Forward this article to a friend   Print version   Increase font size  Decrease font size 

Put Your U.S. Savings Bonds to Good Use

While you likely bought savings bonds thinking you would eventually redeem them, you might have forgotten about them. That's fairly common-as is putting off redemption, because the accumulated interest is normally taxable. Read on to discover a tax-free charitable solution for your bonds.

A Tax-Free Solution
If you leave your bonds to your heirs upon your death, your heirs will be taxed on the accumulated interest, leaving them less than 100 percent of the funds. But there is one very easy way to bypass the tax burden and make a charirable gift: Allow your attorney to add a codicil to your will, or an admendment to your living trust, that leaves your bonds to a Genesis Foundation. (Note that you can't name a Genesis Foundation as a co-owner or beneficiary on the face of your bonds.) This way we will receive 100 percent of their value-and your family can receive other assets that won't trigger income taxes. It's a simple, benevolent transaction.
  

How to Get Started
If you're interested in using your old savings bonds to support our important mission, or if you just want to learn more, contact Steve Goebel, CFRE at 309-281-4392 or goebels@genesishealth.com.

How Long Will Your Bonds Earn Interest?

Series Date of Issue Number of Years Bonds Earn Interest
E May 1941–November 1965
December 1965–June 1980
40 years
30 years
H June 1952–January 1957
February 1957–December 1979
29 years, 8 months
30 years
Savings Notes All issues 30 years
EE All issues 30 years
I All issues 30 years
HH No longer issued as of Sept. 1, 2004 20 years
Source: www.savingsbonds.gov



Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.




GET STARTED

FREE Estate Planning Kit


Sign Up Now for Foundation News You Can Use!
Email:





New program funds free lung cancer screenings


© Genesis Health System - All rights reserved.

1227 E. Rusholme Street Davenport, IA 52803 563-421-1000