I-Bonds for minor child-options
I know I can set up a linked minor account for my now 7 yr old grandchild (I am guardian). I don’t know if I want him to have full control at age 18. Is it better then to gift him bonds (using his SS#) but keep them in my account? Is the purchase limit then $10,000 in total or $10,000 each for myself and gift bonds? I talked to you a while ago and you recommended using my trust for purchasing I-Bonds. But since I can’t use the trust account for gifts or linked accounts, I plan to use the trust account for the maximum $10,000 and the individual account for gifting or linking to the minor account. Does this sound correct?
Thanks,
Terry Says
That sounds exactly correct. You can buy $10,000 each year in your revocable living trust account.
But you need to establish a separate account in your own name — yes, using your same SS number — and you can buy an additinal $10,000 in that account.
AND, that is where you buy gift bonds –and hold them there until you are ready to distribute them.
I’ve just added that to the instructions within this article, along with some links to Treasury short videos, so you know how to do it.
Read this: https://www.terrysavage.com/i-bonds-everything-you-must-know/
And if you wanted to buy $10,000 worth for each of your grandchildren, you could do it in this account. But you must have their Social Security numbers.
