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

"bo peep" <cowartmisc1[at]yahoo.com> wrote in message
news:1141682446.848025.318390[at]z34g2000cwc.googlegroups.com...
- quote -

between Federal Reserve Banks.

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.

<<Gold Certificates are rarer and were issued in denominations from $10
to $100>
Here is one that is a bit larger than that -
http://images.heritagecoin.com/image...364007329o.jpg

I was a bit shocked to see that even the Federal Reserve Notes from my
grandparent's era are sometimes bringing 10x face value or more! If it
were me, I would give that $70k a good look...

John Cowart

Bobby _M

Um .... Sorry to disagree with so many posters all at once, but I would
not worry about depositing the money into your parents' checking
account, then writing a check - or depositing it directly into a high
yield account. You sound studious enough to be able to select an
adequate T-Bill fund (and stay away from anything that even begins to
look like a junk bond fund).

I would read the state estate tax laws, but I would also assume that
you have an attorney handling the estate. (If you must choose a CPA or
attorney, get one who has a good reputation and is, in fact, competent.
The surest way to save money there is read the law, as Elle noted, you
can Google it. It is not complicated. You might also call the
government - the IRS for example - there are people there who know what
they are doing, and are no more the "bad guy" than the little old lady
next door. Call them anonymously if you wish, but jot down the ID
number of the operator.)

Final comment: from talking to friends I know that handling your
parents' financial affairs can be emotionally challenging. You sound
like you have matters in hand, and even though your granparents 'kept
cash in the mattress', you are right, times change, and there is no
point to not earning interest on those funds.

"bo peep" <cowartmisc1[at]yahoo.com> wrote in message
news:1141671349.014291.72810[at]j52g2000cwj.googlegroups.com...
- quote -

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?

"Bobby_M" <rmierzej[at]telcordia.com> wrote
snip for brevity
- quote -

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.

<<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

Bobby_M wrote:
- quote -


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

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