Comments on: How to act for an incapacitated Savings Bond owner http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/ Wed, 08 Feb 2012 22:03:10 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-71966 Fri, 28 May 2010 14:19:04 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-71966 Molly - Probate laws differ from state to state, so consulting a lawyer was the right thing to do. If the value of the Savings Bonds is higher than the probate threshold, then there's no alternative to probate. You would consult an attorney to begin that process. There are a number of confusing factors here, however. Who died last, your mother or your brother? Is the OR between their names or POD? Are you going to have the registration changed to your father's name or are your going to cash the bonds? Are you aware of the income tax implications of cashing them? And, of course, what is the total value of the bonds? If you or your father spent a weekend reading <a href="http://www.amazon.com/dp/0976064537?tag=alert-20" rel="nofollow" rel="nofollow">my book</a> you'd find it very helpful. Tom Adams Molly - Probate laws differ from state to state, so consulting a lawyer was the right thing to do. If the value of the Savings Bonds is higher than the probate threshold, then there's no alternative to probate. You would consult an attorney to begin that process.

There are a number of confusing factors here, however. Who died last, your mother or your brother? Is the OR between their names or POD? Are you going to have the registration changed to your father's name or are your going to cash the bonds? Are you aware of the income tax implications of cashing them? And, of course, what is the total value of the bonds?

If you or your father spent a weekend reading my book you'd find it very helpful.

Tom Adams

]]> by: molly Phillips http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-71828 Thu, 27 May 2010 18:52:28 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-71828 I have several savings bonds that are in my deceased Mother and deceased Brother names that I need to cash. In both cases neither my mother nor my brother had wills indicating what to do with the savings bonds. My father is still living and I feel he should recieve the money. I have spoke to an attorney who states it needs to go to probate. can you please advise me is there a way around probate or how to begin the probate process if no other way to cash. I have been to the bank and still will not give to my father even though my parents were still married when my mother passed. thank you molly phillips I have several savings bonds that are in my deceased Mother and deceased Brother names that I need to cash. In both cases neither my mother nor my brother had wills indicating what to do with the savings bonds. My father is still living and I feel he should recieve the money. I have spoke to an attorney who states it needs to go to probate. can you please advise me is there a way around probate or how to begin the probate process if no other way to cash. I have been to the bank and still will not give to my father even though my parents were still married when my mother passed. thank you molly phillips

]]> by: Tom Adams http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-67035 Mon, 19 Apr 2010 14:46:40 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-67035 Jack - if you have Power of Attorney, you don't need the 2513 form. On the other hand, your bank and the Treasury are going to want to be sure everything is correct before they hand you $400,000. Since you just found the Savings Bonds, I assume the Power of Attorney doesn't specifically mention Savings Bonds. If it did, there would be no question that you could cash the bonds using <a href="http://www.savings-bond-advisor.com/redeeming-100-savings-bonds/" rel="nofollow">the form for handling many bonds with one signature</a>. Typically you'd just present that form before a bank officer and sign for your mother as the POA, then send in the form with the bonds. If your POA doesn't specifically mention Savings Bonds, my best advice for you is to <a href="http://www.savings-bond-advisor.com/ask-tom-a-question/" rel="nofollow">email the Treasury</a> and ask it how to proceed. Tom Adams Jack - if you have Power of Attorney, you don't need the 2513 form. On the other hand, your bank and the Treasury are going to want to be sure everything is correct before they hand you $400,000.

Since you just found the Savings Bonds, I assume the Power of Attorney doesn't specifically mention Savings Bonds. If it did, there would be no question that you could cash the bonds using the form for handling many bonds with one signature. Typically you'd just present that form before a bank officer and sign for your mother as the POA, then send in the form with the bonds.

If your POA doesn't specifically mention Savings Bonds, my best advice for you is to email the Treasury and ask it how to proceed.

Tom Adams

]]> by: Jack Garamella http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-66652 Sat, 17 Apr 2010 16:30:02 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-66652 I have a durable power of atty from my mentally and physically incapacitated mother who has about 400 Bonds from the 70's that are presently worth @ $400,000. Since these Bonds (just discovered) are not accruing interest, I would like to cash them now. None of the Treasury Forms seem applicable because my mother cannot sign and Form PD F 2513 E limits the redemption to $20,000 for ALL of the owner's Bonds. How do I cash the Bonds? I have a durable power of atty from my mentally and physically incapacitated mother who has about 400 Bonds from the 70's that are presently worth @ $400,000. Since these Bonds (just discovered) are not accruing interest, I would like to cash them now. None of the Treasury Forms seem applicable because my mother cannot sign and Form PD F 2513 E limits the redemption to $20,000 for ALL of the owner's Bonds. How do I cash the Bonds?

]]> by: Tom Adams http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-64411 Mon, 29 Mar 2010 16:04:15 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-64411 Joseph - use <a href="http://www.treasurydirect.gov/forms/sav5336.pdf" rel="nofollow">this form</a> to cash the bond. Instructions are on the form. Tom Adams Joseph - use this form to cash the bond. Instructions are on the form.

Tom Adams

]]> by: Joseph H DeSantis III http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-64223 Fri, 26 Mar 2010 18:01:25 +0000 http://www.savings-bond-advisor.com/incapacitated-savings-bond-owner-and-power-of-attorney/#comment-64223 I have a $25.00 series E bond that belonged to my father who passed away in Jan. 1982. I was buried in some paperwork and just recently found. I have a copy of his death certificate, but not the original. What do I need to do to be able to redeem this bond? The date on the bond is June, 1953. Thank you. I have a $25.00 series E bond that belonged to my father who passed away in Jan. 1982. I was buried in some paperwork and just recently found. I have a copy of his death certificate, but not the original. What do I need to do to be able to redeem this bond? The date on the bond is June, 1953. Thank you.

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