Legal Question in Wills and Trusts in New Jersey
Co-named US Savings Bonds
Probate and inheritance Tax Question for the State of NJ.
I had a relative pass away recently. While sorting their personal property we found several US Savings Bonds that had both my name and theirs. Some stated ''and'' and some stated ''or.''
Since I am obviously living, are the bonds subject to probate and inheritance taxes or am I the sole owner?
1 Answer from Attorneys
Re: Co-named US Savings Bonds
Yes, to both questions. As the co-owner, and presuming you did not buy the bonds yourself, they are included in his estate for inheritance tax purposes. The estate or you may also be responsible for income taxes on any unreported accrued interest, depending upon the type of bond and whose social security number is listed on the registration. As the joint owner, you are entitled to the bonds or their liquidation proceeds. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship. Omitted facts may change the response.
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