I have Series EE Gov. Savings Bonds in both of my deceased parents names. I am the only child and executor of their estate. Can I cash the ponds and deposit the money into estate account to avoid paying income tax, then later withdraw? I live in NJ and do not know the tax law on this subject can someone give advise?

When you cash in the Savings Bonds, the accrued interest is paid and becomes taxable income to the estate, so you may have to file a Form 1041 (fiduciary return) to account for that interest.

Whether taxes are due depends on the level of income.