Tons of cash... With POLL!

[compudog]

Well, not tons, but a whole shopping bag full. That's what my father and I found while going through my grandparent's basement. My grandmother died a short time ago and my grandfather has been in a nursing home for quite some time with acute Alzheimer's. Anyway, they were both small business people, my grandfather had an auto repair and tune up shop and my grandmother was an artist (ceramics, painting, teaching).

While my father (not his parents - actually his in-laws) and I were going through my grandfather's old tools we came across a big wooden box in his the basement. Inside were some professional certificates and stacks, envelopes, bank deposit bags, etc of cash. 100's, 50's, 20's, 10's, 5's and 1's. There were at least four envelopes each marked $10,000 filled with bills. There were all sorts of other bags with all denominations, while we didn't take a complete inventory yet, my estimate would be $75,000 in negotiable cash.

There was also a set of keys in the box for another box that was my grandfather's father's tool box. We opened that box and found coffee cans of wrapped coins (mostly quarters) a tin of coin purses filled with silver dollars and half dollars from the '20s and earlier (found some from the 1800's) along with some gold coins.

My grandfather was not a dummy either, he had stocks, bonds, and all sorts of investments and made regular deposits to checking and savings accounts through the years as did my grandmother. None of thier bills went unpaid and all they own is free and clear. I know my mom & dad aren't going to run to the bank with all of that cash, anything over $10,000 would throw up all sorts of warnings, I just wonder what I would have done if I found the $$$ if no one was looking...

 

[ChrisIsBored]

It's your family! Don't steal from them. :disgust:

You should however take it to a bank and get a safety deposit box and store it all there. Leaving that much cash laying around in a house would make me nervous.

After it's secure your father should talk to your grandfather about what he wants to do with it. It is his money after all correct?

 

[ElFenix]

wonder how much those coins are worth?

 

[Mill]

Originally posted by: ChrisIsBored
It's your family! Don't steal from them. :disgust:

You should however take it to a bank and get a safety deposit box and store it all there. Leaving that much cash laying around in a house would make me nervous.

After it's secure your father should talk to your grandfather about what he wants to do with it. It is his money after all correct?

Since he has Alzheimers that will not exactly work.

 

[pennylane]

Originally posted by: ChrisIsBored
It's your family! Don't steal from them. :disgust:

You should however take it to a bank and get a safety deposit box and store it all there. Leaving that much cash laying around in a house would make me nervous.

After it's secure your father should talk to your grandfather about what he wants to do with it. It is his money after all correct?

Indeed. But chances are, you SHOULD get some. and THAT would be nice

 

[Zim Hosein]

Originally posted by: ChrisIsBored
It's your family! Don't steal from them. :disgust:

You should however take it to a bank and get a safety deposit box and store it all there. Leaving that much cash laying around in a house would make me nervous.

After it's secure your father should talk to your grandfather about what he wants to do with it. It is his money after all correct?

I agree, just remember, if you deposit more $10,000 or more into a bank account, you will be flaged, so a saftey deposit box is the way to go

 

[iamme]

wow!

and i get happy when i find a five dollar bill.....

 

[jagr10]

Sure you can take it to a bank. Just don't go to a regular teller. Ask to speek to a bank manager in one of those rooms. Then you tell them what you have and ask to make the deposit. I'm assuming your grandfather with his condition won't be able to give much info on the money right? So why not split it with your immediate family.

 

[4Lclovergirl]

Well, while not the same, when my grandmother passesd away, she left over 240k in cash to my father, or at least that's whta it worked out to be AFTER taxes. And while it was in the will, and clearly slated to be his, he still paid the taxes on it, and split it between his 3 other sibs. They didna't ask for it, he kept no extra for himself, and i believe that was the nest thing he could have done. He wanted no bickering and all the bad stuff that can go on with an estate that he has seen happen in the past.

Think about it this way, how would you feel if someone else in your family found it, and kept it and didn't tell you? Besides, there may be somehting in the will about parts of the estate not included directly in the will. so be careful.

 

[compudog]

There are so many things to consider. My grandfather is not even aware of his name anymore. I think for the time being the money will be stored in a safe location until the survivig family gets together. (My mom, her sister and brother.) It think it would be a three-way divide between the three siblings to do with what they want, but I don't know what the will states, and as my grandfather is still alive, the will hasn't been opened. My uncle has POA, but for some reason my mom doesn't want him to know about the $$$. I sense a storm brewing.

 

[Eli]

Damn, that would be such a nice find....

Not saying I would steal it, just saying I wish I would be confronted with such dilemmas more often.

 

[no0b]

Do not mark it as inheritance, hopefully its not in his will, b/c taxes are a bitch hopefully you will be able to equally share it with everyone in the family.

 

[RU482]

In a situation like this, how likely is it that if you and your mom and dad kept the money, the IRS would/wouldn't find out and want their cut? That would be a great thing to leave your kids free and clear of taxes.

 

[erub]

what's POA?

 

[stev0]

grab the bag and gtfo

 

[Mookow]

Originally posted by: erub
what's POA?

power of attorney

 

[FelixDeCat]

There is just so much to say here. Are some of the older coins worth more than face value? You can divide money equally, but thats something else to consider. An estate of less than $600,000 can be passed tax free I believe, so this whole "flag" issue with the bank is kind of silly. We are not talking about ill gotten gains or suggesting anyone break the law.

You might want to get a lawyer.

 

[ReiAyanami]

use the money to help find a cure for alzheimer's

 

[Comp625]

Originally posted by: ReiAyanami
use the money to help find a cure for alzheimer's

You know, that is a really good idea. If I were in your shoes and found my alzheimer-inflicted grandfather's treasure, I'd donate it for research as well. I see alot of people who have alzheimers and it's kind of depressing how they cannot remember their own names.

 

[Mill]

Ok, it is VERY obvious that many of you in this thread have never dealt with something like this. More than likely the money will be drained before your grandfather died. My grandparents were not rich, but they were not poor. In the end they had 0$ after paying for nursing home upkeep. This is why my father's grandparents are going to transfer all their assets to me. They probably cannot afford to get nursing care, so I will have to pay for it. Sadly, my father is dead and the rest of my family is estranged from them.

 

[Pokey007]

Unfortunately you posted you're situation here. If you declare it in the estate (which you are legally bound to do) then you will pay taxes on it and it will be dispensed according to the will.

however, if you keep it out of the estate (which is illegal) then you can distribute it up amongst your family according to the will, but tax free., but you'll have to keep it a secret and what not. Just keep the IRS out of it....always better to leave Uncle Sam out of family business.

 

[dquan97]

give it to my family

 

[Ryan]

I'd keep the cash for myself, but turn the other stuff over to the family

 

[rgwalt]

I would have turned it over to the family. However, my family is pretty unique. I have a very small family, and we are very close knit. However, if I found a stash of cash like that, I would be tempted to hold onto some of the loose cash and some of the rare coins. Enough to get me free and clear of some minor debts.

Ryan

 

[compudog]

We have put the cash in a secure place (big industrial safe) and are doing nothing with it until my grandfather passes away and the will is opened. The coins will be cleaned and preserved and put in storage as well.