For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding each of
us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the bonds since
she has already purchased the max?
2) Are we better off just changing the title to both of us as joint owners?
For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding each of
us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the bonds since
she has already purchased the max?
2) Are we better off just changing the title to both of us as joint owners?
Mel
For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding each of
us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the bonds since
she has already purchased the max?
2) Are we better off just changing the title to both of us as joint owners?
On Monday, February 6, 2023 at 11:36:28 AM UTC-5, MZB wrote:
For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding each of
us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the bonds since
she has already purchased the max?
2) Are we better off just changing the title to both of us as joint owners?
Likewise, I don't know the answer. However, you can get all the details from //thefinancebuff.comdate. If you are interested, make sure you read all the comments. There are some debates as to whether that qualifies for the Annual Gift Exemption, etc.
https://thefinancebuff.com/buy-i-bonds-as-gift.html https://thefinancebuff.com/i-bonds-beneficiary-vs-second-owner-treasury-direct.html
If you think the rates will go down, you can stock up on gifts and gift it to your spouse when the rates are down. The relevant 1-, 5-, and 30-yr holding period starts with the day you buy the bonds as gifts. Also interest start accrual from that
And if you have any questions not answered in the comments, you can ask on the web site.
Not A Clue wrote:
MZB wrote:
I could be wrong, but I don't think beneficiaries have to beFor 3 years, my wife and I have purchased the max each year
($10K) of Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding
each of us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the
bonds since she has already purchased the max?
2) Are we better off just changing the title to both of us as
joint owners?
Likewise, I don't know the answer. However, you can get all the
details from //thefinancebuff.com
https://thefinancebuff.com/buy-i-bonds-as-gift.html
https://thefinancebuff.com/i-bonds-beneficiary-vs-second-owner-tre
asury-direct.html If you think the rates will go down, you can
stock up on gifts and gift it to your spouse when the rates are
down. The relevant 1-, 5-, and 30-yr holding period starts with
the day you buy the bonds as gifts. Also interest start accrual
from that date. If you are interested, make sure you read all
the comments. There are some debates as to whether that
qualifies for the Annual Gift Exemption, etc.
And if you have any questions not answered in the comments, you
can ask on the web site.
probated. I'm thinking there must be a brokerage firm involved and
they'll need to be identified if the other person dies.
Good point as to death triggering ownership, whereas, joint
ownership might allow either to sell their share at will. Correct
me if I'm wrong.
On Monday, February 6, 2023 at 11:36:28 AM UTC-5, MZB wrote:
For 3 years, my wife and I have purchased the max each year ($10K) of
Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding each of
us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the bonds since
she has already purchased the max?
2) Are we better off just changing the title to both of us as joint owners?
Likewise, I don't know the answer. However, you can get all the details from //thefinancebuff.comdate. If you are interested, make sure you read all the comments. There are some debates as to whether that qualifies for the Annual Gift Exemption, etc.
https://thefinancebuff.com/buy-i-bonds-as-gift.html https://thefinancebuff.com/i-bonds-beneficiary-vs-second-owner-treasury-direct.html
If you think the rates will go down, you can stock up on gifts and gift it to your spouse when the rates are down. The relevant 1-, 5-, and 30-yr holding period starts with the day you buy the bonds as gifts. Also interest start accrual from that
And if you have any questions not answered in the comments, you can ask on the web site.
Wilson <nowhere@nearyou.com> wrote:
Not A Clue wrote:
MZB wrote:
I could be wrong, but I don't think beneficiaries have to beFor 3 years, my wife and I have purchased the max each year
($10K) of Series I US Savings Bonds.
They are titled in each of our name. We are thinking of adding
each of us as beneficiaries to our spouses holdings.
1) If I pass away, would my wife run afoul by inheriting the
bonds since she has already purchased the max?
2) Are we better off just changing the title to both of us as
joint owners?
Likewise, I don't know the answer. However, you can get all the
details from //thefinancebuff.com
https://thefinancebuff.com/buy-i-bonds-as-gift.html
https://thefinancebuff.com/i-bonds-beneficiary-vs-second-owner-tre
asury-direct.html If you think the rates will go down, you can
stock up on gifts and gift it to your spouse when the rates are
down. The relevant 1-, 5-, and 30-yr holding period starts with
the day you buy the bonds as gifts. Also interest start accrual
from that date. If you are interested, make sure you read all
the comments. There are some debates as to whether that
qualifies for the Annual Gift Exemption, etc.
And if you have any questions not answered in the comments, you
can ask on the web site.
probated. I'm thinking there must be a brokerage firm involved and
they'll need to be identified if the other person dies.
Yes, that's correct. But that has nothing to do with the tax issue,
which is the same whether
Good point as to death triggering ownership, whereas, joint
ownership might allow either to sell their share at will. Correct
me if I'm wrong.
The rule used to be that a spouse or child inheriting an IRA could
stretch the IRS - in other words take it out a bit at a time over
their lifetimes, and only pay taxes when the company came out. Now a
spouse can still take it out over his or her lifetime, but anyone
else inheriting an IRA can stretch it for no longer than five years.
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