Carson City hoard...of a different sort
steelielee
Posts: 1,173 ✭✭✭
http://www.foxnews.com/us/2012/09/17/nevada-man-dies-with-200-in-bank-7m-in-gold-hidden-inside-home/
It'll be interesting to see what they find and how they sell it. Local city clerk wants to start selling....I'm sure they do.
It'll be interesting to see what they find and how they sell it. Local city clerk wants to start selling....I'm sure they do.
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Many successful BST transactions with dozens of board members, references on request.
Many successful BST transactions with dozens of board members, references on request.
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Comments
Too many positive BST transactions with too many members to list.
No doubt countless people will be searching for the decedent's home so that they can "see for themselves" (and maybe break in and steal some gold). Would not want any guy or gal off of the streets to get his or her hands on some of the gold and other valuables.
That of course is better left to local, state and federal governments to do. Before any of the estate will be distributed to any heir (if there is any) the government will want its share. Death/Estate taxes will be extracted. State and federal tax collectors will also look into whether the guy filed state and federal income taxes over his life. If not, his estate will have to file back returns and pay back income taxes, interest and penalties. If so, his prior tax returns will be reviewed and compared with his wealth with the conclusion likely being made that he under reported income, dealt in cash transactions and used untaxed cash income to acquire gold. Thus back income taxes, interest and penalties will be charged and collected.
The nerve of this guy, accumulating all of this wealth on the sly. He was unpatriotic during his life, failing to pay his "fair share". Obviously one of those despicable 1%r's
The above snarky comment aside, I have seen situations like this play out in the past during my practice of law.
The decedent accumulates a large amount of wealth by being industrious, frugal, sharp in his/her business dealings, or by inheriting same. Instead of putting the wealth to good use before his/her death, he or she will keep it a secret and lead a low key life. He or she may have no close friends or relatives. Relatives or friends may have died previously leaving the person all alone. The person may want to hoard their wealth due to life experiences (i.e. growing up in the depression and going without adequate food, clothing or shelter for years). They may also not trust anyone, including government, church, banks, friends, attorneys, accountants, etc. and not prepare an estate plan.
The person dies and if no one steps in to take control of the decedent's estate, people in the community may hear of the death by word of mouth and quickly break into the decedent's home to steal things (this happened with a neighbor of a client of mine who was a drunk, a recluse and a coin collector of hundreds of slabbed MS Morgans). When word of his death got out, his home was broken into immediately and ransacked. All of this coin collection (which my client had seen) was taken, along with money and other valuables.
Even if the decedent's estate is preserved, in the absence of relatives being present who launch probate proceedings, local government will do so (i.e. through the Public Guardian). Much of the wealth of the decedent will be devoted to the payment of fees and expenses and taxes. Efforts will be made (though maybe not an exhaustive effort) to find relatives who would inherit. If none are found, the remaining balance of the estate after payment of taxes, fees and expenses will be held on deposit with government for the required period of time and then if not claimed it will be transferred to the government via the legal principle of "Escheat".
RIP to the decedent and hopefully some of his wealth will pass to one or more heirs.
<< <i>at least you don't have 12 relatives fighting >>
Why must they paint such a bad picture of heirs? The media really pisses me off with all their slants and poison. There's nothing wrong with passing things on to your progeny. Might not be the best idea for every situation, but still better then some county clerk being left in charge of selling the goods.
Amat Colligendo Focum
Top 10 • FOR SALE
<< <i>Why must they paint such a bad picture of heirs? >>
Because, as I have seen, so many families go 'money berserk' when it comes to inheritances..... such a sad thing to watch, and, it seems, the wounds/rifts never heal. Cheers, RickO