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American College Fundamentals of Estate Planning test Sample Questions:

1. A father plans to create a trust for the benefit of his 22-year-old son and wishes to take advantage of the gift tax annual exclusion. He has named a bank as trustee. Which of the following trust provisions would cause the gifts to be ineligible to qualify for the gift tax annual exclusion?
1.The trust income is to be paid to the son or accumulated at the discretion of the trustee.
2.The income is to be accumulated until the son reaches age 32 when all accumulated income and principal are to be distributed to him.

A) Both 1 and 2
B) 2 only
C) 1 only
D) Neither 1 nor 2

2. A married man died this year leaving a gross estate of $2,700,000. Some additional facts concerning his estate are:
*Administration expenses and debts $300,000
*Marital deduction 800,000
*Applicable credit amount (2005) 555,800
*Applicable exclusion amount (2005) 1,500,000
*State death taxes payable 17,700
Under the Unified Rate Schedule for computing estate taxes if the amount with respect to which the tentative tax to be computed is over $1,000,000 but not over $1,250,000, the tentative tax is $345,800, plus 41 percent of the excess of such amount over $1,000,000. If the amount is over $1,250,000 but not over $1,500,000, the tentative tax is then $448,300, plus 43 percent of the excess of such amount over $1,250,000. If the amount is over $1,500,000 but not over $2,000,000 the tentative tax is then $555,800 plus 45% of the excess of such amount over $1,500,000. Based on these facts, the net federal tax payable is

A) $47,065
B) $42,865
C) $37,035
D) 0

3. All the following transfers are subject to the generation-skipping transfer tax (GSTT) EXCEPT:

A) A termination of a trust at the death of thenonskip life income beneficiary with the remainder distributed solely to skip persons.
B) A direct cash payment of $28,000 from a grandparent to a private prep school to cover the tuition costs for her grandchild.
C) A distribution to a grandchild from a sprinkle trust created by a grandparent to benefit both skip and non-skip beneficiaries.
D) A direct cash gift of $50,000 from a grandparent to his grandchild if such grandchild's parents are still alive.

4. 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) $500,000
B) $220,000
C) $520,000
D) $400,000
What amount of the family property will be included in Mr. Allen's gross estate for federal estate tax purposes?

5. 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) Both 1 and 2
B) 2 only
C) 1 only
D) Neither 1 nor 2

Solutions: