Estate Planning by Burying Stuff | TigerDroppings.com

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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3189 posts

Estate Planning by Burying Stuff


For a diversified estate plan, I was wondering about the tax implications of burying stuff and leaving a map for heirs to find it.

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What are the tax implications? In other words, how long does it have to be buried before somebody else can claim it tax-free? Worst case I could just bury some cash or gold coins.

For legal CYA, would it be better to leave the map and directions noted in the will or just a cryptic map inside of an envelope?

Has anyone done this as part of a diversified estate plan? For a small fraction of the estate, it can't be any worse than putting that money in universal life insurance, right? Plus the competing heirs get to go on a Hardy Boys -style mystery caper to actually work for a piece of the money.







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ThaBigFella
LSU Fan
baton rouge
Member since Apr 2006
2043 posts

re: Estate Planning by Burying Stuff


you realize its 2013 right? This isn't the days of long john silver and his "booty".





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Beerinthepocket
LSU Fan
Dallas
Member since May 2011
490 posts

re: Estate Planning by Burying Stuff


You aren't smarter than the tax man. Treasure is included in gross income in the year it is found.





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28674 posts
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re: Estate Planning by Burying Stuff


quote:

how long does it have to be buried before somebody else can claim it tax-free?




Until the tax law gets changed to allow such an obvious loophole.






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rmc
LSU Fan
Zachary, LA
Member since Sep 2004
22412 posts
 Online 

re: Estate Planning by Burying Stuff


quote:

For a diversified estate plan, I was wondering about the tax implications of burying stuff and leaving a map for heirs to find it.


Do you have a combined 10.5+ million between yourself and your wife?

If not, then I'd just go get a will done.

quote:

Has anyone done this as part of a diversified estate plan? For a small fraction of the estate, it can't be any worse than putting that money in universal life insurance, right?








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Sigma_
Wake Forest Fan
Member since Jun 2013
46 posts

re: Estate Planning by Burying Stuff


It's becoming all the rage...

Old dude hides $2 billion buried treasure in New Mexico




This post was edited on 7/29 at 11:13 pm


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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14401 posts
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re: Estate Planning by Burying Stuff


Ted Binion buried several million dollars worth of silver coins in the Nevada desert. Someone was caught digging them up within days of his death from an overdose. The greed of the people who knew where the coins were buried kind of made burying them ineffective if it was done for estate planning purposes.

Teddy's death was one of those truth is stranger than fiction type stories. It was really weird when it happened because I was at dinner with Jack Binion when he got the telephone call informing him of his brother's death.

I can't imagine that the probate courts or the IRS would look too favorably on significant assets being knowingly omitted from estates since the required disclosures are signed under penalties of perjury. If I were to attempt it though, I would just leave the map among my personal effects and papers, and bequeath the personal effects and papers to the intended beneficiary. Thus I would declare the map to be of inconsequential value among various assets indistinguishable from other items.






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Cold Cous Cous
LSU Fan
TD OG
Member since Oct 2003
12944 posts

re: Estate Planning by Burying Stuff


There was a fascinating documentary on this, back in the 90s. I believe it starred Billy Crystal.





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