to be income in respect of a decedent (IRD). All the following statements concerning IRD are correct EXCEPT:

A) IRD includes sales commissions earned prior to the decedent's death and paid to the estate according to the intestacy laws.
B) The income must be reported on the decedent's final federal income tax return.
C) The income may be included on both the estate tax return and the estate income tax return with a corresponding deduction.
D) The income is taxable to the person or entity receiving it.

Solutions: