Comments on: Executor's options http://www.savings-bond-advisor.com/executors-options/ Fri, 08 Aug 2008 00:22:47 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/executors-options/#comment-20821 Fri, 16 May 2008 15:15:14 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-20821 MJ - You are correct, you will get the bill for all the taxes. You don't say whether your mother is still alive. If so, she can change the registration - look through this <a href="HH bonds were discontinued in 2004 and" rel="nofollow">list of posts</a> for the form and information you need. If she has passed, then the only fair thing to do is cash the bonds, hold back what you need for the taxes, and split what's left. Nancy - The only thing you can do is turn the bonds over to the lost property department of your state's Attorney General's office. Include a note letting them know the first-named owner has died. Tom Adams MJ - You are correct, you will get the bill for all the taxes. You don't say whether your mother is still alive. If so, she can change the registration - look through this list of posts for the form and information you need. If she has passed, then the only fair thing to do is cash the bonds, hold back what you need for the taxes, and split what's left.

Nancy - The only thing you can do is turn the bonds over to the lost property department of your state's Attorney General's office. Include a note letting them know the first-named owner has died.

Tom Adams

]]> by: Nancy Everhart http://www.savings-bond-advisor.com/executors-options/#comment-20788 Thu, 15 May 2008 22:38:36 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-20788 A friend had purchased some I bonds POD to a friend. She has now died and the friend has not been located by the police or the medical examiner. What can we do with the bonds? Do her next of kin inherit them? They live out of the country so how do they redeem them? A friend had purchased some I bonds POD to a friend. She has now died and the friend has not been located by the police or the medical examiner. What can we do with the bonds? Do her next of kin inherit them? They live out of the country so how do they redeem them?

]]> by: MJ McEachern http://www.savings-bond-advisor.com/executors-options/#comment-20781 Thu, 15 May 2008 17:52:29 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-20781 Over several years my mother purchased savings bonds (I believe that they are series EE)with me as the benificary. She intended that I split them evently with my siblings. My concern is that when they are cashed I will be hit with all the taxes. Is there any way I can transfer ownership without my receiving all of the tax hit. Thank you for your anticipated assistance. Sincerely MJ, Midland MI Over several years my mother purchased savings bonds (I believe that they are series EE)with me as the benificary. She intended that I split them evently with my siblings. My concern is that when they are cashed I will be hit with all the taxes. Is there any way I can transfer ownership without my receiving all of the tax hit. Thank you for your anticipated assistance.

Sincerely
MJ, Midland MI

]]> by: Tom Adams http://www.savings-bond-advisor.com/executors-options/#comment-20766 Thu, 15 May 2008 12:29:31 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-20766 Oscar - If the word "OR" appears their names, your daughter can cash it easily. If the word "POD" (payable on death) appears, she will need a copy of her grandmother's death certificate. Tom Adams Oscar - If the word "OR" appears their names, your daughter can cash it easily. If the word "POD" (payable on death) appears, she will need a copy of her grandmother's death certificate.

Tom Adams

]]> by: oscar meiggs http://www.savings-bond-advisor.com/executors-options/#comment-20693 Wed, 14 May 2008 19:27:46 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-20693 My daughter was given a series ee bond by her grandmother. The bond was in her grandmother's name and her name. Her grandmother is deceased. Will she have any problems cashing it? My daughter was given a series ee bond by her grandmother. The bond was in her grandmother's name and her name. Her grandmother is deceased. Will she have any problems cashing it?

]]> by: Tom Adams http://www.savings-bond-advisor.com/executors-options/#comment-19517 Mon, 21 Apr 2008 14:15:23 +0000 http://www.savings-bond-advisor.com/executors-options/#comment-19517 Hi Nancy - because of the way the bonds were registered, they belong to your uncle. The bonds never belonged to your grandmother and should not have been included in her estate (I doubt they were). Although she put up the money and had possession of them, your father was always the owner of the three bonds with his name on them. When he died, the POD ("payable on death" or beneficiary declaration) made his brother the owner of those bonds. You do have to include the bonds in your father's estate for estate-tax purposes, but only your uncle (or his heirs) can cash the bonds. Tom Adams Hi Nancy - because of the way the bonds were registered, they belong to your uncle.

The bonds never belonged to your grandmother and should not have been included in her estate (I doubt they were).

Although she put up the money and had possession of them, your father was always the owner of the three bonds with his name on them. When he died, the POD ("payable on death" or beneficiary declaration) made his brother the owner of those bonds.

You do have to include the bonds in your father's estate for estate-tax purposes, but only your uncle (or his heirs) can cash the bonds.

Tom Adams

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