Why keep your money in a bank, when you can keep $7,000,000 at home...

[A930Rocket]

Why keep your money in a bank, when you can keep $7,000,000 at home...

Guy dies with loads of cash, gold, etc at home and one long lost (and lucky) heir.

Nevada man dies with $200 in bank, $7M in gold hidden inside home | Fox News

Nevada man dies with $200 in bank, $7M in gold hidden inside home
Published September 17, 2012
Associated Press

A Carson City, Nev., recluse whose body was found in his home at least a month after he died left only $200 in his bank account.

But as Walter Samaszko Jr.'s house was being cleared for sale, officials made a surprise discovery: gold bars and coins valued at $7 million.

"Nobody had any clue he was hoarding the gold," Carson City Clerk-Recorder Alan Glover told the Las Vegas Sun, adding it was found stored in boxes in the house and garage.

The 69-year-old Samaszko was found dead in his home in late June after neighbors called authorities. He had been dead of heart problems for at least a month, according to the coroner.

He had lived in the house since the 1960s, and his mother lived with him until her death in 1992.

He left no will and had no apparent close relatives. But using a list of those who attended the mother's funeral, Glover's office tracked down Arlene Magdanz, a first cousin in San Rafael, Calif., the Sun reported.

A recording said her phone number had been disconnected.

"Our goal is to get the most money for the heir," Glover said.

The gold coins had been minted as early as the 1840s in such countries as Mexico, England, Austria and South Africa, he said.

Based on just the weight of the gold alone, Glover estimates their worth at $7 million. Because some of the coins appear to be collector's items, the value could go much higher, he said.

Neighbors told authorities they knew little about Samaszko other than he was quiet and not a problem.

Samaszko was "anti-government," Carson City's Nevada Appeal reported, and a few conspiracy theory books were found in the home along with several guns.

"He never went to a doctor," Glover told the newspaper. "He was obsessed with getting diseases from shots."

Samaszko also had stock accounts of more than $165,000 and another $12,000 in cash at the house.

Glover said he wants to start selling off the gold as soon as possible. The IRS wants a share of the total, he said, and the case is relatively simple other than the agency's involvement.

"At least you don't have 12 relatives fighting," Glover told the Appeal.

Read more: Nevada man dies with $200 in bank, $7M in gold hidden inside home | Fox News

[look 171]

F'ing IRS

[Joeaksa]

Man after my heart!

The IRS deserves any of it why?

All the more reason for private trusts to protect your assets after you "head West!"

[GH85Carrera]

Uncle always gets a share. Deserved or not.

[Joeaksa]

Originally Posted by GH85Carrera

Uncle always gets a share. Deserved or not.

Not always... not if you think and plan ahead!

[gt350mike]

Originally Posted by Joeaksa

Not always... not if you think and plan ahead!

I think this guy could have cared less. If he had given thought to how much Uncle Sugar's cut is going to be, I'd bet he would have changed his mind.

What I'm wondering is the story behind the gold and how he acquired so much???

[Joeaksa]

Would be interesting to find out what he did for a living and how he got the money.

[Dueller]

Current etate tax exclusion is $5 million (Thanks to a law signed by Obama). Above that the tax rate is 35% (and gradually increaing) of anount over $5M. Unless congress acts this year the exclusion drops nack to 2003 levels of $1M. However, most pundit think it will be set omewhere between $3-$5M. So a $7M estate would generate a tax burden of about $700,000 for someone who died in 2012..

Not to go PARF but it boils down to public policy decided years ago (like 80 years ago) that the transfer of wealth is viewed as a taxable event.

[VINMAN]

Hmmm.... we havent heard from Tabs in a while..

[Chocaholic]

I would guess that he inherited some/much of it. There's mention that his mother lived with him until her death. Doesn't really matter at this point. He's the richest man in the grave-yard.

[Dueller]

Originally Posted by VINMAN

Hmmm.... we havent heard from Tabs in a while..

Isn't his beloved mother still alive?

[Joeaksa]

Jim,

My heartburn is that this gent paid taxes on the money years ago when he earned it. Now the Govt wants MORE tax money? For what? Someone dying is now a taxable event?

Sorry but anything that I can do to legally keep the money in my family will be done...

[Dueller]

Originally Posted by Joeaksa

Jim,

My heartburn is that this gent paid taxes on the money years ago when he earned it. Now the Govt wants MORE tax money? For what? Someone dying is now a taxable event?

Sorry but anything that I can do to legally keep the money in my family will be done...

Hey, Joe. I'm not commenting on whether transfer of wealth should or should not be a taxable event. Note...its not his death that is taxed...its the transfer of wealth that is taxed. And that is what lawmakers decided years ago should be the public policy.

I understand the argument that he has paid taxes when he earned the money,,,,something I think most consider a necessary consequence of living in a modern society.

Assuming his investments grew in value, much like a savings or stock account, perhaps on the gain in value should be taxed as a matter of public policy. I dunno....unfortunately I see both sides of the argument.

In any event the number of people with taxable estates is pretty miniscule and it doesn't really generate a lot of revenue in the big picture,

[Chocaholic]

Re-taxing the same money happens daily. You pay income tax, right? Do you pay sales and property taxes on things you buy with that already-taxed money? Yup.

[Zeke]

Originally Posted by Dueller

Isn't his beloved mother still alive?

No, she died years ago. Tabs explained why he kept referring to her in the present tense earlier this year or late last year.

I wonder if he has 7M in stored in his 69S.

[Dueller]

Originally Posted by Zeke

No, she died years ago. Tabs explained why he kept referring to her in the present tense earlier this year or late last year.

I wonder if he has 7M in stored in his 69S.

Thanks, Zeke. I totally missed that. He has been scarce on here. But then again so have I.

Do you think maybe he has ingots pured into his 427 side oiler?

[dad911]

Originally Posted by Chocaholic

Re-taxing the same money happens daily. You pay income tax, right? Do you pay sales and property taxes on things you buy with that already-taxed money? Yup.

Also pay sales tax every time a car is transferred to a new owner. That one frosts me.... I've paid sales tax twice on the same 911 (I bought it back)

[A930Rocket]

It's an interesting story. As mentioned, I wonder how he obtained his wealth and why he kept it all at home.

Sucks the IRS wants it's share right off the bat.

[aigel]

I take offense how they portrait the guy as "anti-government" and a paranoid recluse and mention that he had "several guns". Like that's supporting that character? WTF?

I also take offense that they write all this crap and nobody went through the effort in researching what he did for a living?

That said, we all know why he was rich. He wasn't married and lived with his mom!

G

[GWN7]

The sad part of this story is he was dead for a month before any of the neibours checked on him.