Two new Safe Deposit Boxes

Yes, it took awhile to have peace of mind. I’m sure some of you think of me as the Mad Rabbit but it was true for a bit.( everyone was guilty to me) I nearly lost it trying to figure out how and who. I have two brothers on the force and never got any answers. No one was caught.

Another suggestion is appraisals and insurance on your collection.
If it’s graded more easier to appraise and insure.

I will be selling a lot of my collections soon. “Trying” to down size. It does give one peace of mind to let things go. At least I know it will go somewhere to be appreciated and if not. Well it’s not my concern anymore because I took care of the items as long as I could

 

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Imho, up north here. Tax you like crazy if they can. I can’t even give my children any property or cash when I pass. They will tax you on it unfortunately. I guess that’s the price we pay to live in such a beautiful place .

 

I am using the Marie Kondo method now. Seeing if something sparks joy.

 

Imho , I love collecting but it’s just a hobby now. To “me “ true joy is the beauty of life. My children always tell me “sharing is caring “. So I share my knowledge and
love .
Knowledge is the key to success.

One would think that the love you give brings you joy and it’s true

I think I went off topic but I hope it helps.

 

Any?

Sounds like you simply can't give them all of it. At least not without doing a little extra work.

If I get a lot more prosperous between now and the time I die, it's something my heirs might need to worry about. But in that case, the little bit I have in the SDB would be a drop in the bucket.

 

+1

 

Is that 'free' healthcare really worth the price (taxes)?

 

Imho, yes, plus you can get a discount on prescriptions. If you purchase at certain stores.

 

I strongly agree! Keep a log book (treasure book) with all receipts.

In Canada they will also tax your foreign income, savings and property as well.

Also before computers you could get away with more. Now almost everything is recorded.

 

The Feds exempt up to $11.4 Mil for inheritance.

 

I want my coins with me and not have to drive anywhere to see them only within a bank's business hours. Best thing I did was install a safe and bolt it into the house's concrete slab. It also reduces my concern about them when I am not home.

 

Everything depends on size and quality of safe. The safe I purchased several years ago is a TL-30/6 Jeweler's safe. It was considerably more than 800 dollars, but it is bolted to the floor with 1/2 inch bolts and would take a tow truck to remove - after first removing the concrete block wall. My point here is to keep in mind what you're protecting. If the amount of your collection is a few thousand dollars then an 800 dollar safe might be sufficient, but if your collection starts to close in on 6 figures or more, then you don't want it protect it with something a thief can open with a crow bar. These safes are considerably cheaper if purchased used, but ensure the safe comes with a warranty, cause they can be quite costly to open if the lock gets broken

 

Also figure you will out grow any safe you purchase and go big to begin with. You will probably out grow it anyway, but at least it will take longer !

John
Almostgem

 

I have five now but remember the peace of mind I felt when I bought the first one. Being able to put my coins, cash, guns, and cameras in and lock them safely away. And you will find it is handy to lock extra stuff up when you leave for an extended time.

And, almostgem is right, buy bigger than you think you will need. And, the best quality you can afford.

 

In other words, pursue your collecting as a business, rather than a hobby?

From the IRS:

I pursue hobbies to relax, to relieve stress, to take advantage of my native strengths, and to engage my mind and imagination. Paperwork does the precise opposite of all four.

 

Agreed. My safe is too small I hope to find a good deal on a much bigger one used. And install it. I’ll probably bolt it to the structural beams in my 230 year old house. I’ll also need to be able to lock my guns up as my son grows until he’s old enough to teach responsible handling and safety right now there’s no worries but soon he needs to be kept away

 

Good timing on this thread. I was going to the safe deposit box today and wondering how I am going to fit my stuff in. I have a large box, cost $80 a year if you maintain an account there. Most of my stuff is graded and kept in intercept boxes which takes up a lot of space. Not only is it overloaded but I have to carry it to the room to make any changes. Now I'm going to put in 2 more full Intercept boxes so it looks like I will have to rent another box. Freebies are usually for small boxes only and after a year or so they start charging you for it. Happened to me twice already. Shop around. The box I have cost $150 to $200 a year in most places but I went to a Fulton bank out of town, opened up a $25 savings account and got my box for $80 a year for 5 years guaranteed.

 

I had a SDB but liked my coins readily available to examine etc so , I purchased a SentrySafe (90# Steel , Fire/Waterproof) 1.6 c.f. for them and other valuables . Easily disguised and not easily walked off with .