Hypothetical Treasure Find

[KANACKI]

Hola Amigo Garscale

Ultimately the Elderly land owner owns the land and being in possession of the land as the legal owner it his or her decision to recover such treasure. However they as allude to may be comfortable well off and have no need for drama of such discovery may bring.

I can understand that stance....

However for anyone outside of those circumstances might seem hard to see. However if one has knowledge of such treasure make an offer to elderly land owner to buy the property or make a deal to buy the property on the death of that landholder.

Some times one has take their time with such things. Ultimately the treasure hidden there has been their from at least 1940. It has been safely deposited 80 plus years undisturbed another few years will not make much difference.

For the person who knows it there consider a long term investment as gold coins will only go up in value. Sit on the knowledge until the elderly resident lives out his or her life buy the property....

Its called playing the long game...

Kanacki

 

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[ConceptualizedNetherlandr]

Research ( not on the internet) what laws apply. Go from there

 

[tinpan]

Hi , What one says and what is written in their Final Will may be different. Just something to consider Tp

 

[GoDeep]

Remember that couple in California some years back who were walking their property and their dogs found a cache of ultra rare gold coins ?
Yeah well, they told the World and ended up paying like 60 something percent in taxes.

Source please on where you found they actually payed 60 percent?

Going public allowed them to get full appraisals and grading and allowed them to promote the finds and command top prices and sell it all over a shorter period of time, which would likely offset the additional tax they may incur.

Also, if they had even a mediocre tax and investment lawyer and they put the proceeds into certain investments, many of those are tax free havens, leaving them with minimal to no taxes and only auction fees.

 

[crashbandicoot]

This all makes my head hurt.I truly hope I never find one of these real treasures and all the drama and problems,I,m too old for it.A gold ring now and then would be nice,but that,s about it.No disrespect to any of you real treasure hunters,just my opinion for me.

 

[Garscale]

I once dreamed of finding a huge fortune and sharing the discovery far and wide. Now, after much thought, I think in the unlikely event I should come across a treasure of great value, I think I would just take a little along to supplement my fun. I really dont think the headache would be worth it.

Let's say a guy had 50,000 low circulation silver dollars and 100,000 half dollars. What the heck could he do with that without causing a huge stink? Now factor in a bunch of old gold and maybe it would be better to just leave it in the ground.

 

[starsplitter]

At this point I'd get the tech to insure your phone isn't being tapped or a GPS tag isn't stuck to your car lol. But, seriously, the first rule of THing (as I've learned it) is to not tell anybody anything to include landowners. Better for the latter to discover a bag of coins on the front step at the ring of a doorbell, than risk years of painful and fruitless litigation (personal experience here with a family member).

 

[RTR]

What to do ? >>>

 

[SeabeeRon]

They did, between the Federal and California state taxes. The top Federal rate at the time of the find was 39.6% and California was 13%. They found over $10 million in coins, some of which were the finest known examples of their type and date. They were able to cash in on their find despite the taxes, and the certified coins that say "Saddle Ridge Hoard" command a premium for some collectors. It is the same as winning the lottery; the tax man will always be paid.

Back to the hypothetical. If it did happen to me, BEFORE I started any adventure or dig to find the items, I would contact a financial planner. I would also call every TV producer in the world with hopes of making the ordeal into a TV show (seriously - that is where the REAL money is). That way, I would be set for life after digging the treasure hoard and be able to cash in on my personal efforts spent. Sure, the tax man would get his cut, but the top rates are lower now than they were in 2014.

It beats trying to sell off the coins one-by-one in small transactions and constantly looking over my shoulder.

Agree on all points!

Sure beats just having this awesome find just sitting in a vault somewhere!
(Sort of like Scrooge McDuck in Jeff's post!)

 

[SeabeeRon]

Source please on where you found they actually payed 60 percent?

Going public allowed them to get full appraisals and grading and allowed them to promote the finds and command top prices and sell it all over a shorter period of time, which would likely offset the additional tax they may incur.

Also, if they had even a mediocre tax and investment lawyer and they put the proceeds into certain investments, many of those are tax free havens, leaving them with minimal to no taxes and only auction fees.

Excellent points!!

Just hoarding them makes no sense at all!

 

[Garscale]

Agree on all points!

Sure beats just having this awesome find just sitting in a vault somewhere!
(Sort of like Scrooge McDuck in Jeff's post!)

So just to be clear.... you would advise this elderly person to go ahead and recover all the gold and silver. Report the money to irs? That might open a tax evasion investigation. Maybe the cash life this person lived would be probed . Maybe the origin of the money probed. Maybe law suits be others that think they might have some claim.

Then how would they go about it. First three caches of silver weigh 412lb. This old person must have help, finding, digging, and hauling. What if word got out..and it would, their life could be in danger.

Weird to really think it through even in this hypothetical. I have reached the conclusion that it should just stay in the ground .

 

[SeabeeRon]

So just to be clear.... you would advise this elderly person to go ahead and recover all the gold and silver. Report the money to irs? That might open a tax evasion investigation. Maybe the cash life this person lived would be probed . Maybe the origin of the money probed. Maybe law suits be others that think they might have some claim.

Then how would they go about it. First three caches of silver weigh 412lb. This old person must have help, finding, digging, and hauling. What if word got out..and it would, their life could be in danger.

Weird to really think it through even in this hypothetical. I have reached the conclusion that it should just stay in the ground .

I was think more of Gold Coin Hoard found here in California a number of years back.

That said, what good is it you can't spend it and enjoy?? If it was all silver halves and dollars that could be more easily spent, send it!