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Versus keeping valuables like gold, extra cash, and jewelry in your home.
I realize they're not FDIC insured, but in the event we have another 9/11 or worse do you think people will be denied access?
Any concerns about not being able to get into the bank? I know if a bank fails they're supposed to let you in to get out what you have, but what they're supposed to do and what can actually happen may be two different things.
Any thoughts? Thanks.
Last edited by seain dublin; 01-05-2012 at 12:05 AM..
They are not that safe since the IRS is able to access them when it has been administratively or judicially ruled that you owe them money and are not paying them.
They are not that safe since the IRS is able to access them when it has been administratively or judicially ruled that you owe them money and are not paying them.
That is presuming you would actually keep one in your own name. Geez, how foolish can one be? I keep virtually nothing in my own name.
I like safe deposit boxes, as they are really hard to break in to, compared to even a large home safe. They just won't let you store things that are deemed, umm, dangerous.
I would never keep any metals or money in a safe deposit box. Too easy for the goobermint to confiscate them. If they take possession of all the safe deposit boxes, it won't matter whose name it's in. And what if you die? Can your spouse get into the safe deposit box immediately or will it go through probate with the rest of your estate? What if it's not in your name? Or if you have to bug out a.s.a.p. - how far away is the bank and will it be open?
A storage facility with gates and security cameras would be a better option than the bank, IMO. Most of them are metal buildings and not as likely to burn as a house. But then you have the distance factor to consider again and it would be expensive, unless you happen to keep a storage unit anyway.
The best option IMO is PVC pipe with caps, buried deep. Replace all the soil and throw a piece of rusty metal in the top few inches. Keep just enough in a fireproof safe in the house that you won't be devastated if you lose it. Or bury it under the manure pile, or in the septic tank. Some place where the average thief won't dig.
If you must keep it inside, put it in the basement behind a block wall. Put a cheap safe with some junk in it in front of it so the thieves think they got the goods and won't keep looking.
We have two safe deposit boxes in banks, holding items other than gold or jewelry. That was my wife's idea, but at least there's nothing in them that we'd ever need in a hurry. Yes, I believe that you'd get the contents back (in time) in the event that the bank was closed or taken over.
Remember that anything you keep in a bank is "in the banking system". Generally, you want to keep as much of your wealth as possible "outside the banking system" (e.g. untraceable). I do NOT recommend storing anything in a box with anyone else's name on it, except perhaps a spouse or close family member.
I will not give you other options for storage, as those have been listed in many places. Suffice it to say, I have walked down a city street with 20 gold eagles in my pocket, and was not bothered by anybody. And that was after walking out of a coin shop.
I would never keep any metals or money in a safe deposit box. Too easy for the goobermint to confiscate them. If they take possession of all the safe deposit boxes, it won't matter whose name it's in. And what if you die? Can your spouse get into the safe deposit box immediately or will it go through probate with the rest of your estate? What if it's not in your name? Or if you have to bug out a.s.a.p. - how far away is the bank and will it be open?
A storage facility with gates and security cameras would be a better option than the bank, IMO. Most of them are metal buildings and not as likely to burn as a house. But then you have the distance factor to consider again and it would be expensive, unless you happen to keep a storage unit anyway.
The best option IMO is PVC pipe with caps, buried deep. Replace all the soil and throw a piece of rusty metal in the top few inches. Keep just enough in a fireproof safe in the house that you won't be devastated if you lose it. Or bury it under the manure pile, or in the septic tank. Some place where the average thief won't dig.
If you must keep it inside, put it in the basement behind a block wall. Put a cheap safe with some junk in it in front of it so the thieves think they got the goods and won't keep looking.
Quote:"Can your spouse get into the safe deposit box immediately or will it go through probate with the rest of your estate? "
If you have to go to probate, then it is apparent you have no estate planning guidance or expertise.
Also, you yank everything out ASAP immediately prior (or after) a death (did you ever see bank officials looking at the obituary pages, every day?) Geez, this is 101. Been there, done that.
Quote:"What if it's not in your name?"
Doesn't matter. You can grant access to an SDB, to anyone you choose.
Actually, I have just gotten some good estate planning advice. We're setting up a trust. I'm just listing possible problems and options for anyone who may be reading and wasn't aware of them.
I'm not very paranoid, really, because I'm well prepared and diversified. But to trust the banks, or the goobermint, after the way they've conducted themselves in the past several years, would be foolish beyond belief. IMO.
Actually, I have just gotten some good estate planning advice. We're setting up a trust. I'm just listing possible problems and options for anyone who may be reading and wasn't aware of them.
I'm not very paranoid, really, because I'm well prepared and diversified. But to trust the banks, or the goobermint, after the way they've conducted themselves in the past several years, would be foolish beyond belief. IMO.
Quote:"]Actually, I have just gotten some good estate planning advice. We're setting up a trust. I'm just listing possible problems and options for anyone who may be reading and wasn't aware of them."
Then, (IMHO) you are headed in the right direction. If you are married, I recommend three. I have one holding my assets, one holding the SO's assets, and one as a 'family' trust, where upon death the assets transfer from either spouse into it. On paper, I am destitute. (And I like to keep it that way).
The only things I keep in a SDB are papers that I don't want to burn up, and really don't have much value (deeds, legal documents, titles, etc).
That is presuming you would actually keep one in your own name. Geez, how foolish can one be? I keep virtually nothing in my own name.
I like safe deposit boxes, as they are really hard to break in to, compared to even a large home safe. They just won't let you store things that are deemed, umm, dangerous.
Safe Deposit boxes are actually easy to break into.. its the vault that is hard to break into!
Just busting your chops...
Yeah, the safe deposit box is probably a good place for the legal documents. You can always scan them and keep a copy on your laptop. I just saw on the news yesterday that a guy forgot his passport and got through the border by showing a scan of it on his netbook, along with his driver's license.
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