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Estate Planning by Burying Stuff
Posted on 7/29/13 at 10:28 pm
Posted on 7/29/13 at 10:28 pm
For a diversified estate plan, I was wondering about the tax implications of burying stuff and leaving a map for heirs to find it.
LINK
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.
LINK
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.
Posted on 7/29/13 at 10:36 pm to Bayou Tiger
you realize its 2013 right? This isn't the days of long john silver and his "booty".
Posted on 7/29/13 at 10:38 pm to Bayou Tiger
You aren't smarter than the tax man. Treasure is included in gross income in the year it is found.
Posted on 7/29/13 at 10:41 pm to Bayou Tiger
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.
Posted on 7/29/13 at 10:42 pm to Bayou Tiger
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?
Posted on 7/29/13 at 11:05 pm to Bayou Tiger
It's becoming all the rage...
Old dude hides $2 billion buried treasure in New Mexico
Old dude hides $2 billion buried treasure in New Mexico
This post was edited on 7/29/13 at 11:13 pm
Posted on 7/29/13 at 11:08 pm to Bayou Tiger
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.
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.
Posted on 7/30/13 at 9:02 am to Bayou Tiger
There was a fascinating documentary on this, back in the 90s. I believe it starred Billy Crystal.
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