I have been getting savings bonds all of my life for birthdays, Christmas, etc...I know that I have some that were given by family members when I was born but I've never seen them. They're in my parents' safe deposit box at the bank and I never really thought to ask about them. I'm going to be 30 in about two months, so some of them may have matured already, but most probably have not and will not for a while (I remember most were either 25 or 30 year bonds). If we filed today and couldn't exempt them would the trustee take them and hold them until they matured? Would they just cash them immediately at whatever the value might be? Also, when my wife and I got married two years ago my mom gave us a 6 year CD for $600, so that's not mature yet either. How would that be viewed?
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You'd have to look up current value and report as such.
I was told that depending on how they are named, they might be partially owned by your parents-- which might help your exemptions. This may be due to local custom.
I have a slew of these and am curious about them as well- at least as far as if the estate would be subject to tax on the interest earned.
Would love to hear from others on this as this particular topic rarely comes up.
Keep On Smilin' -
I did some searching and very few topics came up with very few replies so I figured I'd post and see if any new information came up. The only reason I haven't valued them yet is that we're not going to file until about a year from now and we haven't wanted to break the news to my parents yet. I know that they're going to be upset (probably not "at" us, but rather "for" us) and don't really want to lay this on them just yet. That said, I'd be pretty surprised if I had over say $3K worth of bonds. Typically I'd get $100 for my birthday, $100 for Christmas (just from mom and dad) and then a smattering of $50s and $100s at milestones (birth, first communion, confirmation, high school graduation)-and I don't think I've gotten any since the age of 20 or so. If that is indeed the case (and I think it is), those plus the CD will be easily covered by exemptions because we have no equity in our home and as a result essentially have $24,450 worth of "wild card" exemption ability. Thank god for the crappy housing market!Originally posted by keepsmiling View PostComment
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You might want to photocopy them for your records, regardless of where this winds up.
You can look up values whenever you get a chance. Mine earn 4% a year, which is not bad nowadays... so you can estimate where you'll be a year from now.
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