Cleaning deceased MIL condo and found $15K cash

M

Mr Nice

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Cleaning deceased mother inlaw (MIL) condo and found $15K cash. Long story made short...

My MIL believed if she did not spend / withdraw her entire Social Security check every month and show Uncle Sam she really needed the money.... the Social Security Administration will lower her monthly benefit. My MIL told me her theory of 'excess $$$' a few years ago and I told her SS doesn't work like that. You will continue to receive your $1200 a month and not get it lowered to $700-800 cause you didn't spend it all.

At first I thought it was very comical, but after finding about 40 cash envelopes from her bank with cash (in various bill denominations) it turned into something VERY bizarre to see first hand. I've heard of the silly saying people hiding cash in their mattress, but this was found inside folded clothing, Tshirt, pillow with zipper, old handbags from the 1970's, table, socks, ...etc...

I told my wife that either her mom was secretly a crack dealer or she really believed Social Security would reduce her retirement benefits by ___ %.

I might take a picture of all the sacks of cash we have found so far, we have to double check everything before we clear and clean her place.

The money will go towards all the grandchildren's 529 plan for college.
 
The elderly who went through the depression don't believe in banks so that is pretty common. Also very common to have a stash of money hidden away from a husband or wife.
 
When my dad's parents passed and my dad had to clean out their house and put it up for sale he found all sorts of hidden cash all over the house. Not $15K worth but a nice sum. His parents were immigrants from Italy and were very hard working in this new world they didn't know the language when they came over with their 8 kids. They also didn't have all their money in 1 bank either. I think it was just their mentality especially post-war times in Europe.
 
Originally Posted by StevieC
When my dad's parents passed and my dad had to clean out their house and put it up for sale he found all sorts of hidden cash all over the house. Not $15K worth but a nice sum. His parents were immigrants from Italy and were very hard working in this new world they didn't know the language when they came over with their 8 kids. They also didn't have all their money in 1 bank either. I think it was just their mentality especially post-war times in Europe.


They were not fools.
 
Originally Posted by Zee09
Cash is King!


Well the younger generation doesn't believe that they will use as much money as they can get credit for and go bankrupt.
 
I would personally look through the house including under floorboards, bathrooms, throughout the kitchen. I have a family friend whose uncle hid cash all over the house during his lifetime. When he passed, they found stuff in all sorts of places.
 
Sorry to hear about MIL, but nice find!

Originally Posted by FirstNissan
I would personally look through the house including under floorboards, bathrooms, throughout the kitchen. I have a family friend whose uncle hid cash all over the house during his lifetime. When he passed, they found stuff in all sorts of places.


x2
 
Cash work well on Craigslist. Other stuff, not so much...

The 529 plan is good
smile.gif
 
I think as people get older they tend to feel more comfortable with cash in hand. It's a tangible "hold it in your hand" proof that you have money to buy food. I notice that my dad got that way as he got older. The older he got, the less he trusted banks and credit cards. He's now suffering from dementia and will have anxiety attacks if he doesn't have any cash on him. So my sister always makes sure he has at least $120 on him as that is the amount he feels comfortable with. Unfortunately he is either losing it or stashing it because she has to replenish it every so often.
 
You might want to brush up on gift taxes, rules depositing cash etc. so that you do not run afoul of the IRS or a bank. Most people are aware of the $10k cash deposit rule, but few are aware of other rules or policies. Also check into a Coverdell account, and you can have both Coverdell and 529 savings.
 
My parents were both Depression kids and mostly "cash only" throughout their lives. You and your wife would certainly be the best judges if there could be other instances of this behavior...so I think checking elsewhere including out of the way places might be a good idea.

When I was a caregiver for my mom in her last years, she kept her Social Security "residuals" that she didn't spend in a secret compartment in her purse. It's a nice memory to hear her say in my head...like she always did..."If anything happens to me, grab my purse immediately...there's $568 dollars in the secret compartment!!'
 
That's a good plan you have there with the money.

I do wonder how much other stuff is hidden?

Having cash around is nice, but yes this is a bit excessive. Lol. When I had my grocery store job, the Visa (EFT: Electronic fund transfer?) machine's system went down and apparently it was a statewide thing. Many people couldn't buy their groceries and had to leave because they didn't have that money in cash. Granted this doesn't happen often, but having seen it happen first hand is enough for me to not go out without it. The same thing happened to me a few years ago when I needed gas. I just put $20 in it since I didn't have enough in my tank to make it home.
 
Did your MIL used to work in budgeting for a government agency? Same mindset. Spend all the budget otherwise you might incur a funding cut next year.
 
No, she did not work a government job. Some older people don't trust the government with their money.

All the cash looks like when law enforcement raids a drug dealers home and they recover lots of cash. We'll just have to make a few deposits to our credit union, then transfer to grandchildren's 529 plan.
 
Sorry to hear, condolences to your family.

Nice find though, and completely understand the mentality- my mom's 91 and we'll likely find the same.
 
Originally Posted by CT8
Younger people are afraid of cash. Credit card or living out of the ATM.


And old people are afraid of banks......

My mil is the same....

I don't believe in cash myself with advent of credit card and ability to use phone to pay.
 
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