Man dies with $200 in bank and $7M of gold hidden in home

Yes, true. After you figured out how to wisely and safely handle metal. Do you believe that would be a simple task? Who would you have help you? Who would you trust? Which of your friends would you, could you trust? How about some legal counsel, that you trust? Money in all it's forms (and in such quantiy) can bring out the greed deep down in most everyone. (note that I said 'can' ..)

Just saying there is more to it than just Yippee!

IMO. And I could be wrong.

 

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Depending upon in which state you reside, you are allowed to gift up to a certain dollar amount each year with no tax consequences.





http://www.taxationlawfirms.com/resources/tax/tax-basics/gift-tax-law-new-york

 

Yes, and that's why I wrote "gift tax laws" and not just "gift tax".
Every gift is subject to gift tax laws, however, those laws might exempt some gifts from any tax.

 

Thanks for clearing up any issues relating to your honesty.

Also your incomplete 'Google' wannabe legal statement is once again flawed. There are times when the "gift" is recaptured and taxed in the estate. Please stop trying to give legal advice, you literally are wrong so often, that you are dangerous.

 

All good questions.

I would guess at this point the gold is no longer in the house and is in a relatively safe place, just a guess of coarse.
With that being the case you would have time to work out the details.

It sure would be fun though wouldn't it?
Heck it's fun just thinking about it.

 

:stormy:

 

Where is the honesty issue? All I see here is an issue related to someone making assumptions.

Can you show me where he said anyone was evading taxes? Heck, I didn't even see where he said his wife has ever sold a coin, just that she knows how to. I know how to kill people, does that make me a murderer?

 

Perhaps, but for the most part, his statement was true.

Do we really want to turn this forum into something lawyers would approve of? Do I really want to have to read and agree to ten pages of a terms of service agreement every time I post a message? Here's an idea: Instead of having mods lock threads when they get too heated, we could have a binding arbitration clause in the terms of service. Yay!

This is a discussion about a news article. Rick is not providing legal advice to anyone, so nobody should really care if he doesn't cover all the possible ramifications of the gift tax and inheritance tax laws in his posts... :rollling:

 

Thanks for your defense, Blaubart. I have him on my ignore list. I have no idea, nor do I want one, of what he may say to or about me. I also have no desire to respond to anything he may post.

 

I don't give legal advice.

 

This amount would fit into 185 - 20 coin AGE rolls. If you get out your backyard charcoal/hairdryer forge, you could melt it down make a cube of gold about 7.5 inches square. Nobody would ever know where it came from.

You could drill a hole through it, sit it in a bed of rocks, add a small pump and tube and make a pretty water feature for your garden. Put some gold fish in it and you hid it in plan sight. When you need some gold, just shave off a bit.

You could even paint it silver. LOL

 

Loose lips create corpses.

 

That would be very very heavy, Fatima. Even 10 rolls is pretty heavy. IMO

 

You're correct Rodeo.

The Federal Estate Tax did not get renewed in 2010; however, it was re-enacted by Congress in 2011. Estates with a value less than $5 million is exempt from Estate Tax by the IRS, and estates with a value over $5 million are taxed at a rate of 35%, but only for the amount over $5 million.

Example: Estate is valued at $8.5 million, the amount over the exemption limit is $3.5 million and that amount is taxed at 35%.

With regards to Inheritance Tax; however, each state has a different tax rate for Inheritance Tax.

 

Total weight for all that gold is 253 lbs. About the same weight as a front loading washing machine. It would be cumbersome in on cube. Maybe if you were going to melt it down, you might want to stick to 50 lb bars.