[WSBAPT] Redeeming US Savings Bonds

[Jane Bitz]

Josh:

The last time we did this, we filled out the forms for the client, they took them to a local bank where they had an account for the Medallion Guarantee. I don't think internet banks can issue Medallion Guarantees. Then we had to FedEx the bonds to the Treasury in Minneapolis to redeem them.

One caution: those bonds are probably about ½ principle investment and ½ earned interest. When they are cashed in they generate a ton of interest income. Be sure your client understands that. He may want to just have them deposited into a Treasury Direct account (no more paper bonds) and just cash in the bonds as needed or when they mature. He can then name beneficiaries to the Treasury Direct account saving this process (I think) upon his death.
Jane.


Jane G Bitz
Of Counsel
Wolff, Hislop & Crockett, PLLC
12209 E Mission, Suite 5
Spokane Valley WA 99206-4824
(509) 927-9700; FAX (509) 777-1800
jbitz at whc-attorneys.com<mailto:jane at jbitzlaw.com>


From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Josh Grant
Sent: Thursday, September 6, 2018 3:49 PM
To: wsbar trust <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Redeeming US Savings Bonds

I am assisting a PR of an estate;  widowed housewife, married to high school teacher; decedent was a few days short of 106 and was evidently frugal. Not a taxable estate.
There are about $500,000 of U.S. Savings Bonds: HH; and EE;
My client learned that whatever he signs to redeem these; he will have to have his signature Medallion Guaranteed.  He also has been working over the internet with a bank? back east.
I am wondering what is the best way to redeem hundreds of bonds (they are paper bonds) and what entity (bank or whatever) is the easiest and best to work through.

Josh
Joshua F. Grant
[advocates]
P. O. Box 619
Wilbur, WA 99185
509 647 5578
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