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American College Fundamentals of Estate Planning test Sample Questions:

1. All the following statements concerning a federal estate tax deduction for a bequest or gift to a qualified charity are correct EXCEPT:

A) The amount of a charitable deduction is reduced by any taxes and administrative expenses chargeable against the bequest.
B) An estate may deduct the value of the remainder interest in a charitable remainder trust.
C) A life insurance policy that was assigned to a charity as a gift less than 3 years prior to the insured's death qualifies for a charitable deduction.
D) The amount of a charitable deduction may not exceed 50 percent of a decedent's adjusted gross estate.

2. Mr. Allen died early this year survived by his spouse Mrs. Allen. Among the items of family property are:
1.A $300,000 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 $400,000. 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
$40,000 bank account. Mr. and Mrs. Allen own the account jointly with the right of survivorship even though Mrs. Allen made all the deposits.

A) $220,000
B) $400,000
What amount of the family property will be included in Mr. Allen's gross estate for federal estate tax purposes?
C) $520,000
D) $500,000

3. On January 1, 2004 a father gave his daughter a $150,000 straight (ordinary) life insurance policy on his life. Premiums are paid annually. The pertinent facts about the policy are:
Date of issue: July 1, 1992
Premium paid on July 1, 2003 $2,400
Terminal reserve on July 1, 2003 15,000
Terminal reserve on July 1, 2004 18,000
What is the value of the policy for federal gift tax purposes?

A) $17,400
B) $150,000
C) $16,200
D) $17,700

4. 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 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.
B) 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.
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 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.

5. A father is considering giving his daughter a gift. For tax planning purposes, the father should give his daughter which of the following?

A) Raw land that cost him $10,000, its present fair market value, but which has a substantial potential for appreciation
B) Stock that cost him $10,000 and which now has a fair market value of $20,000
C) Real estate that cost him $40,000 and is now worth $120,000, subject toa $110,000 mortgage
D) A bond that cost him $15,000 and is now worth $10,000

Solutions: