HS330 exam dumps

American College HS330 Value Package

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  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test
  • No. of Questions: 400 Questions and Answers
  • Updated: Sep 12, 2026

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American College HS330 Exam Syllabus Topics:

SectionObjectives
Introduction to Estate Planning- Purpose and objectives of estate planning
  • 1. Wealth transfer goals
    • 2. Family and beneficiary considerations
      Wills and Probate- Wills
      • 1. Types and requirements of valid wills
        • 2. Will execution and amendment
          - Probate process
          • 1. Role of executor and courts
            • 2. Estate administration
              Estate and Gift Taxation- Gift tax rules
              • 1. Annual and lifetime exclusions
                • 2. Taxable gifts and reporting
                  - Federal estate tax system
                  • 1. Exemptions and tax thresholds
                    • 2. Tax calculation principles
                      Property Transfer and Liquidity Planning- Estate liquidity strategies
                      • 1. Life insurance in estate planning
                        • 2. Asset liquidation considerations
                          - Non-probate transfers
                          • 1. Joint ownership structures
                            • 2. Beneficiary designations
                              Trusts- Trust taxation and control
                              • 1. Asset protection and control strategies
                                • 2. Tax treatment of trusts
                                  - Trust fundamentals
                                  • 1. Types of trusts (revocable and irrevocable)
                                    • 2. Trust parties and responsibilities

                                      American College Fundamentals of Estate Planning test Sample Questions:

                                      Which of the following statements concerning the valuation of intangible personal property in the gross estate of a decedent is correct?

                                      • A. Valuing closely held stock requires the consideration of several factors outlined by IRS rulings.
                                      • B. When a minority stockholder in a closely held corporation dies, his stock is valued on the basis of the "blockage" rule.
                                      • C. If there were no trades of a listed common stock on the date of the stockholder's death, the stock's value is based on its average daily price for the previous month prior to the shareholder's death.
                                      • D. Certain U.S. Treasury bonds that are used to pay federal estate taxes at par are valued at their market price on the date of death of the owner.
                                      Answer: A

                                      A mother died leaving her property equally to her wealthy daughter and her poor son. The daughter wishes to disclaim her share of the inheritance so that it will pass to her brother without her incurring any gift tax liability. Assume that the disclaimer is written, is timely, and is irrevocable. Which of the following statements concerning an additional requirement of a qualified disclaimer is (are) correct?
                                      1.The daughter refusal must direct specifically that her brother is to receive her inheritance.
                                      2.The daughter must not have received any part of her inheritance or any income from it prior to her refusal to accept it.

                                      • A. 2 only
                                      • B. Both 1 and 2
                                      • C. Neither 1 nor 2
                                      • D. 1 only
                                      Answer: A

                                      A man is planning to establish and fund an irrevocable trust for the benefit of his two sons, ages 19 and 22, and plans to give the trustee power to sprinkle trust income. From the standpoint of providing federal income, gift, and estate tax savings, which of the following would be a suitable trustee?
                                      1.The grantor of the trust
                                      2.The grantor's 22-year-old son

                                      • A. 2 only
                                      • B. Both 1 and 2
                                      • C. Neither 1 nor 2
                                      • D. 1 only
                                      Answer: C

                                      An executor elects to value the assets of the estate at the alternative valuation date 6 months after death. Which of the following statements concerning the estate tax value of assets included in this estate is correct?

                                      • A. Property distributed under the will before the alternate valuation date is valued at the date of death.
                                      • B. Property that has increased in value since the date of death may be valued at the date of death if the executor so elects.
                                      • C. Property sold before the alternate valuation date is valued at the alternate valuation date.
                                      • D. An annuity included in the gross estate that diminishes with the mere passage of time is includible at the date of death value.
                                      Answer: D

                                      All the following statements concerning an estate for a term of years are correct EXCEPT:

                                      • A. An interest may extend beyond the lifetime of the grantor.
                                      • B. The tenant has the right to possess the property during the term of his interest.
                                      • C. It is an interest in property established for a specific duration.
                                      • D. The tenant may transfer the property at the end of the term of his interest.
                                      Answer: D

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