American College HS330 : Fundamentals of Estate Planning test

  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test
  • Updated: Sep 13, 2026
  • Q & A: 400 Questions and Answers

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American College HS330 Exam Syllabus Topics:

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

American College Fundamentals of Estate Planning test Sample Questions:

Question #1

All the following statements concerning an estate for a term of years are correct EXCEPT:

  • A. It is an interest in property established for a specific duration.
  • B. The tenant has the right to possess the property during the term of his interest.
  • C. The tenant may transfer the property at the end of the term of his interest.
  • D. An interest may extend beyond the lifetime of the grantor.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

Question #2

A number of states have passed statutes governing "living wills." Which of the following statements concerning a living will is (are) correct?
1.A living will is an alternative to an inter vivos trust under certain circumstances.
2.A living will is an oral will made by the testator during a final illness when it is impossible to write one.

  • A. Both 1 and 2
  • B. 1 only
  • C. 2 only
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

Question #3

Which of the following statements concerning pooled-income funds is (are) correct?
1.A pooled income fund is similar to a mutual fund maintained by a qualified charity.
2.It is an irrevocable arrangement in which the remainder interest passes to charity.

  • A. Both 1 and 2
  • B. 1 only
  • C. 2 only
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #4

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. 1 only
  • C. 2 only
  • D. Neither 1 nor 2
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #5

All the following items will be included in a decedent's gross estate at their date of death value for federal estate tax purposes EXCEPT

  • A. a gratuitous lifetime transfer in which the decedent retained a reversionary interest on the date of death equivalent to more than 5 percent of the value of the property
  • B. a gratuitous transfer of property taking effect at the decedent's death
  • C. a gratuitous lifetime transfer of property in which the decedent retained the power to revoke the transfer with the consent of another person
  • D. a no-refund life annuity payable to the decedent that was purchased by the decedent from a life insurance company
Reveal Solution  Discussion  0

Correct Answer: D  🗳️

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