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American College Fundamentals of Estate Planning test Sample Questions:

1. A father wants to accumulate funds for his 12-year-old son's college education. On the advice of his attorney, the father establishes an IRC Section 2503(c) trust and funds it with annual gifts. All the following statements concerning this arrangement are correct EXCEPT:

A) The trust must be irrevocable.
B) The father's annual gift tax exclusion must be reduced by any amount used to pay college tuition costs.
C) Any accumulated income and all trust principal must be available for distribution to the son when he attains age 21.
D) In the event of the son's death prior to age 21, trust assets must either be payable to the son's estate or be subject to a general power of appointment held by the son.

2. Which of the following statements concerning charitable remainder unitrusts is correct?

A) No further contributions may be made to aunitrust after the initial payment.
B) A fixed percentage of not less than 10 percent of the net fair market value of the trust assets is paid to thenoncharitable beneficiaries.
C) The remainder interest is paid to the qualified charity after a term of years not greater than 15 years.
D) The net fair market value of the trust assets are revalued annually.

3. When the owner of a closely held business dies, the payment of a portion of the federal estate tax may be deferred for a period of several years if the estate otherwise qualifies under the provisions of IRC Section 6166. Which of the following statements concerning this deferral of federal estate tax is correct?

A) To qualify for the tax deferral, the closely held business must represent more than 50 percent of the value of the decedent's adjusted gross estate.
B) The interest on the unpaid estate tax is payable over the first 10 years, after which the tax plus interest on the balance is payable in equal installments for the last 5 years.
C) The interest rate on the deferred tax is determined by the prime rate in effect on the date of death.
D) Under certain circumstances, the estate will forfeit its right to tax deferral, and all the remaining unpaid estate tax will become due and payable immediately.

4. A married man is the sole owner of a small business with an estate tax value of $500,000. In addition, he and his wife own an office building as joint tenants with right of survivorship which they purchased five years ago. The building has an estate tax value of $1,500,000. They are considering dissolving the joint tenancy and retitling the building in the name of the husband as sole owner. All the following statements concerning this action are correct EXCEPT:

A) If the husband dies first, the probate costs of his estate could be increased.
B) At the husband's death, it would be easier to qualify his estate for an IRC Section 303 stock redemption of his business interest.
C) At the husband's death, his heirs would get a fully stepped-up tax basis for the property.
D) If the husband dies first and leaves the office building outright to his wife, there would be no federal estate tax attributed to its inclusion in his gross estate.

5. All the following statements concerning a grantor-retained annuity trust (GRAT) or a grantor-retained unitrust (GRUT) are correct EXCEPT:

A) Post-transfer appreciation of property transferred to these trusts is excluded from the grantor's gross estate.
B) After the initial transfer to a GRAT, the grantor is prohibited from making additional contributions to the trust.
C) For gift tax purposes a grantor's retained interest in these trusts is valued at zero.
D) A grantor receives an annual payout from a GRUT that is based on the value that the trust grows or contracts to each year.

Solutions: