Gold inheritance can bring up many emotions: nostalgia for the person who left you the gold, amazement at its brilliance and confusion as to what should happen with it. Here are a few steps and considerations that may help.
Verification and Appraisal of Gold Bullion.
Before making any decisions regarding what to do with an inheritance of gold, it’s necessary to determine its value.
- Jewelry Appraisals: For appraisal of any piece of jewelry, consult an accredited jeweler who will evaluate its purity of gold content, weight and value of any stones set within.
- Coins: Coins can have both face value (as currency) and value determined by gold content and rarity; therefore an accurate appraisal from an experienced coin dealer should provide you with peace of mind.
- Bullion and Bars: Bullion and bars typically feature stamps with information regarding weight and purity to allow you to determine their value based on current market prices for gold.
Underscore Tax Implications of Probate Proceedings
Gold assets that have been passed down as inheritance can incur inheritance or estate tax in many jurisdictions, with additional capital gains taxes applicable if their value has appreciated since being passed on. Always consult a tax professional in order to understand your individual tax responsibilities.
Storage Once you decide to hold onto the gold, carefully consider your options for keeping it. Options might include:
- Home Safes: Ideal for smaller amounts, make sure it’s fireproof and well hidden to secure them safely.
- Bank Deposit Boxes: While generally secure, bank deposit boxes often entail annual fees that must be covered before being placed into use.
Specialized storage facilities: Specially tailored to store precious metals safely.
Sell or Retain? Making this choice depends entirely upon you, taking into consideration both personal and financial circumstances.
- Selling: Selling can be an excellent way to quickly generate extra liquidity or take advantage of favorable market conditions, providing some much-needed income for yourself or others. Trusted gold dealers, jewelers and online platforms may all provide avenues for sales; be sure to compare offers before proceeding.
- Retain: Gold has long served as an insurance policy against inflation and economic setbacks, so keeping some for investment purposes may make good long-term sense. Incorporating sentimentality is another consideration if gold holds special meaning to you; keeping it may bring additional peace of mind.
- Repurpose: Gold Jewelry When gold jewelry doesn’t meet your standards or becomes outdated, consider recycling its precious materials into new designs – either melting it down and creating brand new jewelry pieces from what remains, or redesigning while keeping some parts as an heirloom piece for sentimental value.
- Consider Expanding: Should inherited gold spark an interest in investing, diversify by purchasing more precious metals – understanding market cycles will allow you to invest wisely and avoid wasteful expenditure.
Donate If the gold doesn’t meet your needs or its financial value is unimportant to you, why not donate it instead? Many charitable organizations accept gold donations that have tax advantages for giving.
Maintain the Gold as Heirloom
An elegant way of honoring those who left gold behind may be passing it along through generations – this can serve to continue their legacy and symbolize family continuity.
Receiving gold can feel like receiving an unexpected windfall or burden; but making informed decisions with assistance from experts should help ease the transition process and preserve memories for years to come. Your gold could serve as an investment, keepsake or means to support causes dear to you; let the recipient’s memory live on in its use! Whatever decision is made regarding its usage.