Tons of cash... With POLL!

[gotsmack]

good call on the safe.

 

[jeremy806]

Dude, that sounds like a decent thing to do, although a safety deposit box is worth considering because of the value.

And, I really hope that you were not actually thinking of taking any of it. That money so clearly belongs to the home owner (not you), and then to the beneficiaries (maybe you).

jeremy806

 

[Zebo]

My uncle has an auto shop and does the same thing. Must be genetic with mechanics not to pay taxes on cash deals

As others have said do not try to depsit it, the feds or sherriff will seize it.

Fullfill thier obligations until thier demise then after pocket the rest.

 

[StageLeft]

I'd have turned it over to the family (ie, not keep it for myself). Whether it's worth mentioning to your grandfather is a judgement call you can try to objectively make based on how you perceive he will be able to handle that cash in his altzeimer's state. Regardless of course it's his money so unless he's developed a recent penchant for hookers and gambling you may want to turn it over to him.

Also wtf is with old people and hording money. Fvck. BANKS people. BANK.

 

[Hubris]

Originally posted by: Millennium
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.

Yeah, Millenium's right; if you need the capital to pay for nursing home care, they'll sell your house, all your assets, etc. to pay for it. Worked in an Alzheimer's nursing home for six years and heard a crapload of sob stories about it.

 

[Hubris]

Originally posted by: Skoorb
Also wtf is with old people and hording money. Fvck. BANKS people. BANK.

A lot of it has to do with the Depression; people saw their life savings drained from them while sitting in banks and so don't trust them as much, despite them being federally insured now. Also, a lot of immigrants don't trust banks either, and so stash it in cash all over their homes.

On a side note, wtf did he put the key to COINS in among the ~$75,000 in CASH?

 

[Zebo]

nm

 

[rh71]

How could anyone leave all that cash at home? What if the place catches fire ?!

 

[compudog]

Originally posted by: rh71
How could anyone leave all that cash at home? What if the place catches fire ?!

Then it's gone. The keys to the old coins were under the cash. I imagine things will settle down. It's just that seeing that much $$$ is such a shock. All of the bills for his medical care are taken care of. He had significant investments in safe stocks and insurance plans.

 

[LeStEr]

Originally posted by: rbloedow
I'd keep the cash for myself, but turn the other stuff over to the family

 

[Anubis]

id take my finders fee and then turn teh rest over

 

[BatmanNate]

Did either of your grandparents have a will? If so, abide by that. If not, safe deposit box until your grandfather passes on, then decide what to do with it.

 

[johneetrash]

just out of curiosity, how come there are taxes on stuff like that anyway? why does the government get it's cut when it's one person's money and he's just passing it on to a relative?

 

[BatmanNate]

Originally posted by: johneetrash
just out of curiosity, how come there are taxes on stuff like that anyway? why does the government get it's cut when it's one person's money and he's just passing it on to a relative?

Because never having lived under a complete tyranny we've become jaded to the fact that our indepedance and individualism were important enough to die for, and we've allowed our government to overtax us and redistribute our wealth not for our benefit. Nothing will change until the next revolution I imagine, although I don't know if I'll live to see it.

 

[RossMAN]

I second splitting it between family members (after getting together and openly discussing it), keep Uncle Sam out of it and hopefully everyone will get $10,000 or less. Otherwise if they deposit it into a bank they're required by law to complete a CTR (currency transaction report) and you'll want to avoid structuring or smurfing (yes those are actual BSA terms).

 

[compudog]

It's funny that the govt will gladly take a cut on money they already have taken a cut from. I did a little more research and the cash was all reported as income and all taxes were properly paid. None of it was from cash transactions that were not recorded. I don't know about the silver coins or silver certificates though. That's a whole other story in itself, along with all of the antique auto parts.

 

[weirdichi]

...and where is this house again?

 

[Wingznut]

Ok... Posting something like this on here is not a very bright thing to do, imho. You never know when something like this can turn and bite you in the @ss.

Some attorney somewhere: "So you say that you didn't know anything about this money? Looks like your son posted all about it on a msg board back in 4/03."

 

[jjyiz28]

i didn't read most of the above statements but this is my take on it. the inheritence should be split up evenly among the grandchildrens, which includes you. that money should have gone to your grandparents offsprings but since they are all grown and an adult, it should be split up and be in a savings account. your parents and aunts and uncles would spend it all on their mid life crisis, don't want that to happen. that money is yours along with your cousins and siblings.

 

[XZeroII]

I would talk it over with the family and we would probably divide it up (not evenly, but everyone would get some). Definatly don't report it or you will have to pay taxes on it. Save the coins, of course because most are probably real silver. Use the cash as spending money and keep it in a safe when not in use. Do not put it in a bank because you will have to pay taxes on it. Odds are, that money has already been taxed, so no point in giving our gov't another share of it.

 

[XZeroII]

I would talk it over with the family and we would probably divide it up (not evenly, but everyone would get some). Definatly don't report it or you will have to pay taxes on it. Save the coins, of course because most are probably real silver. Use the cash as spending money and keep it in a safe when not in use. Do not put it in a bank because you will have to pay taxes on it. Odds are, that money has already been taxed, so no point in giving our gov't another share of it.

 

[MichaelD]

Wow. That is all.

The coins alone are probably worth a fair chunk o'change.

Not reporting it is the most illegal thing you can do. It's also the smartest!!!! Like you said, it's amazing how Uncle Sam loves to take his cut out of a pie that he's already had a cut out of.

If the Sheriff or county Constable seizes that money it is GONE. It's all in the safe...best place for it.

Best that you and your Dad found it. Think what would happen if God forbid your Grandpa passed on and some movers or somebody just stumbled across it. You'd never know it was there, they sure as hell wouldn't say anyting...at least your family will get to split it up down the road.

If Grandpa is in bad enough shape to be in a nursing home, he can't handle his own finances. I speak from experience because MY father is in a nursing home, waiting to die. Five years ago, my mom, my brother and I decided to have the papers drawn up to have all decisions concerning Dad's finances and healthcare removed from him and transferred solely to Mom...and my brother and I should somethig happen to Mom.