Vendor: American College
Exam Code: HS-330
Exam Name: Fundamentals of Estate Planning Test
Certification: American College Certifications
Total Questions: 400 Q&A
Updated on:
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Limited interests in property include all the following EXCEPT A. life estates
B. remainder interests
C. fee simple estates
D. reversionary interests
Which of the following life insurance settlement options will qualify for the federal estate tax marital deduction?
1.
Proceeds left to the surviving spouse under the interest option, with interest payable to the surviving spouse who has the unrestricted right to withdraw proceeds and with any proceeds not withdrawn payable equally to her children per stirpes
2.
Proceeds left to the surviving spouse under an installment option, with any installments remaining at her death to be commuted and paid to her estate
A. Both 1 and 2
B. Neither 1 nor 2
C. 2 only
D. 1 only
To determine whether a taxable gift has been made, the IRS focuses on all the following factors EXCEPT:
A. Was the transferred property real property or personal property?
B. Was the value of the gift property in excess of the annual per-donee exclusion?
C. Did the donor absolutely, irrevocably, and currently divest himself of dominion and control over the property?
D. Was the property transferred for less than an adequate and full consideration in money or money's worth?
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