If your children are the lucky ones to get a hoard of gold as an inheritance, there are 4 things you should do before passing it on to them.

4 Things to Remember When Buying Gold for Your Children

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In our previous SPOTLIGHT, we explained why you should consider buying gold and precious metals to build a solid financial safety net for your children.

As any other form of investment, gold requires some planning and preparation. 

But don’t worry, we’re here to help. 

We’ve made a checklist of the key things you should think about before getting some gold coins and bars for your children.

#1: Make sure you choose the right gold product

As you probably already know, there are two different types of investment gold – physical gold (gold coins and gold bars) and gold traded on the stock exchange 

While paper gold may seem like a convenient way to invest in gold, it 

) are prone to counterparty risks. This means that your gold is held by a financial company you must rely on to manage your investment.

A company or broker in charge of your ETFs could go bankrupt or fail to live up to their obligations, misrepresenting the true state of their portfolio.

Also, the amount of gold reserves held by this company is not always sufficient to support the sale and trade of paper gold certificates.

So if too many investors wanted to cash in their paper gold, the fund that sold it to them might not have enough of the physical metal to repay everyone.

Physical gold, on the other hand, can’t go bankrupt and will belong only to you and your family, which makes it 

 to build generational wealth for your children.

learn more about the key differences between paper gold and physical gold

#2: Think about buying gold bars vs. gold coins

So if you decide to buy physical gold, you have two options to consider: gold bars and gold coins.

deciding between buying gold bars vs. buying gold coins

are aesthetically pleasing as they are a sound investment, which makes them a family heirloom, much like jewelry that can have an emotional significance for your kids.  

coins, are easily recognizable and can be sold in smaller amounts at different price points. 

, on the other hand, give you only one chance to sell all your gold at one particular price. 

 that will potentially let your kids benefit from gold price gains over the long run.

So if you can’t decide what to buy as a gift to your children — gold bars or gold coins — 

 could be a good option if you want them to benefit from potential future gold price gains.

Before you buy physical gold for your children, remember to think about storage.

For example, if you choose home storage, you will have to make sure you keep it somewhere safe. 

You can find all sorts of creative places for storing your precious metals, just make sure they’re dry and fireproof.🙂

safe probably remains the most obvious and safest home-storage solution

, although it all depends on the type of safe you choose.

, experts warn it might be completely worthless for preventing thieves from breaking into it.

That’s why choosing third-party storage might be a better option, as it often gives you the benefit of high protection and insurance.

 the different ways to store your gold products

#4: Learn about taxes on gold and inheritance

Don’t forget that gold and precious metals can be subject to different taxes that vary from country to country.

when you have to pay an inheritance tax on gold represented by a picture of a man calculating taxes on precious metals

investment gold (coins, cast bars, or minted bars), 

Now, will your children have to pay taxes when they 

 on what you choose to do with your inheritance.

if you decide to keep your inherited gold

In the United States, for example, inherited gold counts toward the amount of money you can inherit without paying taxes. Federally, this amount is quite high, at around 

But, if your children choose to sell their inherited gold

 and make a profit from it, they may have to pay 

The capital gains tax rates differ from country to country. For example, Italy has a rate of 12.5% for private investors, while the U.K. applies a capital gain tax on precious metals varying from 10% to 28%, depending on your income level.

Notably, some countries like Switzerland, Belgium, and Germany, do not apply the capital gains tax on precious metals.

So before passing your gold savings on to your children, don’t forget to check the current tax rules in your country because they may change.

And one last thing, make sure your children keep the certificate of purchase and ownership as they can help your children pay fewer taxes on the sale of their gold in the future.

To learn more about this, read our SPOTLIGHT about 

P.S. Whatever you choose, don’t forget to discuss with your children early enough about their gold inheritance. Whether it’s about storage or tax, make sure they’re well-informed and will know how to handle their gold inheritance in the best of ways.

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