Recently, dear reader, I wrote about an article written by Robert Wood for Forbes that was published in October 2014. What caught my attention about his article was that it dealt with gold and silver treasure that had been found after Vikings reportedly buried the precious metal treasure in the bogs of Scotland. Wood’s article and my writing based around his article also dealt with the taxation surrounding the findings of a rare silver cup and rare gold coins and a gold bird pen that date back roughly 1000 years.
Without knowing it Wood wrote a perfect segue to argue that a keen and cunning planner could recognize the forces at play here regarding taxation and “judo flip” those forces and use American rare gold coins to build and guard your wealth. Just as a judo student learns to use the weight and momentum of his opponent against their opponent, a savvy financial planner can use American rare gold coins to protect, keep private, and grow long-term wealth.
When I was growing up and in junior high school my mother began working again. She was a social worker and had taken a job working with hospice patients. If you don’t know what hospice patient is, the patient enrolled in the hospice program very likely has a terminal disease or condition that will require specialized and most likely long-term care, and then like now, that care is expensive,even more expensive than most rare gold coins.
My mother’s job was to counsel the patient and their family and to help them find options and care that were available to them. The monkey in this wrench however, is that usually to qualify for the help available, whether that help be government or privately subsidized, the applicant- and his or her spouse- would have to be nearly poor or destitute in order to qualify for help.
Rare Gold Coins May Be One Way To Preserve Your Wealth.
Unfortunately, the diseases and health care issues these people were afflicted with, coupled with the insurance and health care programs and legislation at the time, made “spending down” your assets and savings relatively easy. Many times this is where my mother would enter the scene. Her patients would say, “I spent all my savings, I had to sell a lot of my things, and I owe so much for things that insurance won’t cover.”
If I recall correctly, I remember her telling us about a patient that sold their house because it was too big to take care of in his condition and that after taxes and paying part of his hospital bills, there was no money left from the sale of his house which he had spent a lifetime building and paying for. The good news is that with no assets he was now eligible for more free medical care and a bed in a state home.
I bring up my recollection to make a point. The point is that the powers that be in the institutions in place have simply design their systems around taking advantage of those that “follow the American dream”. For instance if you work hard your whole life for the big house and the fancy cars and you keep big balances in your checking account and saving account, the system is designed to make sure that you leave this world only after you end up transferring a large amount of that wealth to the tax and health systems.
Just a few generations ago most Americans died at home (albeit perhaps a bit prematurely and in agonizing pain) surrounded by family, their wealth and possessions intact and ready to be passed on to the younger family members thereby building and growing familial wealth and stability. And it should be noted that several generations ago in American history the things passed from one generation to the next would include rare gold coins, silver coins and ingots, ranch land, livestock, farm houses and barns, perhaps a Henry rifle or two, and love.
Today, when we lose a loved one, oftentimes we inherit bills expenses, and the estate headaches that never existed until insurance companies, lawyers, and politicians got involved in dying. Fortunately, the rare gold coin “loop hole” still exists.
I don’t remember exactly how the conversation came about, and in this case the conversation happened decades ago, but I remember asking my mother if her patients had to sell everything before they died. As a child I found the idea of dying horrible, but the idea of having to sell all your stuff and give the money away to pay bills was utterly terrifying.
My mother told me that her patients didn’t have to sell their clothes or their personal items or their collectibles (if you could hang it on a wall, it was a collectible by her definition), but that real nice and expensive things were called “assets” and you didn’t get to keep many of these. Rare gold coins can still qualify as a collectible, however.
As it turns out, my mom was onto something. Much later in life when I was working on the trading floor for ITM Trading, I would help my clients transition their wealth from financial banking products that have to be declared as assets during most any financials assessment into rare gold coins that can be held privately.
ITM Trading always suggests that you speak with a qualified tax professional in your state, but when you do you will find that American rare gold coins hold a special designation from the IRS as a “collectible”. While you may not decide to adorn your walls with mint state graded American rare gold coins, my point is that these rare gold coins are perhaps the last vestige of private American wealth.
If you check further with an estate planner perhaps, more than likely you will find that rare gold coins in general and American rare gold coins particular do not have to enter probate in the state in which you live. If you don’t know what probate is, probate is when the government and courts get involved when a loved one dies and they decide who gets how much of what is left.
As you might imagine, keeping the substantial wealth that rare gold coins can hold out of the probate melee, can be financially wise and keen.
If you would like more information regarding safekeeping your wealth and assets by using rare gold coins and one of the last vestiges of financial privacy as your tool, contact ITM Trading at 1.888.OWN.GOLD or at ITMTrading.com.