Gambler who was kicked out of casino must be paid, regulators say

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10-08-2023, 02:39 PM
Darkoz

I don't understand why the government would even find out about the cash.

Guy has cash in a box. His family takes out all his belongings upon his death. Daughter finds box and pockets cash.

What am I missing here?
10-08-2023, 03:58 PM
accountinquestion

Quote:

Originally Posted by Darkoz

I don't understand why the government would even find out about the cash.

Guy has cash in a box. His family takes out all his belongings upon his death. Daughter finds box and pockets cash.

What am I missing here?

Daughter is 9. Parents are total white trash.

Lol yea key piece of.info. oops
10-08-2023, 04:02 PM
accountinquestion

Quote:

Originally Posted by MisterV

Situation 1: Does he have a will, giving it to his daughter?

To make it smooth, he should have a will, and let her know the situation and give her the safe's combination, assuming she can be trusted.

Upon his death she hires an attorney, probates the will and adminitster the estate with nonintervention powers; list the cash in the inventory of estate assets and at the end distribute it to herself as beneficiary.

There should be not federal estate tax due; as for a state one, it depends where the decedentl dies.

The cash would come to her tax free; I believe the estate has no legal obligation to notify the IRS of the source of the funds; the guy who won it should have paid taxes as he went along, and the IRS would want them paid IF they ever found out...

Unfortunately I left out key info. Girl is 9 in another state. Dying friend doesn't want daughter or parents near it. I guess depositing the cash would be fine. I'm not how long dude will have to take care of all this.

So if he has a estate trustee. Or whoever the person who doles out the money from his estate would have access to the box?
10-08-2023, 04:14 PM
accountinquestion

Quote:

Originally Posted by MisterV

Situation 1: Does he have a will, giving it to his daughter?

To make it smooth, he should have a will, and let her know the situation and give her the safe's combination, assuming she can be trusted.

Upon his death she hires an attorney, probates the will and adminitster the estate with nonintervention powers; list the cash in the inventory of estate assets and at the end distribute it to herself as beneficiary.

There should be not federal estate tax due; as for a state one, it depends where the decedentl dies.

The cash would come to her tax free; I believe the estate has no legal obligation to notify the IRS of the source of the funds; the guy who won it should have paid taxes as he went along, and the IRS would want them paid IF they ever found out...

Unfortunately I left out key info. Girl is 9 in another state. Dying friend doesn't want daughter or parents near it. I guess depositing the cash would be fine. I'm not how long dude will have to take care of all this. Would hate to see the money wasted. If it could be doled out at the right time for his daughter it could possibly turn her life around from where it likely is headed.
10-08-2023, 04:37 PM
jdog

Quote:

Originally Posted by accountinquestion

If it could be doled out at the right time for his daughter

I think he needs to set up a trust, then she gets it at a certain age.

The original article made me think twice. My gut reaction was, yes the jackpot should always be paid, but on second thought doing so is actually encouraging someone to continue to break the law. They made a point when they said him placing a wager on the property was illegal. But definitely the casino should not be allowed to pocket it.
10-08-2023, 05:20 PM
MisterV

No body without a kehy and being listed as an owner will have access to the safe deposit box after he dies until a judge signs an order allowing the lock to be drilled and the contents inventoried.

With the girl being nine a trust is his best route to fo: fund it by investing the cash in a safe thing like CD's.

He better hurry, sounds like...
10-08-2023, 05:42 PM
Darkoz

Quote:

Originally Posted by MisterV

No body without a kehy and being listed as an owner will have access to the safe deposit box after he dies until a judge signs an order allowing the lock to be drilled and the contents inventoried.

With the girl being nine a trust is his best route to fo: fund it by investing the cash in a safe thing like CD's.

He better hurry, sounds like...

I don't personally know the law of safety deposit boxes but with Frank Herbert the author of the Dune books he left specific instructions for where the book series was to for his son Brian also a writer. But didn't tell Brian where to find the instructions.

Brian searched everywhere and refused to write more Dune without his father's instructions.

After a fruitless decade he was contacted by a bank manager asking anyone was going to ever claim Frank Herbert's safety deposit box. Brian obviously didn't have the key and was allowed to open it.

And yes the series timeline was in the box and Brian began writing the new Dune books
10-08-2023, 06:31 PM
mickeycrimm

Quote:

Originally Posted by Darkoz

Quote:

Originally Posted by MisterV

No body without a kehy and being listed as an owner will have access to the safe deposit box after he dies until a judge signs an order allowing the lock to be drilled and the contents inventoried.

With the girl being nine a trust is his best route to fo: fund it by investing the cash in a safe thing like CD's.

He better hurry, sounds like...

I don't personally know the law of safety deposit boxes but with Frank Herbert the author of the Dune books he left specific instructions for where the book series was to for his son Brian also a writer. But didn't tell Brian where to find the instructions.

Brian searched everywhere and refused to write more Dune without his father's instructions.

After a fruitless decade he was contacted by a bank manager asking anyone was going to ever claim Frank Herbert's safety deposit box. Brian obviously didn't have the key and was allowed to open it.

And yes the series timeline was in the box and Brian began writing the new Dune books

I have a safe deposit box and the bank asked me to list next of kin.
10-08-2023, 08:33 PM
regnis

Access to the box varies state to state and even bank to bank.One big question. Was income tax paid on the winnings? If not, pay the tax and open a bank account in the name of his newly created trust. Assets owned by a trust are exempt from probate (and judges). He can make whatever provision for the girl that he desires.
A big problem seems to be who would he name as trustee after himself. If family and friends are not trustworthy, his attorney or the bank can be named. Fees for either would be high.

If taxes were paid there is no problem removing the cash from the box and putting it in a bank.
10-08-2023, 10:38 PM
accountinquestion

Quote:

Originally Posted by MisterV

No body without a kehy and being listed as an owner will have access to the safe deposit box after he dies until a judge signs an order allowing the lock to be drilled and the contents inventoried.

With the girl being nine a trust is his best route to fo: fund it by investing the cash in a safe thing like CD's.

He better hurry, sounds like...

Yes, this basically sums it up. The problem is the dude has a need to not pay taxes that overrides his rational thought. lol

Appreciate everyone's input.

.
.
.

MrV's favorite song when thinking of Kewl.

https://www.youtube.com/watch?v=n12OBlcHx9E

He doesn't quite begin to know why...
10-08-2023, 11:19 PM
tableplay

Quote:

Originally Posted by DGenBen

It would interesting to know what happens to the forfeit jackpot. Does the casino just keep it? Is it turned over to the state? Is the casino required to return to players by adding the money back to a progressive? I would think this is most likely.

In the case of Indian casinos it is used for Hookers and Blow (and Strippers).
10-08-2023, 11:35 PM
accountinquestion

Quote:

Originally Posted by tableplay

Quote:

Originally Posted by DGenBen

It would interesting to know what happens to the forfeit jackpot. Does the casino just keep it? Is it turned over to the state? Is the casino required to return to players by adding the money back to a progressive? I would think this is most likely.

In the case of Indian casinos it is used for Hookers and Blow (and Strippers).

There have been periods of my life where I have spent an amount of time on an Indian reservation and yea.. pretty much lolz wildwest. Degenerates DGAF.
10-08-2023, 11:46 PM
accountinquestion

Quote:

Originally Posted by regnis

Access to the box varies state to state and even bank to bank.One big question. Was income tax paid on the winnings? If not, pay the tax and open a bank account in the name of his newly created trust. Assets owned by a trust are exempt from probate (and judges). He can make whatever provision for the girl that he desires.
A big problem seems to be who would he name as trustee after himself. If family and friends are not trustworthy, his attorney or the bank can be named. Fees for either would be high.

If taxes were paid there is no problem removing the cash from the box and putting it in a bank.

Naw. That is part of the problem.- He is so anti-taxes that he doesn't really seem to see it in real numbers or particularly rational..

The most reasonable way to do it is get the cash out, deposit it, . (do banks just take 350k on a 1 shot ?) .. then form a trust with the right people overseeing it. But... not everyone thinks in a rational way, yanno?

I'm just kinda throwing it out there to see what people say.

I should ask him if he has a will. (or living will? Not sure what that is...)
10-09-2023, 05:55 AM
Tasha

Quote:

Originally Posted by accountinquestion

Quote:

Originally Posted by Darkoz

I don't understand why the government would even find out about the cash.

Guy has cash in a box. His family takes out all his belongings upon his death. Daughter finds box and pockets cash.

What am I missing here?

Daughter is 9. Parents are total white trash.

Lol yea key piece of.info. oops

You should have mentioned earlier that the Daughter is STILL a little kid, and not an Adult yet which makes a big difference. When I saw you mention a Daughter, I thought something along the lines of,"If Daughter is an ADULT, there should be no problem with Daughter getting the will money. But if she's a MINOR, that poses problems. Dad has to entrust Trustees that will watch the money for her until she's at least 18 because most rules and regulations won't allow a Minor to get will money directly. Some rules and regulations state the Will beneficiary has to be a full adult, age 21, because at 18 you are just a legal adult, and still not a fully grown adult yet, a prime example is that at 18 you can't legally gamble in a Casino, smoke, or drink alcohol, but at 21 you can. So many rules and regulations might state that the 9 year old Daughter won't be able to directly get the will money until 2035.
10-09-2023, 08:33 AM
DGenBen

Quote:

Originally Posted by tableplay

Quote:

Originally Posted by DGenBen

It would interesting to know what happens to the forfeit jackpot. Does the casino just keep it? Is it turned over to the state? Is the casino required to return to players by adding the money back to a progressive? I would think this is most likely.

In the case of Indian casinos it is used for Hookers and Blow (and Strippers).

That’s good to know that it goes to a good cause.

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