Inheriting cash (box full of money)

Ok, I have another thread going for helping my parents figure out what
to do with inherited money, but this question is more specific.

Part of the inheritance was $70k in cash in a firesafe box. I believe
in keeping a bit of cash in the house for emergencies but this is
ridiculous. They did the smart thing and got it out of the house and
into two different safe deposit boxes, but this money is depreciating
daily.

I'm wondering if there are any issues with just depositing the money
into a high yield account for now. I realize the institution will have
to report amounts over 10k, but does this matter?

The slower way to disolve the cash would be to spend it while leaving
direct deposited income in various accounts.

The money was not obtained illegally. My grandmother's estate was well
below estate tax threshold so this 70k would not make a difference. Any
suggestions?

Bobby

Re: Inheriting cash (box full of money)

Bobby_M wrote:
> Part of the inheritance was $70k in cash in a firesafe box. I believe
> in keeping a bit of cash in the house for emergencies but this is
> ridiculous. They did the smart thing and got it out of the house and
> into two different safe deposit boxes, but this money is depreciating
> daily.
>
> I'm wondering if there are any issues with just depositing the money
> into a high yield account for now. I realize the institution will have
> to report amounts over 10k, but does this matter?


I would never have more than $9999 in cash in one place at the same
time; otherwise some government thug may impound it on suspicion of
being drug money. Since they call this as a civil forfeiture rather
than criminal, you have little or no recourse -- the government claims
your civil rights are not being violated, they are arresting the *money*
and it has no civil rights.

You should be able to make multiple large cash deposits to a couple of
accounts over a period of time without setting off alarms if you keep
the individual deposits under $10000.

Especially stay away from airports while you are carrying large amounts
of cash.

Seriously, (I wish I wasn't)
Bob

Re: Inheriting cash (box full of money)

<<Part of the inheritance was $70k in cash in a firesafe box>>

Hopefully the moderators will let me drift totally OT just this once...

Has this cash been sitting around for a *long* time? If yes, you should
check to see if it is normal "Federal Reserve Note" type bills like we
have today, or if any of it is labeled "Silver Certificate". Silver
certificates are worth considerably more than face value to collectors.
I recall that the switch happened in the early 1970s.

John Cowart

Re: Inheriting cash (box full of money)

"Bobby_M" <> wrote
snip for brevity
> The money was not obtained illegally. My grandmother's
> estate was well
> below estate tax threshold so this 70k would not make a
> difference. Any
> suggestions?

>From what you posted earlier, it's way below the federal
estate tax yada threshhold, but are you aware that certain
states have their own estate taxes.

This all passed through probate, or is in the process of
doing so, isn't it? There was a will, right? And an executor
(or legal equivalent)?

Certainly put it into one of those money market accounts
immediately, then get through any paperwork involved. The
interest simply isn't anything to sneeze at (come on, think
of the grandchildren!). Might be time to consult an
accountant or other tax professional (one who deals in more
serious personal finances, not the H&R block guy down at the
mall), for one, perhaps preparing first by googling for your
state's laws on inheritances and estate taxes. Also, there
may be more than one state involved here.

Re: Inheriting cash (box full of money)

"bo peep" <> wrote in message
news:
> <<Part of the inheritance was $70k in cash in a firesafe box>>
>
> Has this cash been sitting around for a *long* time? If yes, you should
> check to see if it is normal "Federal Reserve Note" type bills like we
> have today, or if any of it is labeled "Silver Certificate".

Largest denomination of Silver Certificate issued was only $10. Gold
Certificates are rarer and were issued in denominations from $10 to $100.
What era and denominations is the cash?

Re: Inheriting cash (box full of money)

P.S. - I know nothing about neumismatics (if that's how you spell 'rare
coins and currency') but it sounds like that's worth checking out,
before handing it over at face value.

Re: Inheriting cash (box full of money)

"bo peep" <> wrote in message
news:
> <<Gold Certificates are rarer and were issued in denominations from $10
> to $100>>
>
> Here is one that is a bit larger than that -
>
>
The $100,000 bill was not issued for circulation, only for transfers
between Federal Reserve Banks.

Re: Inheriting cash (box full of money)

I may be way off base, but I was under the impression from everything
I've read that this particular estate did not require any probate or
tax forms.

First, the will was specific as to who gets what and it all put the
money in the hands of siblings and/or children. No one in the family is
questioning the appropriation of the money.

The estate has no significant income, perhaps a couple dollars in
interest.

NJ taxation website says if the money goes to immediate family, no
taxes imposed and no forms to file.

I've been trying to decipher IRS pub 559 to see if anything needs to be
done at the Fed level but I'm not there yet.

Will check into the collectable value of the cash (thanks so much, I
haven't thought of that at all).

Bobby