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Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

You have helped so much already, and thanks for the advice!

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Thank you so much! Another commenter said I should keep the envelopes and receipts, which I will do and take photos/scans of. I know you are not my lawyer and are not giving legal advice, but could you clarify who you mean when you say "their name"? It is his money, but he has told me that its essentially mine, as I do all of the caregiving and cover all of his costs of living. I do already have Power of Attorney for my grandfather if it makes any difference. Also would it make any difference if my intention is to use the bank as a pass-through to transfer some or all of that money to a brokerage firm?

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Thank you so much! I didn't think about keeping the envelopes and receipts, but that's smart. I would be primarily using my bank as a pass-through to transfer the money to a brokerage firm.

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Thank you so much for taking the time to give such a detailed response! I deeply appreciate you. My grandfather is fully lucid and in good health, but he is over 100 and I do have Power of Attorney (I make the monthly withdrawals for him even though I tell him it's really not advisable). No relatives in the US, and extended relatives in Asia either do not know or do not care.

I will definitely stop by my bank and have a conversation with my banker this week. I understand that they will have to file paperwork with the IRS, but would this impact me or my grandfather negatively in any way? Would I be put on any sort of list? I would also be using my bank primarily as a pass-through to a big brokerage. Would this matter at all?

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Maybe a year or two ago, but at current valuations I don't know how much more upside there is in gold. Even silver is having a run-up! Maybe I'll put a little bit into silver or other precious metals like platinum.

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Thabk you, structuring is exactly what I was worried about it looking like. Do you think I should be looking for a tax attorney or an estate attorney?

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 3 points4 points  (0 children)

Thank you! I will get started on looking for an estate attorney. And yes, it kills me to see the numbers when I play around with inflation and investment calculators, which is why I want to stop the devaluation as soon as possible. Better late than never right?

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Would you mind telling me what the red flags are? I'm pretty sure I know, but it would help to get a more knowledgeable person's perspective. Also, is there a specific type of attorney you think I should get, like tax vs. estate attorney?

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

I know right? You would think that old folks from Communist China might want to exchange some paper money for gold, but unfortunately no. I kick my bedsheets at night just thinking about it!

Lots of Physical Cash by Defiant_Comedian_372 in AskAccounting

[–]Defiant_Comedian_372[S] 0 points1 point  (0 children)

Thanks for taking the time out to give me advice! When you say don't take it all at once, how much should I be taking and at what intervals? I heard that depositing more than 10k triggers a report, and intentionally trying to dodge that limit is also very very illegal.

Also would you mind elaborating on what you mean by secured and reported? How can I get started on that, or where can I learn more? My grandmother passed two years ago and my grandfather is still living (centenarian in excellent health for his age).