Free HS330 Practice Test Questions and Answers (2026)

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Q: 1
Which of the following statements concerning guardians is (are) correct? l. A guardian is appointed by a court. Il. A guardian holds equitable title to the property he administers for his or her ward.
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Q: 2
Under the terms of his will, a man left his residuary estate to a testamentary trust for the benefit of his wife. Which of the following powers with respect to the trust will cause the entire trust principal to be includible in the gross estate of the widow for federal estate tax purposes?
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Q: 3
Examples of terminable interests that are nondeductible for the federal estate tax marital deduction include which of the following? l. A property interest that would pass to someone else if the surviving spouse remarries ll. A life estate in property that would pass to another person at the death of the surviving spouse
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Q: 4
Which of the following areas of consideration present common ethical issues for the estate planner?
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Q: 5
All the following trust provisions avoid causing the inclusion to an irrevocable life insurance trust in an insured’s gross estate EXCEPT:
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Q: 6

Which of the following are ways of passing property from a deceased spouse to a surviving spouse so that the properly will qualify for the federal estate tax marital deduction? I. When the surviving spouse receives the property by electing to take against the deceased spouse’s will ll. When the surviving spouse receives the property as a consequence of the qualified disclaimer of another beneficiary

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Q: 7
A widow made the following cash gifts during the current year: Donee Amount of Gift A qualified charity $40000 A close friend 30,000 Her sister 5,000 Her daughter 15,000 Her brother 10,000 The total amount of the taxable gifts made this year was
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Q: 8
All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:
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Q: 9
All the following powers held by the grantor of an irrevocable trust will cause the trust assets to be brought back into the estate of the grantor EXCEPT the power to:
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Q: 10
In which of the following situations will the grantor be taxed on income from trust property. l. The grantor of a trust gives one of the trust beneficiaries the right to add or delete beneficiaries. ll. An adverse party to the grantor holds the power to determine the timing of trust distributions to the beneficiaries.
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Q: 11
Mr. Allen died early this year survived by his spouse Mrs. Allen. Among the items of family property are: 1 .A $200,000 life insurance policy on Mr. Allen’s life with Mrs. Allen designated as beneficiary. Mrs. Allen has been the owner of the policy ever since it was issued 4 years ago. 2. The family residence with a fair market value of $300,000. Mr. and Mrs. Allen own the residence jointly with the right of survivorship even though Mr. Allen purchased it with his separate funds. 3. A$20,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits. What amount of the family property will be included in Mr. Allen’s gross estate for federal estate tax purposes?
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Q: 12
All the following statements concerning a typical pour-over trust are correct EXCEPT:
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Q: 13
Which of the following statements concerning the inclusion in a decedent-employee’s gross estate of a lump-sum distribution from a qualified retirement plan to a beneficiary other than the employee’s estate is (are) correct? l. Lump-sum distributions of payments attributable to the employer’s contributions are excluded from the gross estate. ll. Lump-sum distributions of payments attributable to the decedent-employee’s contributions are excluded from the gross estate.
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Q: 14
All the following are proper actions on the part of a trustee EXCEPT:
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Q: 15
Which of the following statements concerning revocable trusts is correct?
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Q: 16
Which of the following transactions is a taxable gift for federal gift tax purposes?
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Q: 17
All the following statements concerning a power of appointment are correct EXCEPT:
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Q: 18
All the following are conditions that must be met if an otherwise nonqualified terminable interest is to qualify (as QTIP) for the federal estate tax marital deduction EXCEPT:
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Q: 19
Which of the following statements concerning property is (are) correct? l. A mortgage on real estate is real property. ll. A tree growing on land is real property.
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Q: 20
Which or the following members or the estate planning team is responsible for assuring that the client’s intentions are expressed in documents that will carry out the final plan?
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