Storing Cards in a Lockbox... Advice Please!

Rob D. · #1 03-08-2011, 07:41 PM

Quote:

Originally Posted by calvindog

This is unintentionally hilarious. Look at how Rob cares for his cards; if his wife's jewelry were in that box do you think they'd be getting the anti-imaginary flood contingency treatment?

Jewelry?

leftygrove10 · #2 03-08-2011, 08:00 PM

I have the moisture-collecting packages (I can't remember what they are called at this moment) in the safe deposit box with my cards. I haven't seen any signs of moisture in there, but they are there just in case.... It is also a good idea to keep them in your safe if you have one...

cdn_collector · #3 03-08-2011, 08:05 PM

Quote:

Originally Posted by leftygrove10

I have the moisture-collecting packages (I can't remember what they are called at this moment) in the safe deposit box with my cards. I haven't seen any signs of moisture in there, but they are there just in case.... It is also a good idea to keep them in your safe if you have one...

Silica packets...I *think*

Regards,

Richard.

calvindog · #4 03-08-2011, 08:37 PM

Quote:

Originally Posted by Rob D.

Jewelry?

Yeah, I realized that as soon as I wrote it.....

FrankWakefield · #5 03-08-2011, 09:29 PM

When a person dies, the contents of the decedent's lock box would be inventoried. If there were 6 rare coins in there, then they would be listed as assets of the estate, subject to inheritance tax and estate tax.

If the 6 coins were insured, and the coins were in the lock box, then those two situations would be consistent. But if the 6 coins were scheduled on a policy and only 2 were there, then there would be concern because the 4 missing coins may well have been sold. And if they were sold, then was tax paid on the sale. And if not paid, then would the tax be levied against the estate...

Some stuff to contemplate when storing valuable coins in a safety deposit box.

And the little packages contain silica gel, a desiccant.

Plastic bags is a good idea. Banks can catch afire. Some banks have sprinkler systems... you just never know what could happen.

mdschulze · #6 03-08-2011, 10:55 PM

Thanks everyone for the ideas and some good points in Frank's post. I'm for certain going to be storing some cards in the lockbox but I'm still contemplating the coins. About a year ago, we were debating on adding an additional safe into the workshop and maybe split everything into 2 safes (one in the house, one in the shop). If I could get more insurance at a decent rate for my collectables, then this wouldn't be an issue.

ls7plus · #7 03-09-2011, 12:03 AM

Thanks for the photos, David. I've been thinking about just such a safe as an alternative to my safe deposit box for some time now, and the wife likes the idea as well as a safe place to stash her jewelry (yes, Rob, jewelry!). Good temperature resistance and too heavy for a couple of burglars to cart away. By the way, do you mind stating what you paid for the safe?

Eric, fabulous picture!

Larry

vintagetoppsguy · #8 03-09-2011, 12:07 AM

Quote:

Originally Posted by ls7plus

Thanks for the photos, David. I've been thinking about just such a safe as an alternative to my safe deposit box for some time now, and the wife likes the idea as well as a safe place to stash her jewelry (yes, Rob, jewelry!). Good temperature resistance and too heavy for a couple of burglars to cart away. By the way, do you mind stating what you paid for the safe?

Eric, fabulous picture!

Larry

Larry,

I'll send you the information via PM. If anybody else wants to know, they can PM me as well.

David

FrankWakefield · #9 03-09-2011, 06:50 AM

Mike, if a fellow stored 5 coins, rare coins, in a safe at his home, and if he had them listed on a schedule for an insurance policy, and they were on the schedule for 8 years, and then he died.... when his estate was probated those 5 coins should appear in his estate, subject to inheritance tax and maybe an estate tax. If the coins aren't there, then the presumption would be that he sold them, because if they had been stolen he'd have make a claim. If they were sold, then tax records from one of those 8 years would show the sale, and the ordinary income from the sale. And if that income wasn't there, then the IRS might think that the estate should now pay what the tax would have been, and maybe a penalty. Something for a fellow to think about when scheduling stuff on a policy.

Tsaiko · #10 03-09-2011, 12:24 PM

Quote:

Originally Posted by FrankWakefield

When a person dies, the contents of the decedent's lock box would be inventoried. If there were 6 rare coins in there, then they would be listed as assets of the estate, subject to inheritance tax and estate tax.

If the 6 coins were insured, and the coins were in the lock box, then those two situations would be consistent. But if the 6 coins were scheduled on a policy and only 2 were there, then there would be concern because the 4 missing coins may well have been sold. And if they were sold, then was tax paid on the sale. And if not paid, then would the tax be levied against the estate...

Some stuff to contemplate when storing valuable coins in a safety deposit box.

And the little packages contain silica gel, a desiccant.

Plastic bags is a good idea. Banks can catch afire. Some banks have sprinkler systems... you just never know what could happen.

It's a good idea to have joint ownership of a safety box or a TOD of the contents. This, depending of what state you live in, would avoid the contents being inventoried or subject to probate. Exceptions apply, of course, state by state, one possibly being if the only copy of the will is in the box.

The estate would have to be over 3.5 mil (or did that change recently?) to be subject to inheritance tax.

I'm not a lawyer, this is just based on experience, so take it with a grain of salt.

The bottom line, for me anyway, is, I don't want the government meddling in my affairs after I'm gone, so my heirs have access to all my accounts and most are TOD.

HercDriver · #11 03-09-2011, 12:57 PM

Is it just me, or does that safe look flush against the wall at the top, but has depth at the bottom. I was looking at it thinking I might see Willy Wonka with Mrs. Gloop at the back...

I actually have a safe like that with Shoeless Joe Jackson in it.

Take Care,
Geno

Section103 · #12 03-09-2011, 01:07 PM

You can put Pince Albert in a can, but you cant put Shoeless Joe in a safe.

docpatlv · #13 03-09-2011, 01:14 PM

Quote:

Originally Posted by HercDriver

Is it just me, or does that safe look flush against the wall at the top, but has depth at the bottom. I was looking at it thinking I might see Willy Wonka with Mrs. Gloop at the back...

I actually have a safe like that with Shoeless Joe Jackson in it.

Take Care,
Geno

Geno,

That particular model of safe was designed by none other than MC Escher.

Mike

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