All the following statements concerning life time gifts are correct EXCEPT:

If a wealthy widower lives more than 3 years after making a taxable gift to his sister, the value of the gift has no effect on his federal estate tax liability.

The amount of gift tax paid within 3 years of death is included in the gross estate.

A substantial amount of property may be given away over a period of time without the imposition of the federal gift tax because of the annual exclusion.

Gifts of life insurance within 3 years of death are included in the donor-insured's gross estate.

Which of the following acts by a person other than a lawyer is clearly an unauthorized practice of law?

A sister drafts a will for her brother using printed forms.

A trust officer gives a client advice about the taxation of a trust.

A CPA designs an estate plan for presentation to a client.

A CLU explains to a client how a life insurance policy may solve estate liquidity needs.

A father died leaving his properly equally to his wealthy son and his poor daughter. The son wishes to disclaim his share of the inheritance so that it will pass to his sister without his incurring any gift tax liability. In this situation, all the following acts on the part of the son are required EXCEPT:

His refusal to accept the inheritance must direct specifically that his sister is to receive it instead.

His refusal to accept the inheritance must be in writing.

His refusal to accept the inheritance must be received by the executor of his father's estate within 9 months of his father's death.

He must not have received any part of his inheritance or any income from it prior to his refusal to accept it.

Free American College HS330 Exam Practice Questions & Explanations

Last updated on: Sep 23, 2026
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