WHAT DO I DO WHEN I INHERIT PRECIOUS METALS?

Losing a loved one is always difficult and often is a time when assets and business concerns must be dealt with. If you have inherited gold, silver, platinum, or palladium in coins or bars, we can assist you with both an understanding and a resource for your new assets.

The experts at Midas Gold Group have been trusted by generations of families for expert advice and service when it comes to inherited gold and precious metals. In difficult times you can rely on us for knowledgeable, fast and fair assistance with your precious metals inheritance.

inherited gold

DON’T RUSH TO SELL WITHOUT UNDERSTANDING YOUR INHERITED PRECIOUS METALS

Many people who inherit gold or silver rush to the nearest jeweler or pawn shop and accept prices that may be well below the actual value.

The first step in dealing with your inherited precious metals is to make an inventory of what coins and bars you have. We can help you to determine such important qualities as:

  • What is the weight and purity of all your precious metals?
  • How does to weight and purity correlate to the gold and silver “spot market”?
  • Do any of your coins have a special collector or numismatic value?

You may be able to go to a local coin store and have your coins evaluated but we advise people to be careful bringing newly inherited coins to local places that are often watched by criminals with intentions to prey on people with physical gold and silver.

Midas Gold Group offers a free evaluation service that can even be done via email with pictures and/or descriptions. This can be the safest and most effective way to understand your new assets. You do not need to pay for this evaluation service.

WHAT ARE YOUR OPTIONS?

Once you understand your inherited precious metals you can carefully evaluate your options:

  1. You can sell your inherited gold and silver for cash

    If you need cash or if you are facing a probate situation, you may want or need to sell your inherited precious metals. Make sure that when you send your coins to a buyer, they are reputable and will pay you quickly. Some dealers make people wait for weeks or even months for payment when selling inherited gold or silver.

  2. You can hold your precious metals as an investment

    Gold and silver are known stores of value. When your loved one purchased precious metals, they very likely had an intent of owning hard-tangible assets for long-term wealth preservation. You may consider holding your precious metals as an investment.

  3. You can evaluate your precious metals and consider trading them for a current precious metal portfolio

    Depending on your holdings, you may consider repositioning all or a portion of your inheritance for a different form of gold or precious metals. There are many options in precious metals with various assets such as gold, silver, platinum, palladium, and even rhodium. There are also different options in coins, bars, and even rarities or numismatic coins.

REVIEW OF STEPS FOR INHERITED PRECIOUS METALS

Make an inventory of your inherited gold coins or bars with pictures and/or descriptions.

Have your holdings evaluated by a knowledgeable trustworthy expert to determine, weight, purity, rarity, and value.

Make a careful evaluation of your options: sell your precious metals for cash, hold them as an investment, trade or reallocate your precious metals holdings.

Always make sure that you are dealing with a trustworthy, established, fast, and fair dealer with inherited precious metals.

WHAT DO I DO WHEN I INHERIT A GOLD OR PRECIOUS METALS IRA?

Most people who inherit a precious metals IRA do not necessary understand precious metals and need honest expertise.

Midas Gold Group has assisted generations of families with gold and precious metals inheritances including IRAs. If you have recently inherited a precious metals IRA, make sure you have an experienced precious metals firm to assist you with your newfound assets.

  1. Add Your Name to the Inherited Gold IRA

    Just because you are the beneficiary of an IRA does not mean that the IRA automatically transfers into your name upon the death of the IRA owner. You will need to work with the IRA custodian to facilitate this transfer of the IRA into your name. This process may involve providing the custodian with the death certificate of the owner and some of your personal information.

    A precious metals firm with expertise in inherited gold IRAs such as Midas Gold Group will be familiar with this process and can assist you in working with your IRA custodian. Midas Gold Group is a licensed dealer with all major gold and precious metal IRA custodians.

  2. Understand the Inherited IRA Rules

    Note that there is a distinct difference in Inherited IRA rules applying to spouses and those applying to non-spouses. A spouse can essentially transfer the Inherited IRA into his or her name making that IRA his or her IRA. A non-spouse cannot treat an inherited IRA as if it was always their own and will be required to begin taking distributions from that IRA generally the year after the owner’s death.

    Make sure you review our website section in Inherited IRAs and speak to your tax professional about the applicable tax rules.

  3. Understand and Assess the Real Market Value of the Inherited IRA Precious Metals

    Upon inheriting a Gold IRA you will most likely receive a statement of the IRA assets from the custodian. Most people who receive a statement see a listed value. However, note that most IRA custodians use the “meltdown” value of the gold or silver coins or bars in the account to determine the statement value. There are hundreds if not thousands of IRA Eligible Precious Metals in the form of bars and coins. Some of these items may be worth substantially more than their meltdown value and some may be worth less. Many people who inherit gold or silver rush to the nearest jeweler or pawn shop and accept prices that may be well below the actual value.

You should assess the Inherited IRA precious metals with the assistance of a reputable dealer such as Midas Gold Group. Our experts can help you understand the important attributes of your Inherited IRA assets such as:

  • What is the weight and purity of the Inherited IRA gold, silver, platinum, or palladium?
  • How does to weight and purity correlate to the gold and silver “spot market” or “melt value”?
  • Do any of your coins have a special collector or numismatic value?

We always advise people to avoid selling their Inherited IRA precious metals without proper evaluation by an experienced precious metals dealer.

Midas Gold Group offers a free evaluation service for Inherited IRAs. By providing us with an IRA statement or designating us as the dealer on your Inherited precious metals, we will be able to provide you with an analysis and real market valuation of the assets.

WHAT ARE YOUR OPTIONS?

Once you understand your Inherited IRA precious metals, you can make a clear evaluation of your options:

  1. You can sell the precious metals in your Inherited IRA for cash. This cash can then be distributed or moved into another IRA with any custodian.
  2. You can keep the precious metals in your Inherited IRA as an investment. They can even be taken out of the IRA “in kind” when you take required or voluntary distributions. Yes, you can actually take possession of the physical gold in your Inherited IRA!
  3. Depending on the Inherited IRA holdings, you may consider repositioning all or a portion of your Inherited IRA holdings for a different form of gold, silver, platinum, and/or palladium. Sometimes a repositioning in an IRA precious metals portfolio can maximize a holder’s future profit potential and add protection against potential losses.

WHAT IF I INHERITED A HOME STORAGE GOLD IRA?

A Home Storage IRA or “Self-Storage” Gold IRA is a legally questionable IRA structure that allows the IRA owner to receive the precious metals owned by their IRA and store them locally. If you have inherited gold or silver coins or bars that are part of an IRA, you will need some competent tax and precious metals advise to ensure that you do not take any actions that would violate IRA rules.

A Home Storage IRA still requires a custodian and all transactions will need to go through a third-party dealer.

Midas Gold Group can assist you with any questions related to the Inheritance of a Home Storage Gold IRA.

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