About Tom Adams Expertise I can answer questions about US Savings Bonds - current value, current interest rates, how to get them redeemed, what to do if they are lost or stolen, how to buy them online, etc...
Experience Experience in the area I am the author of the best-selling book about Savings Bonds,
Savings Bond Advisor.
Expert: Tom Adams Date: 12/1/2007 Subject: Inherited Savings Bonds, Value over $100, 000.
Question What is the best way to cash these in? They belonged to deseased parents. Will stipulates 2 siblings share.
Total present value of savings bonds is over $200,000. Interest is over $100,000. 1) Must this go to probate?
2) Where does the tax responsibility fall? What's the best way to handle taxes?
Answer Hi Peggy - yes, this has to go through probate. If you live in a state that has an estate tax, you should get the taxes on your parent's final return, which will lower the value of the estate. There's no way to cash them until an Executor is assigned by the probate court.
Details are in my book. In your case, a weekend reading it would be quite valuable to you. It's called Savings Bond Advisor and it's available from Amazon.com
