Broke but sitting on a fortune in coins.
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36 posts in this topic

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As part of any welfare, disability, state or federal assistance based on the recipients being below the poverty threshold as well as disclosing all their assets, clearly the initial paperwork for getting that type of government help requires a thorough disclosure of assets, failure to do so would be fraud with all types of penalties. Lawyers can be quite artful in shielding assets through trusts, etc.. And tangible assets are hard for the government to quantify and attach judgments to until after they are liquidated as others have pointed out. In most government housing, for example, any windfalls would be taxed at 1/3. There are many people gaming the system on the top and bottom through sharp lawyers, etc.. Many of the richest use trust ruses to avoid taxes: http://www.bloomberg.com/news/articles/2013-09-12/how-wal-mart-s-waltons-maintain-their-billionaire-fortune-taxes

 

There is a clear difference between those who "game" the tax system versus those committing fraud, whether with government social programs or otherwise.

 

Here is a famous quote from Judge Learned Hand:

 

"Anyone may arrange his affairs so that his taxes shall be as low as

possible; he is not bound to choose that pattern which best pays the

treasury. There is not even a patriotic duty to increase one's taxes.

Over and over again the Courts have said that there is nothing sinister

in so arranging affairs as to keep taxes as low as possible. Everyone

does it, rich and poor alike and all do right, for nobody owes any

public duty to pay more than the law demands."

 

There is an obvious difference between keeping your own money and stealing someone else's.

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It is none of my business what they do with their coins. I hope the OP has not disclosed what they have to anyone in the area where they live.

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There is a clear difference between those who "game" the tax system versus those committing fraud

 

Absolutely. There's tax "evasion"...illegally not paying taxes owed. And then there's tax "avoidance"...legally arranging your money so it's shielded from taxes, like a pre-tax deduction into a retirement account.

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Close to half the people get assistance buying food in US by the government. Maybe the /socialist/communist party can start taking things away from people in exchange for giving them stuff they need to live.

 

Dude, I just drove through the old Gumbo Flats where 100% of the businesses are behind a levee we all pay for.

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I have a local family who contacted me with the following story. First off let me say these people have a modest house paid for, food on the table and clothes on their back but not much else, but hey who needs more actually? They have very little spare cash but seem perfectly happy. This family just inherited an old (closed) country store building. This store has been closed since the late 40's or 50's. While looking through the store they discovered a small safe and when opened found that it contained a small pouch and inside the pouch there were 8 double eagles, 11 eagles and about 14 2.5 and $5 pieces along with a handful of 19th century silver coinage and some copper. I was asked to give them an Idea of value which I determined that if graded and sold it should bring between $25 and $30k. The family has absolutely no desire to sell and are perfectly happy the way things are. They are not rich or well off by anybody's standards . but are happy so why should they sell?

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I have a local family who contacted me with the following story. First off let me say these people have a modest house paid for, food on the table and clothes on their back but not much else, but hey who needs more actually? They have very little spare cash but seem perfectly happy. This family just inherited an old (closed) country store building. This store has been closed since the late 40's or 50's. While looking through the store they discovered a small safe and when opened found that it contained a small pouch and inside the pouch there were 8 double eagles, 11 eagles and about 14 2.5 and $5 pieces along with a handful of 19th century silver coinage and some copper. I was asked to give them an Idea of value which I determined that if graded and sold it should bring between $25 and $30k. The family has absolutely no desire to sell and are perfectly happy the way things are. They are not rich or well off by anybody's standards . but are happy so why should they sell?

 

Ok now imagine if they are all living off welfare, work part time, and constantly complaining about how hard they have it.....but then refused to sell the coins.

 

That is the scenario we have here. The family you are talking about sound great and that is an awesome find.

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