American College HS330 Q&A - in .pdf

  • HS330 pdf
  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test
  • Updated: Oct 17, 2026
  • Q & A: 400 Questions and Answers
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  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test
  • Updated: Oct 17, 2026
  • Q & A: 400 Questions and Answers
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American College HS330 Exam Syllabus Topics:

SectionObjectives
Financial Planning Strategies- Financial Planning Strategies
  • 1. Investment planning
  • 2. Life insurance strategies
  • 3. Asset allocation
  • 4. Risk management
  • 5. Business succession planning
  • 6. Charitable giving
  • 7. Estate liquidity planning
Tax Laws- Tax Laws
  • 1. Estate planning tax provisions
  • 2. Estate tax calculations
  • 3. Tax minimization strategies
  • 4. Federal gift tax
  • 5. Federal estate tax
Estate Planning Concepts- Estate Planning Concepts
  • 1. Wills
  • 2. Asset titling
  • 3. Property ownership
  • 4. Probate
  • 5. Trusts
  • 6. Asset protection strategies
  • 7. Transfer mechanisms
  • 8. Beneficiary designations
Legal Principles- Legal Principles
  • 1. Contract law
  • 2. Trust law
  • 3. Property law
  • 4. Estate administration
  • 5. Role of executors and trustees
  • 6. Powers of attorney

American College Fundamentals of Estate Planning test Sample Questions:

Question #1

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

  • A. designate who shall enjoy the trust income
  • B. change the trustremainderpersons
  • C. terminate the trust
  • D. add principal to the trust
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #2

All the following trust provisions avoid causing the inclusion of an irrevocable life insurance trust in an insured's gross estate EXCEPT

  • A. a trustee's power to pay estate expenses
  • B. a trust beneficiary's power to withdraw contributions to the trust
  • C. a trustee's power to purchase assets from the estate at the trustee's discretion
  • D. a trustee's power to loan assets to the estate at the trustee's discretion
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

Which of the following statements concerning marital transfers to a non-U.S. citizen spouse is (are) correct?
1.A marital deduction is automatically available as long as property is transferred outright to the non-citizen spouse.
2.A marital deduction is automatically available if the transferor-decedent spouse is a U.S. citizen.

  • A. Neither 1 nor 2
  • B. 2 only
  • C. 1 only
  • D. Both 1 and 2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #4

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?
1.Lump-sum distributions of payments attributable to the employer's contributions are excluded from the gross estate.
2.Lump-sum distributions of payments attributable to the decedent-employee's contributions are excluded from the gross estate.

  • A. Neither 1 nor 2
  • B. 2 only
  • C. 1 only
  • D. Both 1 and 2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #5

All the following statements concerning the ownership of real property as joint tenants with right of survivorship are correct EXCEPT:

  • A. If the joint tenants are two brothers and each contributed one half the property's purchase price, only one half the property's value will be in the estate of the first brother to die if his executor proves that the other brother contributed half of the purchase price.
  • B. If the joint tenants are brother and sister, no portion of the value of the property will be in the sister's estate if she dies first provided her executor proves that the brother contributed all the funds.
  • C. If three sisters inherited property as joint tenants with right of survivorship, the entire value of the property will be in the estate of the first sister to die.
  • D. If the joint tenants are husband and wife, because this is a qualified joint interest, one half the value of the property will be in the estate of the first spouse to die regardless of which spouse contributed to the purchase price.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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