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American College Fundamentals of Estate Planning test Sample Questions:

1. Which of the following statements concerning the generation-skipping transfer tax (GSTT) is correct?

A) Tuition payments made by a grandparent directly to a university for a grandchild's education are exempt from GSTT.
B) The annual exclusion against GSTT shelters gifts by a grandparent to a trust benefitting multiple grandchildren.
C) The lifetime exemption shelters a maximum of $1 million of transfers to grandchildren from GSTT for the current year.
D) The GSTT rate applicable to a transfer depends upon the amount of the gift.

2. 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:

A) The surviving spouse must be given a lifetime right to receive all the property's income at least annually.
B) No person can be given the right to direct that the property go to anyone other than the surviving spouse as long as the surviving spouse is alive.
C) The deceased spouse's executor must make an irrevocable election to have the property includible in the surviving spouse's gross estate.
D) The surviving spouse must make a qualified disclaimer to all other property in the deceased spouse's estate within 9 months of death.

3. All the following will be brought back into the donor's gross estate for federal estate tax purposes EXCEPT

A) an outright, gratuitous transfer of real property in contemplation of death
B) a gratuitous transfer of real property to a revocable intervivos trust
C) a gratuitous transfer of real property with a reserved right to use and enjoy it for life
D) the gift taxes paid last year on a gratuitous transfer of real property

4. Which of the following statements concerning the estate tax marital deduction is correct?

A) The marital deduction available to a decedent in a common-law state is limited to a maximum of $1 million.
B) The marital deduction available to a decedent in a common-law state is equal to one half the adjusted grossestate.
C) The marital deduction available to a decedent in a community-property state is equal to the total amount of community property.
D) The marital deduction available to a decedent in a common-law state is equal to the net amount of qualifying property passing to the surviving spouse.

5. 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) Assign the policy to his wife who will establish a revocable intervivos trust to receive the death proceeds
C) Establish a revocable intervivos trust and designate the trustee to receive death proceeds
D) Designate his wife as beneficiary and she will establish a testamentary trust in her will to receive the proceeds at her subsequent death

Solutions: