Storing Cards in a Lockbox... Advice Please!

[vintagetoppsguy]

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]

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.

[mdschulze]

Frank, I see what you're saying. My insurance agent, whom I've known for years, has helped out a lot with my insurance policy. The $5k itemized list covers the things too large for a safe and that are displayed in our home (mostly artwork & now these darn crystal figurines). My cards and coins aren't on the radar now so maybe I'll just proceed with the additional home safe. Thanks for the info. -Mike