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.
Last edited by FrankWakefield; 03-08-2011 at 08:49 PM.
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