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American College Fundamentals of Estate Planning test Sample Questions:

1. A father died leaving his property equally to his wealthy son and his poor daughter. The son wishes to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part of the son are required EXCEPT:

A) His refusal to accept the inheritance must be in writing.
B) His refusal to accept the inheritance must be received by the executor of his father's estate within 9 months of his father's death.
C) His refusal to accept the inheritance must direct specifically that his sister is to receive it instead.
D) He must not have received any part of his inheritance or any income from it prior to his refusal to accept it.

2. 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?

A) $300,000
B) $360,000
C) $160,000
D) $350,000

3. The federal gift tax is

A) a tax on the right of thedonee to receive the property
B) levied directly on the gift
C) a tax on the right of the donor to make the gift
D) a flat tax based on gifts made in any taxable year

4. Mr. Barlow died early this year. Under the terms of his will he left all his real estate and tangible personal property to his son. All the remainder of his probate estate was left to his wife, Mrs.
Barlow. The following is a list of Mr. Barlow's probate assets and their fair market values at the time of his death:
*Commercial real estate $200,000
*Furniture and fixtures 100,000
*Listed common stock 150,000
*Notes receivable 250,000
In addition, Mrs. Barlow owned a $400,000 life insurance policy on Mr. Barlow's life with Mr. Barlow's estate designated as beneficiary. Based on this information, what is the amount of property in Mr. Barlow's estate qualifying for the federal estate tax marital deduction?

A) $1,100,000
B) $800,000
C) $400,000
D) $150,000

5. All the following statements concerning a grantor-retained unitrust (GRUT) are correct EXCEPT:

A) The transfer of the remainder interest in the trust is a current gift for gift tax purposes.
B) When the grantor dies during the retained interest term, the estate tax benefits are increased.
C) The grantor's applicable credit amount may be applied to the gifted remainder interest in the trust.
D) When the trust is created, the grantor makes an irrevocable transfer toremainderperson(s).

Solutions: