Comments on: Inheriting US Savings Bonds http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/ Fri, 12 Mar 2010 16:33:31 +0000 http://wordpress.org/?v=2.0.4 by: Tom Adams http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-45064 Wed, 15 Jul 2009 16:42:43 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-45064 Eric - This seems like such a simple question, but it's not. It depends on the value of the bond, whether your wife's grandfather's estate was handled by a probate court or not, and other factors. For example, if there is probate court involvement, the executor of the estate needs to handle this, not your wife. If there was no probate court involvement, your wife can probably use <a href="http://www.treasurydirect.gov/forms/sav5336.pdf" rel="nofollow">this form</a>, although if the value of the bonds is more than $10,000, it will be worth it to her to spend a weekend reading <a href="http://www.amazon.com/dp/0976064537?tag=alert-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=0976064537&adid=0KV6Q8QDMTAE44C76NPP&" rel="nofollow">my book</a>. Tom Adams Eric - This seems like such a simple question, but it's not. It depends on the value of the bond, whether your wife's grandfather's estate was handled by a probate court or not, and other factors. For example, if there is probate court involvement, the executor of the estate needs to handle this, not your wife. If there was no probate court involvement, your wife can probably use this form, although if the value of the bonds is more than $10,000, it will be worth it to her to spend a weekend reading my book.

Tom Adams

]]> by: Eric M http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-45048 Tue, 14 Jul 2009 20:16:46 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-45048 My wife's grandfather passed away in January, her mother about 2 years ago. His name appears first on the bond, with pod to my wife's mother. The paper certificates were given to my wife to redeem? What documentation is required for my wife to redeem these mature savings bonds? My wife's grandfather passed away in January, her mother about 2 years ago. His name appears first on the bond, with pod to my wife's mother. The paper certificates were given to my wife to redeem? What documentation is required for my wife to redeem these mature savings bonds?

]]> by: Tom Adams http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-38259 Tue, 31 Mar 2009 14:08:42 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-38259 Martha - This is a complicated situation and how you handle it can save or cost you real money. It's worth investing a little time in doing it correctly. You should spend a weekend reading <a href="http://www.amazon.com/dp/0976064537?tag=alert-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=0976064537&adid=1PKZA3QBG2Z74C7YNJQW&" rel="nofollow">my book</a>. It will guide you through the options you have in terms of reissuing the bonds and what documentation you will need. There are tax implications depending on the choices you make. The age of the bonds can also make a difference in finding your best option. Tom Adams Martha - This is a complicated situation and how you handle it can save or cost you real money. It's worth investing a little time in doing it correctly. You should spend a weekend reading my book. It will guide you through the options you have in terms of reissuing the bonds and what documentation you will need. There are tax implications depending on the choices you make. The age of the bonds can also make a difference in finding your best option.

Tom Adams

]]> by: Martha Quinn http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-38223 Mon, 30 Mar 2009 20:17:04 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-38223 My father passed away in December, 2008 and my mother passed away in 2000. His safe deposit box has multiple bonds in it. They are all in his name only. I have been appointed personal representative of his estate. My question is, what is the correct form to fill out to only have the name changed on the bonds and not to be cashed in (I have been told that they are the older bonds that will continue to accrue interest versus only reaching face value). My father passed away in December, 2008 and my mother passed away in 2000. His safe deposit box has multiple bonds in it. They are all in his name only. I have been appointed personal representative of his estate.

My question is, what is the correct form to fill out to only have the name changed on the bonds and not to be cashed in (I have been told that they are the older bonds that will continue to accrue interest versus only reaching face value).

]]> by: Tom Adams http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-35555 Mon, 02 Feb 2009 15:56:49 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-35555 Hi Debra - Since your name wasn't on the bonds, you shouldn't have been able to cash them unless you were acting as your father's representative using a Power of Attorney or other legal document. And in that case the 1099 should have been issued in your father's SSN, not yours. So legally the income should go on your father's final return. But you got the 1099. There's a way to deal with this, but unless moving the tax from you to him is going to save enough to pay for the tax advice on how to do it, it's probably not worth it. If it is worth it, my book has the details on how to do it. Tom Adams Hi Debra - Since your name wasn't on the bonds, you shouldn't have been able to cash them unless you were acting as your father's representative using a Power of Attorney or other legal document. And in that case the 1099 should have been issued in your father's SSN, not yours. So legally the income should go on your father's final return. But you got the 1099.

There's a way to deal with this, but unless moving the tax from you to him is going to save enough to pay for the tax advice on how to do it, it's probably not worth it. If it is worth it, my book has the details on how to do it.

Tom Adams

]]> by: Debra M Boston http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-35464 Sat, 31 Jan 2009 15:21:06 +0000 http://www.savings-bond-advisor.com/inheriting-us-savings-bonds/#comment-35464 I was the POA for my dad's estate. My sister died in September 2008. My dad had me cash the bonds that were in her name and his and give the money to her son. My dad died in October 2008. I have received a 1099 for the interest. Does this go on my taxes?? I was the POA for my dad's estate. My sister died in September 2008. My dad had me cash the bonds that were in her name and his and give the money to her son. My dad died in October 2008. I have received a 1099 for the interest. Does this go on my taxes??

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