additional I Bonds within an account set up as trust
Hello Terry, I spoke with you on WGN radio a couple of weeks ago. I had inquired if I could buy an additional $10,000 in I Bonds in my own name rather than in my Trust’s name without setting up new account in my name. I purchased the additional bonds under my Trust account and opened a linked custom account in my name. Wanting to be sure that I properly set this up,I called Treasury Direct and they informed me that I need to open a seperate account outside of the account my Trust shares are in.Here’s the rub,it can take twelve weeks to get my 10k refund thus missing out on the 9.62% interest not to mention any other means of investment with said funds for three months. Any thoughts or suggestions that could help would be immensely appreciated. Best regards
Terry Says
First, it would take you minutes to open a new account. And yes, that’s correct, you can’t buy “gift bonds” in a trust account.
But I don’t understand your problem. You likely want to keep the original $10,000 you invested in the name of your trust.
And it really won’t take that long if they accepted a second purchase, which is doubtful. So what do you mean by “get the money back”?
Borrow the money elsewhere if you really want to buy more in your own name, or in gifts in a “gift box” in your own named account.
