I had an interesting conversation with a client last week, and the subject of wills came up, and the death tax someone has to pay when one’s wife, husband or other, passes away. I have a will, as we all should, but I don’t have an IRA.
Speaking about IRA’s, many have placed physical gold and silver on one, and I understand why…sort of anyway. The problem I have with an IRA, is that when the holder dies, the basis of the taxable payout profit, is figured on the price of the gold and silver when the IRA was established, plus the price when additional items were placed in it. If as an example, if you placed gold or silver in an IRA, when it was $88 or $15, and you die, there will be a tax on the profit between the bought price and the current or sell price when you die. Some say that their employer says they have to have an IRA, which may or may not be true. If your employer adds to it, at no charge, as a retirement gift, I guess, go to it. There’s not much you can do about it. If you have no IRA, think about it before you commit. You can buy anonymously, and never be taxed on it, nor your kids, if you leave what’s left to them.
If you have bought metals over the years, we have no Social Security Number of yours, or anyone else’s who has dealt with us. You didn’t buy from us under your SS number. Just your name. We bought it for you under our name, not yours. We keep no names or addresses on our on our computers. I have a 4” X 6” card for my customers, and that’s it. Usually nothing more. No purchases, prices, or dates, usually. In 2013, we heard that the IRS was going to gun shops, and taking the names of their customers. We figured they might come to our homes and take the names of our customers, so we threw all our cards away, and started again. Most of our people were delighted!
That’s not why I started to write this. During our conversation last week, I was told that inheritance taxes are based on the net worth of the deceased. As I remember, $750,000 or less, and there is no tax. I hope I remember correctly. Suppose you have a 750,000 home which is free and clear, and you die. Everything else you have, be it furnishings, antiques, cars, trucks, etc., will be taxed, since your home ate up all the allowance. This is why the word ‘anonymous’ comes in, and not only when you die, but any time. (If your home and things are in a trust, does that avoid taxes? Not sure. Ask someone who understands the IRS.
Your will should not have any mention of gold and silver, nor should you tell anyone about it, and especially a lawyer. Shakespeare wote, “The first thing we do is shoot all the lawyers.” You don’t want your descendants to have to pay taxes on your savings. If you have your savings in a bank, stocks, annuity, or anything which you have to give a Social Security Number to purchase, as far as I am concerned, if you die, the tax man will come knocking. Tell your kids or mate where it is, and if you buried it, give them a map.
Keep your purchases anonymous also. Don’t brag about it, or even disclose it in a loose talk conversation. “I’ll tell you Charlie, I have gold and silver stashed away for my kids.” DO not tell them how smart you are. Words can get around, and maybe even a robber may hear of your smartness. Be smart, anonymously. You’re just a normal guy who is living on his savings and Social Security. OK?
In this morning’s news, we see that Paul Pelosi has been beaten and robbed in their San Francisco home. He will survive. My question is, weren’t the Pelosi’s smart enough to have an alarm system? I’m not a hundredth as rich as the Pelosi’s, I am sure, but no one can come into my home, without being recorded on a video recorder, which re-winds and starts over every few days. It caught a man stealing a hundred-ounce silver bar I had shown to a client, and had forgotten to return to the safe. I got it back! I addition, I have lots of guns everywhere in my home, which can be obtained and used as necessary if a need arises. If a person wants to rob me, they’ll surely die.
I mention that, as the sheriff in a southern county, has just urged people who find an unknown stranger in their home, to shoot to kill, as it saves a lot of controversy, time, court time, and trouble. (I have about 125 people to whom I send things to week days, and that’s where I got the sheriff’s instructions. If you are a customer of Colorado Gold, and you’d like to be placed on the list, e-mail me and I’ll add your name and e-mail address to the list).
I imagine the Pelosi’s have such a huge mansion, and in such a grand neighborhood, that the idea of someone breaking in and brutalizing them, was un-thinkable. NO ONE IS EXEMPT FROM THE CRIME AND CRIMINALS WHICH ARE SO COMMON TODAY. Get yourself guns an alarm system, and shoot to kill, not wound.
I’ve never been robbed or broken into, (except once in Philly at 3PM, by three black teen animals, which made me, among other things, a sort of racist), but if I found a robber, and he had a gun pointed at me, I would tell him that he was already on video, point to the cameras, and inform hm that if he shot me, that would never get him into my safe, his crime would be recorded, and for your own life, you’d better exit quickly. I’d then shoot him in the back. I have four cameras. One on each entrance to my house, one on my desk, and one on the area around d my safe. Security is important to all, whether you have metals or not. Security is important, even if you are hopelessly in debt, and owe everyone, which is doubtful if you read my screed.
Women as well as men, are always very careful keeping their various parts covered with clothing. Both sexes are careful about style and fashion, when clothing themselves, but very few even think about covering themselves with security in their homes or offices. My church locks the doors when services begin, and quite a few parishioners ‘pack.’ Shouldn’t your church do the same? Just an observation.
don@coloradogold.com or conversation – 970-249-4646