Alive and well grandfather has series EE svings bonds where he is primary owner and grandmother, now deceased, listed as coowner. Grandfather wants great-grandson to use bonds for education.

1. If we have bonds reissued (form PD F 4000 E) using grandfather still as primary owner but replacing deceased grandmother with granddaughter, there should be no tax consequence to either party, correct?

2. Can granddaughter (now as coowner) then be able to use the bonds for son/great-grandson's education and avoid tax for either party?

How much are the Savings Bonds worth?