Most people in California have probably daydreamed about one day stumbling upon a treasure chest or finding a lottery ticket, but for one couple in Northern California, this dream-like scenario actually came true. The couple was out walking their dog one afternoon when they noticed something partially buried at the base of a tree. Upon further inspection they unearthed an astounding bounty of gold coins dating from the 1800s.
The collection of roughly 1400 coins, all in mint condition, is estimated to be worth approximately $10 million. A rare coin collector who helped the couple identify and catalog their unbelievable discovery likened it to the legendary treasure found at the terminus of a rainbow. Their find could very well be the largest such discovery in American history, but it appears to be the collection of an individual who was using the tree as his own personal bank vault.
The couple, who have chosen to remain anonymous, were reportedly very happy with their lifestyle prior to their once-in-a-lifetime discovery, and don't wish to call attention to themselves any further than is necessary. They plan to sell the majority of their find, hang on to a few, and use the proceeds to for charity donations and settling some debts.
Their find is incredible, but their plans sounds like that of many thousands of Californians who are happy with their lifestyle, enjoying their retirement, and quietly making plans for the use and future disbursement of their assets to heirs and charitable causes.
Instead of burying their wealth under a tree, many responsible Californians choose to put their money to work for them in a way that protects their assets and minimizes their tax burden. People with substantial estates should always consider working with an experienced estate planning attorney to come up with an asset protection plan that suits their goals and lifestyle.
Source: Kansas City Star "Couple stumbles upon $10 million in rare coins," John Rogers, Feb. 25, 2014