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 Replies: 34 / Views: 4,095 |
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New Member
United States
48 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.
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Pillar of the Community
United States
3234 Posts |
Also, safe deposit boxes are NOT insured generally. That's why I secured ANA's Hugh Wood insurance. |
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Bedrock of the Community
United States
14454 Posts |
quote:
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.
This doesn't matter one way or another because even if you have it in your house the next of kin or person you left the coins to still have to pay taxes on the items they inherited, so whether it be in a safe deposit box or at home this doesn't matter one way or another. I know this because I had to go through this when my Grandfather died and he had all his coins and stuff at home and every piece had to be counted and a tax value paid on them |
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Pillar of the Community
United States
7123 Posts |
Taxes on personal property or Inheritance tax takes affect after a certian dollar amount ,, if those who have big expensive collections want to avoid the probate issue then a living trust should be done while your alive .
as for safety deposit boxes , I don't have one and won't have one I like being able to get to my stuff when I want to not when I can .
Metalman
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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
19952 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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Replies: 34 / Views: 4,095 |
First Page
Posted 11/23/2007 2:04 pm
