American College HS330 : Fundamentals of Estate Planning test

  • Exam Code: HS330
  • Exam Name: Fundamentals of Estate Planning test
  • Updated: Oct 21, 2026
  • Q & A: 400 Questions and Answers

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American College HS330 Exam Syllabus Topics:

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

American College Fundamentals of Estate Planning test Sample Questions:

Question #1

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 of property in which the decedent retained the power to revoke the transfer with the consent of another person
  • B. a gratuitous transfer of property taking effect at the decedent's death
  • C. 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
  • 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  🗳️

Question #2

The estate planning process includes all the following activities EXCEPT

  • A. the selection of the estate plan by the financial planner
  • B. designing a client's new estate plan
  • C. gathering a client's family and financial data
  • D. evaluating a client's present estate plan
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

Question #3

All the following statements concerning qualification of property for the federal estate tax marital deduction are correct EXCEPT:

  • A. The property interest passing to the surviving spouse must be includible in the decedent's gross estate.
  • B. The property received by a surviving spouse after a successful will contest fails to qualify.
  • C. The surviving spouse must receive the property as the beneficial owner rather than as a trustee for someone else.
  • D. The property interest must be includible in the surviving spouse's estate at death unless consumed or given away.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

Question #4

Which of the following statements concerning the gift or estate tax charitable deduction is (are) correct?
1.If the donor retains an interest in property contributed to a qualified charity during lifetime, the value of the property may be included in the donor gross estate.
2.An estate tax charitable deduction is allowed for the full value of property transferred to a qualified charity but only if the property is included in the donor gross estate.

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

Correct Answer: D  🗳️

Question #5

Important factors in assessing liquidity needs in estate planning include which of the following?
1.The types of assets that comprise the estate
2.The date of drafting the will

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

Correct Answer: B  🗳️

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