<<There is apparently one relative, but if that person wasn't named in a will [looks like he died intestate] doesn't the state say how his estate is divided? >>
Quite likely...and what a mess that would be. You'll also probably have distant relatives, as well as alledged girlfriends/boyfriends coming out of the woodwork too.
So if the state doesn't get everything...the court appointed attorneys probably will.
And, if I might digress, the pursuit of wealth (and the next great coin) was also quite important to me when I was in my 20s, at least until both parents suddenly died at young ages within a year of each other.
And now...not so much...still enjoy collecting. But there are definitely more important things in life.
This excerpt from the story amuses and confuses me.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
<< <i>This excerpt from the story amuses and confuses me.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
Selling off the gold as soon as possible >>
There should be an appraisal first and if there is an heir, it should be their choice about what gets sold. Must be more to the story that we don't know.
<< <i>This excerpt from the story amuses and confuses me.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
Selling off the gold as soon as possible >>
It was asked before but what business is it of this Glover fellow to sell the gold ? It's been said some of it is collectible coins and not just bullion and an heir has been found.
<< <i>To me, this reads more like a "mental illness/hoarding" sad mental state type of article...rather than a "Gee...this guy was really happy, well adjusted and secure." >>
This story did make it onto our local news and that is the picture they painted. The guy was a hoarder and also had an excess amount of large guns /assult riffles and ammo along with servivalist literature etc... i.e. a boardline waco. !
<< <i>To me, this reads more like a "mental illness/hoarding" sad mental state type of article...rather than a "Gee...this guy was really happy, well adjusted and secure." >>
This story did make it onto our local news and that is the picture they painted. The guy was a hoarder and also had an excess amount of large guns /assult riffles and ammo along with servivalist literature etc... i.e. a boardline waco. ! >>
Uuummm...hoard's PM's , has lots of guns and can think for himself , sounds like most of our members , he may have had issues but he sure sounds like he would fit right in with the PM forum crowd.
It was only 3 years ago that gold was less than $1,000. per ounce. It jumped $120 in the past 8 weeks, or thereabouts. Not to mention there are probably high grade foreign gold coins in the lot, as so many dealers have treated coins as "just bullion" for so long that even they gave up "gems" to buyers over the years at rock bottom prices, probably. Now that we have globalization, some of these coins might go for many multiples of what "bullion and gold buyers" claim. There is the top of the market and the bottom of the market.
I'm sure the city/state/feds will see to it and ensure they get fair prices for what is distributed back to the people. I purchased a gold coin for spot and got it graded and it was worth nearly 3 times what I paid after PCGS slabbed it. It's hard to imagine without seeing the items, what sort of gems or treasures could be hidden among such amassed wealth in "coins".
I know gold was 800/oz in 2008 as that's when i bought in but this old geezer had been buying since the 70's and his Mother before him.Two wheelbarrows full ...mind blowing.
If I were the heir, I'd get a lawyer and stop this Glover fellow from selling the stuff without my permission. For all anyone knows this heir may have enough money to pay the tax obligations himself and might want to keep the physical gold.
As to the old boy himself... how do we know he was still hoarding gold when he died? Maybe he had already established his hoard for retirement years and was just selling a bit here and there as he needed it. The $12k in cash may have been proceeds from a recent sale...
Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted...
"Maybe he had already established his hoard for retirement years and was just selling a bit here and there as he needed it. The $12k in cash may have been proceeds from a recent sale..."
Serious question for all you federal tax bugs...but if this guy had set up his will correctly, wouldn't several million of this have passed TAX FREE to his heirs...regardless of who they might be?
I think the federal estate tax exemption is either $3.5 or $5 million right now...didn't bother Googling it...but it's a significant amount.
<< <i>Serious question for all you federal tax bugs...but if this guy had set up his will correctly, wouldn't several million of this have passed TAX FREE to his heirs...regardless of who they might be?
I think the federal estate tax exemption is either $3.5 or $5 million right now...didn't bother Googling it...but it's a significant amount. >>
If he didn't trust banks much, it makes sense why he wouldn't have a will. Probly wanted to keep his holdings secret. Likely didn't care about what happened to it after he died.
Heir hunters across the country are gearing up to locate relatives of the decedent to "sign them up" to an agreement that gives the hier hunter a percentage of whatever the relative receives from the estate. I have seen these guys in action and they lead an interesting life.
I also think that the IRS (not the state since Nevada has no income tax as a poster to this thread pointed out) will look into whether the decedent has filed income tax returns. If not, the estate will be looking at prior years income tax liability going back to the cut off date on the applicable statute of limitations. Even if the decedent did file income tax returns, the large gold holdings may trigger audits of the tax returns. So income tax underpayments and/or non filing may result in additional taxes being levied along with penalties and interest. Then on top of that there will be federal estate tax liabilities. Any heir will be fortunate that the decedent died in 2012 instead of after the first of the year when tax laws revert to what was in effect before the current system expires.
<< <i>Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted... >>
Nahhh- that couldn't happen. Government employees are tireless workers whose only goal is to serve the public and they'd never allow such a thing to happen. Right?
<< <i>Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted... >>
Nahhh- that couldn't happen. Government employees are tireless workers whose only goal is to serve the public and they'd never allow such a thing to happen. Right? >>
Northern Nevada has old money; many that believe in gold and silver (which built the state and the one next to it) and not the banks. I’ve seen a couple decent Nevada hoards myself.
The articles I read were slanted hit pieces. Man hoarded gold + man had literature that didn’t parrot government line = man was lunatic/fringe/wacko.
The very first thing that came to my mind, is the guy figured out how to beat the casino house. There are a couple dozen casinos within one hour drive of Carson. Casino’s are a money laundering operation and this may have figured out exactly how to get it done in the reverse
Since he never had many friends, could obviously keep a secret, etc. he never gave a tell. Therefore, was never robbed and never 86d by the house. The one’s that figure how to beat the house, REALLY beat the house, don’t write a book on how it was done. When I built slot machines I heard a few stories on how to cheat the routes. There are syndicates that can rig things over the short term, sometimes the medium term. I frimly believe someone could make a very handsome living doing so, if they had singular devotion, focus and discipline.
What killed the cheat syndicates EVERY time….someone eventually bragged. This guy may have been one of the few that could keep his mouth shut.
Alternately, he hit a lode within a few hours drive (there is still gold in Nevada!) and dug it out of the ground for 40 years. Trading a few grams at a time. In the 1980s boom there was, at one point, over 10 different storefronts within a two block stretch on 2nd street in Reno that made a market in physical gold. In the mid-late 1990s there were still five or six. Nugget finder - Another potentially VERY lucrative career where a pays to be a loner that doesn’t chat much.
It also speaks to the fact that collecting is a brotherhood. We need to have open and honest communications and try not to bear grudges, life is too short for that. Rest in peace to him. >>
Seems to me there is a difference between a collector and a hoarder. Not saying I know what he was but would a collector keep fine gold coins in a garage?
Gold and silver are valuable but wisdom is priceless.
<< <i>Northern Nevada has old money; many that believe in gold and silver (which built the state and the one next to it) and not the banks. I’ve seen a couple decent Nevada hoards myself.
The articles I read were slanted hit pieces. Man hoarded gold + man had literature that didn’t parrot government line = man was lunatic/fringe/wacko.
The very first thing that came to my mind, is the guy figured out how to beat the casino house. There are a couple dozen casinos within one hour drive of Carson. Casino’s are a money laundering operation and this may have figured out exactly how to get it done in the reverse
Since he never had many friends, could obviously keep a secret, etc. he never gave a tell. Therefore, was never robbed and never 86d by the house. The one’s that figure how to beat the house, REALLY beat the house, don’t write a book on how it was done. When I built slot machines I heard a few stories on how to cheat the routes. There are syndicates that can rig things over the short term, sometimes the medium term. I frimly believe someone could make a very handsome living doing so, if they had singular devotion, focus and discipline.
What killed the cheat syndicates EVERY time….someone eventually bragged. This guy may have been one of the few that could keep his mouth shut.
Alternately, he hit a lode within a few hours drive (there is still gold in Nevada!) and dug it out of the ground for 40 years. Trading a few grams at a time. In the 1980s boom there was, at one point, over 10 different storefronts within a two block stretch on 2nd street in Reno that made a market in physical gold. In the mid-late 1990s there were still five or six. Nugget finder - Another potentially VERY lucrative career where a pays to be a loner that doesn’t chat much.
fwiw >>
Wouldn't his tax returns show a lot of gambling income? Not that we'd ever be privy to it.
i think the over-riding point is that it didn't buy him ANYTHING. it is sad, indeed, to think of all the people who shut themselves off from the world, focus on material things and shun medical help. i often think of what a friend says-----"I used to use people and love things, but I've learned to love people and use things." though this gentleman was only 69 years old, these types of stories about the generation that lived through the depression are all too common. >>
Comments
Quite likely...and what a mess that would be. You'll also probably have distant relatives, as well as alledged girlfriends/boyfriends coming out of the woodwork too.
So if the state doesn't get everything...the court appointed attorneys probably will.
And, if I might digress, the pursuit of wealth (and the next great coin) was also quite important to me when I was in my 20s, at least until both parents suddenly died at young ages within a year of each other.
And now...not so much...still enjoy collecting. But there are definitely more important things in life.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
Selling off the gold as soon as possible
``https://ebay.us/m/KxolR5
<< <i>This excerpt from the story amuses and confuses me.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
Selling off the gold as soon as possible
There should be an appraisal first and if there is an heir, it should be their choice about what gets sold. Must be more to the story that we don't know.
<< <i>This excerpt from the story amuses and confuses me.
"Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement."
Selling off the gold as soon as possible
It was asked before but what business is it of this Glover fellow to sell the gold ? It's been said some of it is collectible coins and not just bullion and an heir has been found.
<< <i>To me, this reads more like a "mental illness/hoarding" sad mental state type of article...rather than a "Gee...this guy was really happy, well adjusted and secure."
>>
This story did make it onto our local news and that is the picture they painted. The guy was a hoarder and also had an excess
amount of large guns /assult riffles and ammo along with servivalist literature etc... i.e. a boardline waco. !
<< <i>
<< <i>To me, this reads more like a "mental illness/hoarding" sad mental state type of article...rather than a "Gee...this guy was really happy, well adjusted and secure."
>>
This story did make it onto our local news and that is the picture they painted. The guy was a hoarder and also had an excess
amount of large guns /assult riffles and ammo along with servivalist literature etc... i.e. a boardline waco. ! >>
Uuummm...hoard's PM's , has lots of guns and can think for himself , sounds like most of our members , he may have had issues but he sure sounds like he would fit right in with the PM forum crowd.
I'm sure the city/state/feds will see to it and ensure they get fair prices for what is distributed back to the people.
I purchased a gold coin for spot and got it graded and it was worth nearly 3 times what I paid after PCGS slabbed it. It's hard to imagine without seeing the items, what sort of gems or treasures could be hidden among such amassed wealth in "coins".
nuff said here. toodles.
``https://ebay.us/m/KxolR5
As to the old boy himself... how do we know he was still hoarding gold when he died? Maybe he had already established his hoard for retirement years and was just selling a bit here and there as he needed it. The $12k in cash may have been proceeds from a recent sale...
Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted...
RIP Mom- 1932-2012
That makes a lot of sense.
I think the federal estate tax exemption is either $3.5 or $5 million right now...didn't bother Googling it...but it's a significant amount.
<< <i>Serious question for all you federal tax bugs...but if this guy had set up his will correctly, wouldn't several million of this have passed TAX FREE to his heirs...regardless of who they might be?
I think the federal estate tax exemption is either $3.5 or $5 million right now...didn't bother Googling it...but it's a significant amount. >>
If he didn't trust banks much, it makes sense why he wouldn't have a will. Probly wanted to keep his holdings secret. Likely didn't care about what happened to it after he died.
You're probably correct...which also indicates that there's no making sense of the human mind sometimes.
I also think that the IRS (not the state since Nevada has no income tax as a poster to this thread pointed out) will look into whether the decedent has filed income tax returns. If not, the estate will be looking at prior years income tax liability going back to the cut off date on the applicable statute of limitations. Even if the decedent did file income tax returns, the large gold holdings may trigger audits of the tax returns. So income tax underpayments and/or non filing may result in additional taxes being levied along with penalties and interest. Then on top of that there will be federal estate tax liabilities. Any heir will be fortunate that the decedent died in 2012 instead of after the first of the year when tax laws revert to what was in effect before the current system expires.
<< <i>Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted... >>
Nahhh- that couldn't happen. Government employees are tireless workers whose only goal is to serve the public and they'd never allow such a thing to happen. Right?
<< <i>
<< <i>Also... I can't help but wonder if there was actually, say, 100k in cash- but only $12k got counted... >>
Nahhh- that couldn't happen. Government employees are tireless workers whose only goal is to serve the public and they'd never allow such a thing to happen. Right? >>
yah. you betcha
<< <i>I would like to see that hoard.
IRS has to get its share. >>
but of course theyll get there share and more then likely extras
The articles I read were slanted hit pieces. Man hoarded gold + man had literature that didn’t parrot government line = man was lunatic/fringe/wacko.
The very first thing that came to my mind, is the guy figured out how to beat the casino house. There are a couple dozen casinos within one hour drive of Carson. Casino’s are a money laundering operation and this may have figured out exactly how to get it done in the reverse
Since he never had many friends, could obviously keep a secret, etc. he never gave a tell. Therefore, was never robbed and never 86d by the house. The one’s that figure how to beat the house, REALLY beat the house, don’t write a book on how it was done. When I built slot machines I heard a few stories on how to cheat the routes. There are syndicates that can rig things over the short term, sometimes the medium term. I frimly believe someone could make a very handsome living doing so, if they had singular devotion, focus and discipline.
What killed the cheat syndicates EVERY time….someone eventually bragged.
This guy may have been one of the few that could keep his mouth shut.
Alternately, he hit a lode within a few hours drive (there is still gold in Nevada!) and dug it out of the ground for 40 years. Trading a few grams at a time. In the 1980s boom there was, at one point, over 10 different storefronts within a two block stretch on 2nd street in Reno that made a market in physical gold. In the mid-late 1990s there were still five or six. Nugget finder - Another potentially VERY lucrative career where a pays to be a loner that doesn’t chat much.
fwiw
Seems to me there is a difference between a collector and a hoarder. Not saying I know what he was but would a collector keep fine gold coins in a garage?
<< <i>Northern Nevada has old money; many that believe in gold and silver (which built the state and the one next to it) and not the banks. I’ve seen a couple decent Nevada hoards myself.
The articles I read were slanted hit pieces. Man hoarded gold + man had literature that didn’t parrot government line = man was lunatic/fringe/wacko.
The very first thing that came to my mind, is the guy figured out how to beat the casino house. There are a couple dozen casinos within one hour drive of Carson. Casino’s are a money laundering operation and this may have figured out exactly how to get it done in the reverse
Since he never had many friends, could obviously keep a secret, etc. he never gave a tell. Therefore, was never robbed and never 86d by the house. The one’s that figure how to beat the house, REALLY beat the house, don’t write a book on how it was done. When I built slot machines I heard a few stories on how to cheat the routes. There are syndicates that can rig things over the short term, sometimes the medium term. I frimly believe someone could make a very handsome living doing so, if they had singular devotion, focus and discipline.
What killed the cheat syndicates EVERY time….someone eventually bragged.
This guy may have been one of the few that could keep his mouth shut.
Alternately, he hit a lode within a few hours drive (there is still gold in Nevada!) and dug it out of the ground for 40 years. Trading a few grams at a time. In the 1980s boom there was, at one point, over 10 different storefronts within a two block stretch on 2nd street in Reno that made a market in physical gold. In the mid-late 1990s there were still five or six. Nugget finder - Another potentially VERY lucrative career where a pays to be a loner that doesn’t chat much.
fwiw >>
Wouldn't his tax returns show a lot of gambling income? Not that we'd ever be privy to it.
<< <i>7 million will buy a lot of companionship.
i think the over-riding point is that it didn't buy him ANYTHING. it is sad, indeed, to think of all the people who shut themselves off from the world, focus on material things and shun medical help. i often think of what a friend says-----"I used to use people and love things, but I've learned to love people and use things." though this gentleman was only 69 years old, these types of stories about the generation that lived through the depression are all too common. >>
I think you nailed it Keets.