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Dad didn’t trust banks. How to handle the hoard he left behind.

Pyramid

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Translation of what an intelligent person would have wrote, and not to a dumbass "financial advisor" that is clearly a bankster crony and part of the fake media:

Dear Liz: My father was an incredibly intelligent individual who didn’t trust banks or the stock market and invested the bulk of his money in gold coins and bars. We are talking millions of dollars at current gold prices. I'm completely clueless on gold and wish to know how to cash it in.

Bankster Answer: Cash in your gold and invest in money market funds as well as stocks, bonds, mutual funds, as those are more mainstream investments that are tracked completely by IRS and .gov. Gold is a barbaric relic, and you might actually have to apply thought and intelligence to owning and selling gold.
 

CrimsonGuardJay

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RE: The OP.
Bejeebus...
Now the younger ones are bitching about gold falling from the sky.
Every day...sumptin' new.
:) :)

( eccentric conspiracy old coot left you a pile of tangible non taxable no traceable physical gold and you
wanna turn it into all that it is not ....ya...ya....I get it )
Has potential to be the best response to the OP question.

...”so you want to make it all that it is not, eh...”
 

Rollie Free

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"My father was eccentric and given to conspiracy theories."

Guy leaves you loaded with gold and you make it sound like he was Ted Kaczynski.

As far a conspiracy theories....well.. wonder if she(why do I think it was a female?) could clue us in about what he believed and what he was wrong about.
 

CrimsonGuardJay

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"My father was eccentric and given to conspiracy theories."

Guy leaves you loaded with gold and you make it sound like he was Ted Kaczynski.

As far a conspiracy theories....well.. wonder if she(why do I think it was a female?) could clue us in about what he believed and what he was wrong about.
It is almost definitely a she, and he the father was wrong about absolutely nothing.
 

Goldhedge

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Gold is a barbaric relic, and you might actually have to apply thought and intelligence to owning and selling gold.
No thought required 'investing' in the stock market! Totally safe! In for a penny, in for a pound!
 

Rollie Free

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Revisiting secret conspiracy theories, do they even exist anymore?
The days of thinking their were bands of men planning our demise is unnecessary.
The days of rumors about some nefarious characters getting to the children are pointless.
Why?
Because they are but it's right out in the open and instead of their denial they are putting the good people back on their heels.
 

jrog100

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By LIZ WESTON
JUNE 16, 2021 5 AM PT
Dear Liz: My father was eccentric and given to conspiracy theories. He didn’t trust banks or the stock market and invested the bulk of his money in gold coins and bars. We are talking millions of dollars at current gold prices. My parents set up a living trust, so when my mother dies, I am confident the gold will be distributed equitably to myself and my siblings, without a lot of hassle in probate. But I have no idea how to convert all that gold into a more liquid investment like an IRA or money market fund. How do I do it and not be overwhelmed with fees and taxes?
Answer: Let’s hope the gold is safely stored and properly insured. It would be a shame if burglars walked away with your inheritance.
If your mother’s estate is large enough to owe estate taxes, the estate will pay those — not the heirs. (The current exemption is over $11 million per person, so very few estates owe this tax.)
Under current law, the gold will receive a new, “stepped-up” value for tax purposes on the day your mother dies, said Jennifer Sawday, an estate planning attorney in Long Beach. You should note the price of gold on that day, using a reliable gold pricing site, and print out the information for future tax purposes, Sawday said.

Once you receive the gold, you can take it to a precious metals exchange and cash it in. If the price you get is higher than the price of gold on the day your mother died, you would have a taxable capital gain. If the price is lower, you would have a capital loss. You wouldn’t owe any taxes and could use the loss to offset capital gains elsewhere or, if you don’t have gains, up to $3,000 of income per year until the loss is exhausted.
You can deposit the cash in a bank account, or open a brokerage account and choose your investments from there. Those investments might include a money market fund as well as stocks, bonds, mutual funds and so on.
An IRA is a type of retirement account, not an investment, and requires you to have earned income to contribute. The contribution limit is $6,000 this year, or $7,000 if you’re 50 or older, so you wouldn’t be able to put much of your inheritance into an IRA in any case.

Hmmmmm. Great idea. trading something of value into fiat currency. Brilliant.
 

the_shootist

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Translation of what an intelligent person would have wrote, and not to a dumbass "financial advisor" that is clearly a bankster crony and part of the fake media:

Dear Liz: My father was an incredibly intelligent individual who didn’t trust banks or the stock market and invested the bulk of his money in gold coins and bars. We are talking millions of dollars at current gold prices. I'm completely clueless on gold and wish to know how to cash it in.

Bankster Answer: Cash in your gold and invest in money market funds as well as stocks, bonds, mutual funds, as those are more mainstream investments that are tracked completely by IRS and .gov. Gold is a barbaric relic, and you might actually have to apply thought and intelligence to owning and selling gold.
 

Casey Jones

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I hate to be the one to say it but Dad failed. If his kids are asking stupid questions like this he definitely did not educate them properly.
No banks, wealth outside the system. dad was definitely a genius. Sad that his kids don't see it. Brainwashed by the system.
My very thoughts.

The damn-fool should keep the gold, ferchrissakes. Just GET IT OUT OF SIGHT, ASAP.

No reporting, no taxes, no converting. Except as needed.

Obviously, at base here, and as you note, this person doesn't see gold as money, as valuable, as liquid in its own right.

That is a failure. Even as we watch the dollar being destroyed, this person wants dollars, not the safe store of wealth that the father took pains to obtain.
 

Casey Jones

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No thought required 'investing' in the stock market! Totally safe! In for a penny, in for a pound!
Yeah.

Know how to get a small fortune in the stawk market?

I know, because I've done it.

You start with a big fortune.
 

Casey Jones

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I'm really shocked that someone hasn't reached out to her and told her to shut her damn mouth about the gold and go by a damn boat.

:secret:
Obviously her friends and family are as clueless.

Others...don't have HER interests in mind. Maybe they're looking to get some of that gold in trade!
 

TLM

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I'm going to be buried in a gold and silver casket sealed in concrete, who says "you can't take it with you"?
 

Ragnarok

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If you’re going to be leaving metal to your family, at least type out an explanation of the difference between silver bullion bars and numismatic coins that may be worth far more than the silver value. Encourage the looking up of prices for all items.

R.
 

WillA2

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I'm going to be buried in a gold and silver casket sealed in concrete, who says "you can't take it with you"?

A surviving relative?

Reminds me of the fella who made his wife promise to bury him with all of his money. She wrote a check and placed it in his casket.
 

D-FENZ

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Fact is, in 100 years all your silver/gold will be in the possession of someone that you do not know- Oh, and you will be dead anyway.

In the long run, does it really even matter?
 

edsl48

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Something to think about regarding this situation is the possibility of the items being confiscated by law enforcement officials should they be discovered while transporting them to a dealer, appraiser, bank lock box or any other legitimate reason to move the items. The Government has an unquenchable taste for assets and local law enforcement might just be the greediest of the bunch.

Something else to think about is I have often debated in my mind if buying from Apmex, J M bullion et al was a good thing to do because they have records of just who bought what and when it happened. I think we all agree that secrecy is the best avenue to protect our savings and while we can be tracked easily I am not so certain about our heirs. I can hear it now "Dad saved what?" or "WTF did you say he did?" feigning ignorance regarding any PMs. I have explained this over and over to my children and since graduating college, having a job and paying taxes they seem to have caught on to the idea pretty easily knowing that around every corner the Government is lurking to take what is yours to be given to others to buy their vote.

( Incidentally my daughter, in college at the time, went to an Obama rally with her college associate's back in the day during a period in her life when Obama was offering rainbows and unicorns to the public. Well my little miss graduated, made close to a 6 figure salary and that life of rainbows she realized was the hogwash that it was. She now says "Dad those **))_&_ taxes" and in my mind I think of an old television sitcom from way back in my youth called "Father Knows best" with a smile in my inner self knowing that she finally caught on. Funny how that worked out.)
 

Casey Jones

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Fact is, in 100 years all your silver/gold will be in the possession of someone that you do not know- Oh, and you will be dead anyway.

In the long run, does it really even matter?
What's the long run? How much gold you have, and the legal circumstances around gold, determine how you will live in old age and quite-possibly how and when you'll die.

The human tendency is to want to give your children a good life. That involves leaving them resources and teaching them how to use and save them.

Beyond that, of course, it's out of your hands. The torch will have been passed. But, yes, I think it does matter to some degree. Not having children, I have to look to securing my own final years, and then consider who I want to benefit from my estate. I most ASSUREDLY do not want it to be the government tax collectors; and I don't want it to be my rich siblings, all of whom work in the tech field...part of the Tech Tyranny. What we're seeing regarding online censorship and manipulating of facts...I saw this tendency in them a long time ago.

So I've done my best not to have either happen, and beyond that...there is nothing I can do.
 

ToBeSelfEvident

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I've already seen it happen. Woman I knew, husband died and left a bunch of gold and silver. She had always resented him spending his money on this stuff and couldn't wait to get rid of it. So she handed it over to a pawnbroker and told him to make her an offer. He gave a number and of course she had no idea if it was anywhere near the true value but lunged at it, as it was fresh green cash that she understood perfectly and knew quite well how to spend.
 

Son of Gloin

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I've already seen it happen. Woman I knew, husband died and left a bunch of gold and silver. She had always resented him spending his money on this stuff and couldn't wait to get rid of it. So she handed it over to a pawnbroker and told him to make her an offer. He gave a number and of course she had no idea if it was anywhere near the true value but lunged at it, as it was fresh green cash that she understood perfectly and knew quite well how to spend.
She was so stupid, she deserved to be cheated.
 

Casey Jones

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She was so stupid, she deserved to be cheated.
She's not the only one, not by a long shot. It's so much the norm, it's remarkable to see anyone, either sex, actually value and prefer PMs.

Age brings wisdom; and the wisdom this brings me is a sad sort. My ex...KNEW what gold and silver were. She didn't stack; we were both too young to have anything, and she never preached to me; but her father had a stack...to where he bought a house and ten acres, cash.

She knew guns, same way. Her father was an urbane, educated man, but there were shotguns all over the house. Under furniture and the like. Duct-taped to each one was a shell. There were a few boxes of shells in closets.

She had the kind of knowledge that today is COMPLETELY gone in the young; and I was too ignorant, too young, too deluded to even appreciate her and what she had.
 

the_shootist

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I've already seen it happen. Woman I knew, husband died and left a bunch of gold and silver. She had always resented him spending his money on this stuff and couldn't wait to get rid of it. So she handed it over to a pawnbroker and told him to make her an offer. He gave a number and of course she had no idea if it was anywhere near the true value but lunged at it, as it was fresh green cash that she understood perfectly and knew quite well how to spend.
Stupid should hurt! You got to marry the right chick. If you don't she'll shove it straight up your ass every time!
 

the_shootist

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Fact is, in 100 years all your silver/gold will be in the possession of someone that you do not know- Oh, and you will be dead anyway.

In the long run, does it really even matter?
I disagree! If you hold it, you own it. If you own it you must protect it from the government! That doesn't take a Rhodes scholar to accomplish. The old man should have taken steps to protect his wealthy for his heirs. If you fail, you lose and deserve what you get! He failed to do so and the rest is history
 
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Son of Gloin

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She's not the only one, not by a long shot. It's so much the norm, it's remarkable to see anyone, either sex, actually value and prefer PMs.

Age brings wisdom; and the wisdom this brings me is a sad sort. My ex...KNEW what gold and silver were. She didn't stack; we were both too young to have anything, and she never preached to me; but her father had a stack...to where he bought a house and ten acres, cash.

She knew guns, same way. Her father was an urbane, educated man, but there were shotguns all over the house. Under furniture and the like. Duct-taped to each one was a shell. There were a few boxes of shells in closets.

She had the kind of knowledge that today is COMPLETELY gone in the young; and I was too ignorant, too young, too deluded to even appreciate her and what she had.
It happens to even intelligent people, who haven’t thought it through. My Dad died in 2010 of congestive heart failure. It had been a long time coming, actually, but he had a heavy gold chain that he used to wear. I don’t know the the percentage of gold it was made of. Some months after he died, Mom just mentioned at a family get together that she sold Dad’s chain. I thought “Crap. She probably got cheated.” I asked her about it and she told me, “Oh, it’s OK, I took it to a jewelry store and they gave me almost three hundred dollars for it.” I thought again, “She probably got cheated.” So, I said to her, “If you ever sell any gold, ever again, come to me, so it stays in the family.” She asked me what I would give her for it and I just said “More. Whatever they offer you, I will give you more,” fully intending to make sure she got spot price, at least. She doesn’t really need the money, but I hate that she probably got cheated, one way or the other.
 

Goldbrix

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I've already seen it happen. Woman I knew, husband died and left a bunch of gold and silver. She had always resented him spending his money on this stuff and couldn't wait to get rid of it. So she handed it over to a pawnbroker and told him to make her an offer. He gave a number and of course she had no idea if it was anywhere near the true value but lunged at it, as it was fresh green cash that she understood perfectly and knew quite well how to spend.
I've told this elsewhere here in the past:
My Grandfather owned grocery stores. At one time two of the busiest in Dayton, Ohio. In the '50s silver dollars were plentiful in circulation more so the half dollars. My grandfather began trading his paper ( U.S. Treasury) dollars for the silver dollars the customers spent in the store.
He ended up squirreling away over 200 Silver dollars at his home. He outlived my grandmother, but passed away at the age of 88 in the late 80s.
My oldest uncle was the Executor of the Estate according to the will my grandfather left.
Upon liquidation of the properties, business and home. My uncle, according to what he told my mom and my other uncle tell, took the bag of silver dollars to the bank and cashed them out for Fed. Fiat usds and split the cash with the three of them.
The price of one silver dollar at the time had a value of $5.00 ea.
He told my mom and uncle the Bank Manager came over and done the transaction himself. Uncle seemed proud of that.
:bang head: :bang head::bang head:
 

Son of Gloin

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WillA2

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I've already seen it happen. Woman I knew, husband died and left a bunch of gold and silver. She had always resented him spending his money on this stuff and couldn't wait to get rid of it. So she handed it over to a pawnbroker and told him to make her an offer. He gave a number and of course she had no idea if it was anywhere near the true value but lunged at it, as it was fresh green cash that she understood perfectly and knew quite well how to spend.

Fools and their money are soon parted.