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Pillar of the Community
 United States
2443 Posts |
Thanks for the comments everyone, you all brought up some good points. I'm now starting to see the benefit of having one if you have a lot of valuable coins.
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Pillar of the Community
United States
974 Posts |
We use SDBs for our coins and never leave them in the house with the rare exception of when we want for some reason for a day or two. We access it anytime we want except Sundays and between the hours of 6 PM and 9 AM.
We would consider a safe but it would have to weigh more than what some people could pick up and carry away.
As far as inheriting, what would stop someone from telling their heirs where the stuff is stashed so they can get it. The only way it gets taxed would be if the items were in a will rather than saying "Hey bro, I have these stashed in the woodpile behind the house, if I die, go get them". I think I'll have most of my stuff dispersed to my heirs before I die anyway.
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Bedrock of the Community
United States
14454 Posts |
quote:
I think I'll have most of my stuff dispersed to my heirs before I die anyway.
only problem with that is no one is promised tomorrow and I have seen alot of healthy people not wake up from their sleep. What happens if you happen to fall under this category? You may wanna give them away before you go to sleep, heck you could be dead before you even get a chance to read this post |
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Valued Member
United States
397 Posts |
"Be aware that if something happens to you, the bank by law, seals the deposit box as soon as they learn of your death. The box can only be opened when the tax man get there."
I am sorry, but having 2 different kin die with Safe deposit boxes, I can tell you that is an incorrect statement.
As soon as the Power of Attorneys are granted (assuming you have a will done properly), you can take it to the bank and open the box.
I have done it twice in the last 5 years.
MM
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Moderator
 United States
6563 Posts |
As long as you stipulate that the person who has power of attorney can interpret the will however they want....you're good to go.
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Bedrock of the Community
United States
19957 Posts |
I'm good: monitored security system, exterior prox sensors/lighting, hidden safes, 85lb dog that roams the house freely and my trusty 380 cal (among others). If they can get by all that, they can have the coins because they are magic. LOL
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
Edited by BadThad
11/24/2007 01:10 am
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Moderator
United States
6563 Posts |
I so am gonna have fun when I buy my first house. I'm gonna pretty much rebuild it from the inside out with small secret rooms and small passageways
why?
because I can
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Valued Member
United States
187 Posts |
The 2nd safe reminds me of something from a submarine.
Jerry
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Valued Member
United States
193 Posts |
quote:
The 2nd safe reminds me of something from a submarine
Close, the door screws in tight. to keep the nitro out. the walls are over 9 inches thick the interior is about the size of a basketball. As for Power of Attorneys, they give someone the power to act for you WHILE YOU ARE LIVING. as soon as your dead, the Power of Attorney is dead also. the will or trust takes over. if the bank on question does not know that the person is dead, you will be let in. BUT if the bank finds out that you used the power in a fraudulent manor, you could be in deep bad stuff. |
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Valued Member
United States
397 Posts |
"As for Power of Attorneys, they give someone the power to act for you WHILE YOU ARE LIVING. as soon as your dead, the Power of Attorney
is dead also. the will or trust takes over. if the bank on question does not know that the person is dead, you will be let in. BUT if the bank finds out that you used the power in a fraudulent manor, you could be in deep bad stuff."
Once again, totally WRONG....
MM
Note: I do want to add that there may be state laws that differ, but I am going by my experiences with Georgia law and Federal Law. And like Bryan said, you have to pay taxes on it whether it is in the safe dep. box or in the deceased safe at home. Taxwise, there is no difference where it is located.
Upon further research, I have found different states have different policies. Texas and Georgia for example allow the executor or next of kin access to remove contents,whereas Pennsylvania, requires it to be sealed except for removal of the will for the Tax man.....
So, who knows? Like everything else to do with our stupid legal system, you will have to consult an attorney ....arrrgggghhhh
Edited by morganman
11/26/2007 06:00 am
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Bedrock of the Community
United States
20753 Posts |
A word of caution concerning safe deposit boxes. Be aware that if something happens to you, the bank by law, seals the deposit box as soon as they learn of your death. The box can only be opened when the tax man get there. I'm sure you understand what that means. If you have coins of big value, you can afford a safe & home alarms system.
As usual mostly not well looked into. I presently have 5 safe deposit boxes. Full of coins, insurance policies, etc. 5 different locations in 5 different banks. The banks do not go around looking to see who died to seal a box. How would they know you died unless when you die you first notify them your about to die. The tax people are a little to busy to stake out your bank and funeral parlors.
In Illinois about once a year the Tribune Newspaper lists pages of account names of people that have savings, checking, safe deposit boxes that have been abandoned. NO ONE CHECKS THE OBITS FOR THESE. It is up to the people reading this to look into it. Found my name there once. I opened a savings account when I was a kid and forgot about it. Oddly enough the stupid bank kept it going and added about $0.01 interest every 3 months. Saw my name, went there and found I now had well over $17.00.
As to safe deposit boxes. I have my son and his wife added on to the accounts. If I go they can just maintain the boxes or empty them or whatever. No tax people, no federal agents, no IRS investigators, just my son and his wife. Keeping anything of value in a home, apartment, condo, etc is for me "smart to late" Just way to many home robberies.
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Valued Member
United States
193 Posts |
I don't want beat a dead horse, but it is important that this is understood. there several type of powers, but all die with the granter. A power of Attorney will not let you enter a deposit box after the owner dies. the will or trust may grant you that authority however. quote:
A power of attorney may be special or limited to one specified act or type of act, or it may be general, and whatever it defines as its scope is what a court will enforce as being its scope. (It may also be limited as to time.) Under the common law, a power of attorney becomes ineffective if its granter dies or becomes "incapacitated," meaning unable to grant such a power, because of physical injury or mental illness, for example, unless the granter (or principal) specifies that the power of attorney will continue to be effective even if the granter becomes incapacitated (but any such power ends when the granter dies). This type of power of attorney is called a durable power of attorney. In some jurisdictions, a durable power of attorney can also be a "Health Care Power of Attorney" or living will, empowering the attorney-in-fact to make health-care decisions for the granter, up to and including terminating care and "pulling the plug" on machines keeping a critically and terminally ill patient alive. New York State has enacted a Health Care Proxy law that requires a separate document be prepared appointing one as your health care agent.
http://en.wikipedia.org/wiki/Power_of_attorneyAs Far as the Tax Man, For estates larger than the current federally exempted amount, any estate tax due is paid by the executor, or the person in possession of the decedent's property. That person is also responsible for filing a Form 706 return with the Internal Revenue Service. The return must contain detailed information as to the valuations of the estate assets and the exemptions claimed, to ensure that the correct amount of tax is paid. They do not seal up the box for the tax man. If you don't have assets over the exempted amount ($1,000,000 + currently) you don't have to worry about federal estate taxes Edited by 7070
11/26/2007 3:27 pm
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Pillar of the Community
United States
2254 Posts |
Not sure what the care is to be honest. When I'm dead, the last thing I'm going to be thinking about is how are they going to get my coins out of the bank.  I use them, and they are great. I actually have no coins in my primary residence. They are all under lock and key someplace else that I visit almost every day. |
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Bedrock of the Community
United States
20753 Posts |
Such terms as Power of attorney, Wills, Trusts, Estate taxes, inheritance taxes and on and on have absolutely no meaning if there are others listed on the safe deposit boxes. My son and his wife can go there when I'm gone and do what they want with whatever is there. Regardless of the amount, what is in there is theirs. If I'm gone I won't complain, the tax people don't know about it, my attorney doesn't know about it, no one except my relative know about my safe deposit boxes. So if you put a relatives name on the box with yours, don't worry about nothing. Of course there are some relatives you wouldn't trust with your house keys either so not all is fool proof.
And just a note. If you don't trust any relative, you could put my name on the boxe's records and I won't complain either.
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Pillar of the Community
United States
1083 Posts |
Right Carl. My Mother just put my name on their Safety deposit box to avoid estate hassles. I had to accompany her and my fater to the bank to accomplish this. She is trusting me to divide the valuable jewelry that is there with my brother and sister. I asked for, and received detailed instructions from her as to how she wanted me to do that. Others should note that to be added to a loved one's signature card, all individuals already on that card have to appear in person at the bank, along with the new signer. The new signer will need photo ID/proof of identity as well. This is all reminding me that I need to add my daughter to my own signature card for the coin collection.
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Posted 11/23/2007 8:36 pm
