$7 Million In Gold Bars Found In Reclusive Man’s Home Month After He Died

[TerryK]

12 thousand in cash and 7 million in gold and 165K in stocks and a few guns . Books on government conspiracies.They probably didn't mention the food preps.
I guess according to the MSM that makes him anti government.
Can you say prepper???? This is how the government and a lot of regular sheeple classify anyone who tries to be prepared.
$7 Million In Gold Bars Found In Reclusive Man’s Home Month After He Died

September 17, 2012 4:57 PM

Gold bars have been found in a man’s apartment who died weeks before. (Photo credit should read ATTILA KISBENEDEK/AFP/Getty Images)


Alan Glover, Arlene Magdanz, Carson City, gold bars, Walter Samaszko



CARSON CITY, Nev. (AP) — A Carson City 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

[Kathy in FL]

Definitely a case of "you can't take it with you when you go." Wonder if it is also a case of the rich man and his silos and Lazarus.

[Baja SS]

My kinda guy. All that money and only $200 in a bank account.

[bethshaya]

OK, as a prep, we all need to make a will and name either the forum, or someone on it as beneficiary. Might as well go to people who would appreciate not only the gold, but the preps.

[bethshaya]

My kinda guy. All that money and only $200 in a bank account.

Sounds more like someone who didnt want to be noticed. Just enough in an account to cover bills.

But why would the IRS get a cut of the gold? They already got their cut of the cash he earned in his paycheck over the years to pay for the purchase, plus the tax on the purchase when it was sold to him. So they get to triple dip?

[Ta-wo-di]

The IRS wants a share of the total, he said

Of course the blood suckers do.

[Dozdoats]

Similar story with more details here - http://www.timebomb2000.com/vb/showt...72#post4561172

Buried in a thread, so not a dup...

[Kathy in FL]

Sounds more like someone who didnt want to be noticed. Just enough in an account to cover bills.

But why would the IRS get a cut of the gold? They already got their cut of the cash he earned in his paycheck over the years to pay for the purchase, plus the tax on the purchase when it was sold to him. So they get to triple dip?

It is the inheritance or estate tax. I don't know what Nevada law is but it could be that the state and the feds are going to get a piece of that.

[jesner]

When I read the article earlier today online, I wondered....are we missing any TB2Kers?

[annieb]

Wow. Estate Planning is SO important! The Govt. always gets a nice cut otherwise. Had he had the assets in a trust or other protective instrument, this would be ending a lot differently. I wonder if he had any life insurance, as that would help to pay the estate taxes.

[Delta]

This reminds me of the very faithful Christian who requested of God that he actually be allowed to take one suitcase to heaven with him when he died. He had been such a faithful follower that his prayer was granted, and he eventually showed up and the gate of heaven with one suitcase. St. Peter welcomed him, but was was very surprised with the suitcase. He checked with God and learned that it had been approved. St. Peter was very curious, having never seen anyone before bring anything into heaven, so he asked if he might see what was inside the suitcase. The man opened the case and St. Peter saw that it was full of gold bars. An incredulous St.Peter blurted out, "you brought paving stones?"

[milkydoo]

This reminds me of the very faithful Christian who requested of God that he actually be allowed to take one suitcase to heaven with him when he died. He had been such a faithful follower that his prayer was granted, and he eventually showed up and the gate of heaven with one suitcase. St. Peter welcomed him, but was was very surprised with the suitcase. He checked with God and learned that it had been approved. St. Peter was very curious, having never seen anyone before bring anything into heaven, so he asked if he might see what was inside the suitcase. The man opened the case and St. Peter saw that it was full of gold bars. An incredulous St.Peter blurted out, "you brought paving stones?"

That is hilarious! And symbolically, 100% accurate. There's nothing 'down here' that can compare to 'up there'.

[Dozdoats]

GOLD

Take out the L



Who made gold?

Who makes paper money?

[Brutus]

Sounds more like someone who didnt want to be noticed. Just enough in an account to cover bills.

But why would the IRS get a cut of the gold? They already got their cut of the cash he earned in his paycheck over the years to pay for the purchase, plus the tax on the purchase when it was sold to him. So they get to triple dip?

It is the inheritance or estate tax. I don't know what Nevada law is but it could be that the state and the feds are going to get a piece of that.

His estate will also have to pay any capital gains on the metal and the stocks.

The IRS will get a big chunk of this.

F***ing bastards....

[ivantherussian03]

See...7 million......check the bars......stolen I bet.

[Hognutz]

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.”



This part is so wrong! It sounds as if the way he is being vilified , he has / had every reason to be.
And why was he "hoarding" gold? Sounds like to me he was invested in physical.

[Dozdoats]

The big oversight here was not purposefully educating an heir or heirs in advance of need, not making a will and making arrangements to pass the property directly to the designated heir who hopefully would have enough sense to know how to handle it all to their own best advantage.

Privacy is one of the reasons TPTB so deeply hate and have always hated PMs in the hands of the serfs - they can't tax what they can't find. Why do you think there were misers in days of old? Taxes are not new...

Samaszko did well on the accumulation side of the equation, so did his mother, who passed the beginning of the collection along to him with no hassles. But Samaszko frankly screwed up badly on the disposition side of the equation. That should be a major lesson to anyone here who does protect their accumulated purchasing power with PMs - it is not enough to have a plan to accumulate. You must have a plan to dispose of the accumulation to the best advantage as well.

[Kathy in FL]

His estate will also have to pay any capital gains on the metal and the stocks.

The IRS will get a big chunk of this.

F***ing bastards....

And that is why you need to take the time to do your own estate planning and know what the laws are. Everyone is always complaining about the "rich" but this guy was way over that line. Why should it be any different between the guy that is mega rich but doesn't utilize his wealth to create more and those that are rich and do utilize their wealth to create more? Why is it the guy who lives like a miserly recluse idealized while others of the same wealth structure are cursed and told they are basically "too rich" and should pay "their fair share." Doesn't make a bit of logical sense.

[BertaBurtonLake]

Wow. Estate Planning is SO important! The Govt. always gets a nice cut otherwise. Had he had the assets in a trust or other protective instrument, this would be ending a lot differently. I wonder if he had any life insurance, as that would help to pay the estate taxes.

Even WITH estate planning, the tax man is going to get his cut.

[TerryK]

And that is why you need to take the time to do your own estate planning and know what the laws are. Everyone is always complaining about the "rich" but this guy was way over that line. Why should it be any different between the guy that is mega rich but doesn't utilize his wealth to create more and those that are rich and do utilize their wealth to create more? Why is it the guy who lives like a miserly recluse idealized while others of the same wealth structure are cursed and told they are basically "too rich" and should pay "their fair share." Doesn't make a bit of logical sense.

That's because many not only hate the rich, but it particularly galls them that the rich can use their money to be more productive in society than they are.
They completely miss or think it is somehow bad that some people can use their wealth to work for them instead of their hands.
They either don't comprehend, or they resent the idea of using ones money to make more money.
They think that proper behavior of the rich should be to hide their wealth in a hole in the ground and somehow be ashamed of it.
Sad, but that's probably what the majority of people in the US believe today.

[Dozdoats]

Here we have the ultimate truth of this story as far as the Fed and the IRS are concerned. This is the basic understanding of those who trust PMs more than paper...
======================================

http://www.nysun.com/editorials/the-...tragedy/87990/

The Miser’s Tragedy
Editorial of The New York Sun | September 18, 2012

The discovery that a man who’d died at Nevada with $200 in the bank had a stash of gold bars and coins in his ramshackle home has the tax authorities looking for a windfall. The authorities are estimating that the value of the gold bars and coins discovered a month ago in the home of the late Walter Samaszko Jr. at $7 million, according to the Associated Press. That’s based just on the weight of the gold. There’s also the possibility that the coins, some of which are from exotic places like England and Austria, could be worth radically more than their weight in gold. In any event, the AP quotes the Carson City Clerk, Alan Glover, as saying the IRS wants a share.

For those of us troglodytes who persist in thinking of gold as money, this raises the question of the tax implications of falling prices. If prices fall, should an individual incur a tax? If Miser Samaszko started hoarding gold when he first moved into his house, which was in the 1960s, it would have been a time when the dollar was defined by law and treaty as being a 35th of an ounce of gold. Since that time the price of a loaf of bread has dropped to less than an 1,100th of an ounce of gold from the 116th of an ounce of gold that the loaf was valued at back then, according to our rough estimate based on a chart issued by a Web site called the Free Bullion Investment Guide.

The value of gasoline, houses, beds, and even mattresses, under which persons like the sage Samaszko tend to keep their gold, have also been plunging. The question is this: If the price of these things keeps plunging to ever smaller amounts of gold, does the miser owe a big part of his gold to the IRS? It would not have been such a question had had the miser kept his money in dollars, because the value of the dollar would have plunged right along with the value of the house, the garage, the bed, the mattress and the bread — maybe the dollar has plunged in value even more than some of those things. But the value of the gold money that the miser kept didn’t fall. No wonder the IRS is licking its chops.

This question — what is to be done about this lust of the IRS to get its hands on a share of people’s gold and silver that doesn’t lose its value when government issued money does lose its value — turns out to be a hot one. The Sun is prepared to predict that it’s going to get hotter with every quantitative easement by the Federal Reserve. It is bothering some states so much that they are starting to look at removing the taxes that they have been putting on the failure of gold and silver coins to lose their value. Utah has already done this. Utah’s junior senator, Michael Lee, has, along with Senators DeMint and Paul, introduced legislation in the Congress in Washington to remove federal taxes on the failure of gold and silver coin to lose their value. It is a tragedy for Walter Samaszko that he didn’t live to see the measure get put into law.

[Delta]

I suspect IRS is wondering where he got the money to buy the gold (I realize it was almost certainly worth a whole lot less when he bought it).

[Delta]

Found a photo of the fellow. I've seen him around--in the library occasionally.

[Dozdoats]

I suspect IRS is wondering where he got the money to buy the gold (I realize it was almost certainly worth a whole lot less when he bought it).

No, it was WORTH about the same. It just took fewer FRN$ to buy back then. The problem is NOT that gold has gone UP - the problem is the purchasing power of the FRN$ has steadily gone DOWN.

Like this:

And don't think of PM prices as going up, but instead consider them as a reflection of the purchasing power of the FRN$- which is going down. To wit, as I have posted before:

It might be more useful and far more realistic to think of the price of gold in fractions of an ounce per "FRN dollar" rather than in "dollars" per ounce. For instance, in:

1930- 1/20 ounce of gold was a dollar (a real one, we went off the gold standard domestically in 1933, though the Federal Reserve was founded in 1913)

1940- 1/35 ounce of gold = 1 FRN$

1971 - 1/42 ounce of gold = 1 FRN$ (and we went off the gold standard internationally in 1971)

1974- 1/100 ounce of gold = 1 FRN$

1980- 1/800 ounce of gold = 1 FRN$ (for about two days, anyway)

1990- 1/400 ounce of gold = 1 FRN$

2000- 1/273 ounce of gold = 1 FRN$

2001- 1/279 ounce of gold = 1 FRN$

2002- 1/348 ounce of gold = 1 FRN$

2003- 1/416 ounce of gold = 1 FRN$

2004- 1/438 ounce of gold = 1 FRN$

2005- 1/518 ounce of gold = 1 FRN$

2006- 1/638 ounce of gold = 1 FRN$

2007- 1/838 ounce of gold = 1 FRN$

2008- 1/889 ounce of gold = 1 FRN$

2009- 1/1118 ounce of gold = 1 FRN$

2010- 1/1400 ounce of gold = 1 FRN$

(Figures based on information from historical charts provided by Kitco at http://www.kitco.com/charts/historicalgold.html and from a decade summary of gold prices at http://www.commodityonline.com/news/How-gold-soared-from-$273-to-$1400-in-10-years-35175-3-1.html ).
-- http://www.timebomb2000.com/vb/showt...28#post3945628

And today? 1/1770th ounce of gold = 1 FRN$

The IRS wants to tax the estate on the effects of FRN$ devaluation and INFLATION, not real capital gains.

[Hognutz]

I suspect IRS is wondering where he got the money to buy the gold (I realize it was almost certainly worth a whole lot less when he bought it).

No, it was WORTH about the same. It just took fewer FRN$ to buy back then. The problem is NOT that gold has gone UP - the problem is the purchasing power of the FRN$ has steadily gone DOWN.

Like this:

And don't think of PM prices as going up, but instead consider them as a reflection of the purchasing power of the FRN$- which is going down. To wit, as I have posted before:

It might be more useful and far more realistic to think of the price of gold in fractions of an ounce per "FRN dollar" rather than in "dollars" per ounce. For instance, in:

1930- 1/20 ounce of gold was a dollar (a real one, we went off the gold standard domestically in 1933, though the Federal Reserve was founded in 1913)

1940- 1/35 ounce of gold = 1 FRN$

1971 - 1/42 ounce of gold = 1 FRN$ (and we went off the gold standard internationally in 1971)

1974- 1/100 ounce of gold = 1 FRN$

1980- 1/800 ounce of gold = 1 FRN$ (for about two days, anyway)

1990- 1/400 ounce of gold = 1 FRN$

2000- 1/273 ounce of gold = 1 FRN$

2001- 1/279 ounce of gold = 1 FRN$

2002- 1/348 ounce of gold = 1 FRN$

2003- 1/416 ounce of gold = 1 FRN$

2004- 1/438 ounce of gold = 1 FRN$

2005- 1/518 ounce of gold = 1 FRN$

2006- 1/638 ounce of gold = 1 FRN$

2007- 1/838 ounce of gold = 1 FRN$

2008- 1/889 ounce of gold = 1 FRN$

2009- 1/1118 ounce of gold = 1 FRN$

2010- 1/1400 ounce of gold = 1 FRN$

(Figures based on information from historical charts provided by Kitco at http://www.kitco.com/charts/historicalgold.html and from a decade summary of gold prices at http://www.commodityonline.com/news/How-gold-soared-from-$273-to-$1400-in-10-years-35175-3-1.html ).
-- http://www.timebomb2000.com/vb/showt...28#post3945628

And today? 1/1770th ounce of gold = 1 FRN$

The IRS wants to tax the estate on the effects of FRN$ devaluation and INFLATION, not real capital gains.

Good points Dozdoats!

[Hognutz]

Found a photo of the fellow. I've seen him around--in the library occasionally.

I would have liked him. Sounds like a good / SMART guy!

[Milk-maid]

I would have liked him. Sounds like a good / SMART guy!

Exactly! He kept his mouth shut.

[Double_A]

Sounds more like someone who didnt want to be noticed. Just enough in an account to cover bills.

But why would the IRS get a cut of the gold? They already got their cut of the cash he earned in his paycheck over the years to pay for the purchase, plus the tax on the purchase when it was sold to him. So they get to triple dip?

ESTATE TAXES

Something don't look right with those bars. The picture isn't very good and it's not like I've seen all kinds of bars, but in bars that size, just like pouring lead for bullets they typically have a sag on the top side. Those look all nice and rectangular.

[Double_A]

Even WITH estate planning, the tax man is going to get his cut.

Yes they will. This year is the year to inherent as next year estate(death) taxes go WAY up. For example it is estimated that the government will take an addition $340,000 in taxes on my mom's estate if she passes next year, as opposed to this year. Now my mom in her 80's is not going to go anytime soon, my guess is she will live to her mid 90's. JOKINGLY she told she knows it's going to cost more but no way in hell will she die before she sees that bastard Obama out of office. Tough woman, now you see why I figure she has many years before her.

[Gitche Gumee Kid]

Even WITH estate planning, the tax man is going to get his cut.

<======================0================>

I would be interested if there are any "prepper friendly estate planners" out there that would care to tell us / show us what Mr Samaszko woulda, coulda, shoulda done to avoid the tax man .

GGK

[Double_A]

<======================0================>

I would be interested if there are any "prepper friendly estate planners" out there that would care to tell us / show us what Mr Samaszko woulda, coulda, shoulda done to avoid the tax man .

GGK

See if "Family Trust" might be of interest.

[Richard]

will the money go to uncle sam after all this stashing away during his lifetime, unfortunately he lost
bigtime to the arch enemy

let this be a lesson to all preppers

[SuElPo]

I can assure everyone out there, if I die you will not find any gold anywhere in my house or otherwise. lol....

susan

[mrrk1562]

the irs are nothing more then blood sucking leach's.....thay started out as an off shore entidy..my spelling sucks right now ..just got off of working slinging block ...im tired and sore ...the only problem i see is that size of the bars them selves ..if it were all in 1 once coin it would be real easy to prove that he bought them legaly as in he paid tax's on his earnings..he had 50 years to buy that much gold ..once gold got up to over $300 an oz i told people to top buying it and go to silver as the risk of gold losing its value became greater ..and silver was much better realistic value ..for your money ..that is if you buy old us silver coin ..plus it can be used better as a barter and its easyer to use ...go try to buy a loaf of bread with a 1 oz gold piece..how are you gonna make change ..silver dimes quaters half dollers and silver dollers makes better sence ..any way ...and further more where dos the fed get off taking up to 75% of somes wealth just because they died ..now if it was all in legal us minted coin...because money is defined as gold or silver coin ..any way ..you would probly have a better chance of telling the to screw off...

[milkydoo]

I can assure everyone out there, if I die you will not find any gold anywhere in my house or otherwise. lol....

susan

Thanks for that time saving tip! Now we can just go straight to the backyard...

[Brutus]

An update to what I posted earlier:

My dad and I were talking about this today (he knows much more about inheritance stuff and tax law than I do) and he said his heirs will get the gold (unless it was ill-gotten in some way) at what is called "stepped up basis", meaning it goes to them valued at what it is valued at today, not when he bought it. So, IRS and the state won't get jack shit in cap gains taxes.

His heirs WILL have to pay a big chunk of inheritance taxes out of the estate, however.

At least there's a minor bright spot in this.

[Warthog]

Can anyone tell me why the mafia thinks they're entitled to any of this gold?

[Brutus]

Can anyone tell me why the mafia thinks they're entitled to any of this gold?

That's just the way they roll.

[Milk-maid]

Can anyone tell me why the mafia thinks they're entitled to any of this gold?

Because.

[Dozdoats]

Once again, the lead is buried...
=======================

http://sanfrancisco.cbslocal.com/201...oin-discovery/

Marin Woman To Inherit Millions From Gold Discovery In Home Of Recluse
September 18, 2012 5:45 PM
Gold coins found in the home of a deceased Carson City man. (CBS)

Carson City, Discovered, Find, Gold Bars, Gold Coins, Hoarder, San Rafael, Walter Samazko Jr.
SAN RAFAEL (CBS SF) – An unusual discovery inside the home of a deceased Nevada recluse could result in a life-changing fortune for a San Rafael woman.

While preparing the Carson City home of Walter Samazko Jr. for sale, neighbor Joe Baxter went to help clean up the place as a favor to a friend, the realtor. What they discovered were crates of gold coins.

“We thought it was ammunition, opened it up and it was rolls of $20 gold pieces. I’ve never seen that much gold in my life,” said Baxter.

The realtor immediately called the Carson City Clerk and Recorder, Alan Glover. Glover said the gold is worth at least $7 million in weight alone.

“The amount of it was what was overwhelming,” said Glover.

A wheelbarrow was used to move the boxes of gold from the house. Now it’s all being kept in a secure location.

The gold coins had been minted as early as the 1840s in such countries as Mexico, England, Austria and South Africa, he said. Coin experts have said the age and rarity of the coins could make them much more valuable than their weight alone.

Gold was not the only thing left behind. Glover said Samaszko had only $200 in the bank, but stock accounts worth $165,000 and another $2,000 in cash at the house.

Golver and Baxter said he was an apparent hoarder who had cases of tuna and salmon, as well as guns, ammo and conspiracy theory books.

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.

Despite all of his assets, Samaszko did not have a will. Baxter used funeral records to locate a first cousin in San Rafael.

That woman has yet to be identified, but according to Glover, she stands to inherit everything that the IRS doesn’t claim.