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 Replies: 52 / Views: 10,192 |
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Bedrock of the Community
United States
19958 Posts |
I'm sorry to hear about your situation and thanks for sharing your story. It was definately an eye-opening read.
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Bedrock of the Community
United States
19958 Posts |
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Estate taxes are such a joke. Everything there has already been taxed before and then to hit a family with taxes on stuff of a loved one that just passed is even more pathetic.
Indeed. It's hard for me to understand the people out there supporting more and higher taxes on top of the injustices like you described.  Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Bedrock of the Community
13014 Posts |
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Indeed. It's hard for me to understand the people out there supporting more and higher taxes on top of the injustices like you described. Sadly as is often the case with taxes I think most people that are for higher ones are ones that dont expect to be impacted by them. Its always easy to say to take something away from someone else. Theres a lot of bad tax law in my opinion but double taxing an item to me is by far the worst. Losing the loved one is more than enough of a price to pay for the item. Especially when you think about coins there could be some very hefty tax numbers for a large collection. Its sad to think part of it (if not all of it) needs to be sold because they cant afford to pay the taxes on it |
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Pillar of the Community
Australia
7096 Posts |
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And I think that my wife is FAR more valuable to me than any collection is ever likely to be!
You are a very fortunate man Sel, Good on you. Some of us however are not as fortunate and have to hunt through the shell craters of a relationship for what we can salvage so that we can move forward  You have my admiration and my jealousy for what you have achieved in your marriage, You just have to be a super nice bloke  You sacrificed your passion for the betterment of your family  I would love to shake your hand one day because you are a FAR better man than I will ever be. Once again Bloody good on ya |
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Pillar of the Community
United States
1195 Posts |
A general rule I'm finding in my 20's as I live with my grandfather's generation, who are 70 and over; In order to minimize taxation etc. taking a big bite out of your estate, you best liquidate your assets in a metered fashion, to those you know are worthy, while you are still of sound mind. It's something I'm taking note of for 50 years down the road.
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Bedrock of the Community
Australia
21788 Posts |
Estate taxes should NEVER be an issue. You simply give your collection to your nominees BEFORE you die.
I have partly actioned that strategy already. Some of my coins have already been sold off, and the cash given away, in lots of 100 dollars or so. Some of my coins will be given away directly, where the recipient has shown interest.
That was how I acquired some of most valuable coins, such as a German New Guinea 5 Marks.
My collection will certainly NOT be part of my declared estate AFTER I die, that's for sure!
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Pillar of the Community
United States
1817 Posts |
Sel: you have the right idea, make living "deeds of gift" the inheritance taxes are simply another way to double tax the money that was used to buy the coins in the first place. Uncle Sam's gotta have his piece of the pie.
Spider: your story is heartrending, I am truly sorry to hear of it. It seems the worst aspects of greedy, money grubbing human nature comes out during divorce, especially from goading proto-feminist divorce attorneys, the kind that advise 'her' to take him to the cleaners. I know if I were to get married today, I certainly would protect my collection with a pre-nup agreement, otherwise I'd simply become the old crabby man in the ramshackle house at the end of street with a shotgun and a mean nasty cur for a dog. My sympathies, man.
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Bedrock of the Community
United States
17884 Posts |
Steve I think your grandmother needed a better attorney, or a tax attorney. I assume your grandfather died without a will. In most cases a surviving spouse can inherit all of the spouses estate with no tax obligation. Inheritances of coin collections are usually only taxed when they are sold. If the estate sold the coins they would have had to pay taxes on them based on increased value since they were purchased, but if your grandmother had sold them after inheriting them then the tax would have been based on whatever she received on them over the appraised value when she received them. The inheritance establishes a new baseline value. Also there tends to be a large inheritance exemption of around a million dollars lifetime exemption which makes the first million tax free. Now if the estate was being split several ways then you could have problems and had to sell the collection to pay off other inheritors. Then you might have to prove what belongs to who.
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Bedrock of the Community
United States
20753 Posts |
spider5689: Sort of a sad story but try to look at the brighter side. Could have been worse you know. Your ex could have waited until you weren't home and everything you used to own could have vanished. Happened to someone I used to know. Even his cloths were gone. She left and took everything and just vanished possibly to anonther state.
At a flea market there was a lady selling off everthing her husband owned. She was open about what was happening. They were in the middle of a divorse and since he temporarily moved into a small apartment, he left his things with her just for a while. She sold everything at the flea market. And for pennies on the dollar.
Ever wonder why women outlive men?
There are many horror stories about divorces out there. I know yours is pretty bad but sure could have been worse. Be glad with even half and just forget her and move on. Life is to short to worry about everything.
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Bedrock of the Community
United States
14454 Posts |
I am going through one of these Horror Stories right now and I can tell you it is very stressful and heart breaking to know that someone that doesn't give a hoot about coins may end up with half of the coins you have so painstakingly collected over the years. Its not only the coins but everything in my life that is being effected with this divorce and things have happened that I would have never thought would happen in the past few months since the divorce has started. There is no way I can just pay her off without selling the coins they deem are to be split up and the house and maybe even the cars that I have collected over the past 24 years of my life (even though my lawyer claims these aren't marital property since I had them before we got married). But it is very heart breaking and that is the reason I have been so scarce on the forum for the past few months
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Pillar of the Community
United States
7840 Posts |
My sympathies to all who have encountered such an event.  If the "D" word ever comes up my long time friend and I have an agreement that we would sell ALL of our collectibles to each other for $1.00. We'll settle up later after the dust settles.  Edited by oih82w8
05/28/2012 11:47 am
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Bedrock of the Community
13014 Posts |
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You simply give your collection to your nominees BEFORE you die. Right but doesn't that kind of prove the point? Why should you have to get rid of everything you love before you pass to help out our family when that sad time comes. I know theres way around the taxes which is good, but its pretty sad that the family has to even spend time going through the hoops, or the one that passed had to spend the last years of their life figuring out how not to get his family taxed when they die |
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Valued Member
United States
316 Posts |
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If the "D" word ever comes up my long time friend and I have an agreement that we would sell ALL of our collectibles to each other for $1.00. We'll settle up later after the dust settles. That is good in theory but doesn't really mean a hill of beans today in this society. If there is a paper trail of what you paid for the coin that amount is what is divided up, doesn't matter what you sold it for, believe me I have asked about that. I told them I have purchased and resold coins to purchase what I wanted and that doesn't matter, they have a copy of my paypal account of everything that went out of that account. The thing is I have a paypal master card and pay my bills with it because it gives you cash back and even the bills that I can't prove was bills is added into what was spent throughout the marriage. All these sell everything for a $1.00 stories may have worked 50 years ago but we now live in the information age where everything can be tracked and proven so that is not the case any longer, especially is their lawyer is half competent. I had my wife believing all types of things and almost had her sign off on everything until someone told her to go talk to this lawyer before she did, and well that was the start of the long hard road for me. I purchased my house when I was 18 but it was in my grandfathers name up until he got real sick. It had been paid in full for about6 or 7 years before this. When he started getting sick he put the house over in my wife's and my name (because the lawyer said that was how it had to be done) and even though this has been my house for 24 years since it was put in both of our names she is entitled to half of it Edited by kanoftuna
05/28/2012 4:01 pm
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Pillar of the Community
 United States
2269 Posts |
Bryan, I am sorry to see you are going through the same thing as I am. It was hard for me to have to buy out my soon to be ex wife for half of the value of my collection since most of it was premarital. It was extremely difficult for me to have to make a choice of either paying my bills and putting a roof over my head or keeping some of my favorite coins. When you have to make that decision, you have to think about your well being, your collection becomes second to it.
One of the hardest days for me was the day I sold my Antoninus Pius Gold Aureus. I spent about 3 years trying to find a good affordable example that I really liked. Little by little I sold off my parts of my coin collection, then came the moment I needed a large sum of money and I had to make a difficult choice. I regretted it, but at the same time, I knew I had to sell.
Luck has it, the dealer I sold the coin to, still had it in his inventory a month after I sold it to him and I was able to repurchase it. It was the biggest regret I had, when I chose to sell it, but my luck seemed to turn around and I now have it back in my collection.
Looking back, In the last month and a half, I sold so much of my collection off so I could afford to live. Now that I managed to get back on my feet again, I am starting the process of rebuilding my collection and my life all over again. It really opens your eyes up to what is important in life.
I know all about being absent from the forum. From July 2011 to April 2012 I was hardly ever on the forum. I would check out some of the topics from time to time, but I did not respond to any posts. I came back about a month ago, after things got a little easier. Ironically, it happened around the same time I was able to stop selling and begin purchasing again.
It will get better, sometimes it takes a little time.
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Bedrock of the Community
United States
14454 Posts |
Yes it is very hard. I have my 12 year old daughter living with me that is a product of our marriage and even that has no bearing on what she is entitled to. When they start getting those money signs in their eyes its really hard to try and work around them. They think just because something is 100 years old it is worth a fortune. I am disabled so I am living on a miniscule income as it is and my lawyer has been working with me on what he has charged me (I was pretty much just paying for his time as we go as I didn't have the $2000.00 retainer fee he usually charges) she has had her lawyer call kine and tell him I had all this money (when in fact I struggle to pay what I have to and still have a few bucks on the side each month). She even got ahold of one of the CoinWorld articles about the VAM-85 and copies from allot of coin forums that I and others have posted about it and they have come up with a stupid value on the coin because some numbers were thrown out there if there were none others found right after it was discovered and that took allot of talking and showing what the one other example that did sell for, to show them their figure was very inflated. This coin was even a gift to me after we were already separated but that didn't matter either. It is definitely an uphill battle and it seems you are getting close to the end of yours where mine is just now starting and I know I have a long hard road ahead. I just have tried to not worry about it all and say what ever happens and say whatever it is has to be for the best. If I have to sell my house and my coins it is just a sign it was time for me to move on and start over. I am trying top give as much information as I can without going into much specifics as my case is long from over and I know they have been monitoring everything I have already stated before but since everything I have told them was the trust I don't think I have much to worry about when it comes to them doing more research trying to catch me lying |
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Replies: 52 / Views: 10,192 |
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Posted 05/28/2012 12:49 am
