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American College HS330 Exam Syllabus Topics:

SectionObjectives
Topic 1: Tax Laws- Tax Laws
  • 1. Estate planning tax provisions
  • 2. Federal gift tax
  • 3. Tax minimization strategies
  • 4. Federal estate tax
  • 5. Estate tax calculations
Topic 2: Estate Planning Concepts- Estate Planning Concepts
  • 1. Trusts
  • 2. Beneficiary designations
  • 3. Transfer mechanisms
  • 4. Asset protection strategies
  • 5. Probate
  • 6. Asset titling
  • 7. Property ownership
  • 8. Wills
Topic 3: Financial Planning Strategies- Financial Planning Strategies
  • 1. Estate liquidity planning
  • 2. Risk management
  • 3. Asset allocation
  • 4. Business succession planning
  • 5. Charitable giving
  • 6. Life insurance strategies
  • 7. Investment planning
Topic 4: Legal Principles- Legal Principles
  • 1. Contract law
  • 2. Powers of attorney
  • 3. Property law
  • 4. Trust law
  • 5. Estate administration
  • 6. Role of executors and trustees

American College Fundamentals of Estate Planning test Sample Questions:

1. Which of the following statements concerning the so-called "kiddie-tax" on unearned income of children under age 14 is (are) correct?
1.The rules apply to earned income of the children.
2.The rules apply to trust income received by a child under age 14 only if the trust was established by the child's parents.

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


2. A wife owns a $100,000 life insurance policy on her husband's life. She has named her son the revocable beneficiary. Which of the following statements concerning the life insurance is (are) correct?
1.At the husband's death, the interpolated terminal reserve of the policy is a gift to the son.
2.The annual increase in the cash value is a gift to the son.

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


3. Limited interests in property include all the following EXCEPT

A) reversionary interests
B) fee simple estates
C) life estates
D) remainder interests


4. If a grantor establishes an irrevocable trust, the income of the trust will be taxed to the grantor if it is used to pay premiums for life insurance on the life of

A) the father of the grantor
B) the spouse of the grantor
C) a child of the grantor
D) a grandchild of the grantor


5. Which of the following statements concerning property is (are) correct?
1.A mortgage on real estate is real property.
2.A tree growing on land is real property.

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


Solutions:

Question # 1
Answer: C
Question # 2
Answer: C
Question # 3
Answer: B
Question # 4
Answer: B
Question # 5
Answer: D

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