You guys are doing it all wrong. Your only suppose put decoy stacks of clad coins in the yard for the squirrels, crack heads, and zombies. The real stack should be under the pot belly stove that no one wants to move.
Can the IRS get into my box? IRS representatives cannot arbitrarily gain access to your box. However, they can serve a Levy and a Notice of Seizure requiring us to freeze the box. The IRS then requests that you open the box in the presence of its representatives. If you refuse, a court order must be issued, requiring the box to be forced open and the contents impounded. http://www.washingtonsavings.net/personal-services/safe-deposit-boxes/FAQs-about-safe-deposit-boxes
Greenie, I was trying to put ProfitKid on the spot for an answer since he thinks he knows so much. Chris
Keeping physical possession only makes sense as long as you've been 100% discrete since starting the collection...
To the OP. Are you serious with this kind of question? I have a co-worker whose jewelry and some expensive family heirlooms were stolen from her home in June and was never recovered. So you think if her stuff was in a safety deposit box it would have been stolen as well, I am afraid not.
First of all yes this can happen, but you would have warnings from them this was coming ahead of.time. Second of all, this happens after you don't comply with their demands to either pay them or try to settle your debt. I mean come on this country is not China yet where they just do what they want and dictate to their people how to live their lives.
The IRS can also issue a lienand serve a notice seizure for your home and any and all other real or personal property you own.
Exactly. Those who bring up the "my SDB can get confiscated" are in reality saying, "I plan on committing a felony and lie about my asset should I ever declare bankruptcy". All assets are conficatable, so anyone saying physically holding them "protects" them more either are predicting the government physically confiscating pm, something they have never done in the history of this country, or simply are planning on committing felony fraud against debtors in the future. Its really the only thing they can be saying, since no SDB has ever been seized save for court due process for debts. Even not paying the rent you can still get the contents back, since by law the banks turn the items over to the state. Contact the state, pay back the rental fee, and get your pm back. Wait too long and the state will sell them, however. Me, I keep gold and expensive items in SDB since the chances of home robbery or home invasion are like 10,000 times more likely than some kind of doomsday scenario. I have a safe, but its to keep my guns out of my kids hands. I throw cheap stuff in there just to keep organized. However, if the safe gets robbed or there is a home invasion, I am not losing 6 figures of assets.
This point was already answered, but just for clarity, of course the contents of a SDB are not covered by the FDIC. If you want them to be covered, you must do so through a private insurance company. Most people who do so, include the contents of their SDB on their home owner's insurance. Also already addressed, but assuming you are obeying the law, anyone who has the authority to seize your property from a safe deposit box, can also seize property kept in your own safe as well. I've heard this sort of rumor before, but I have yet to see any credible source to support it. The rumor is that any property placed in a safe deposit box technically becomes property of the bank. I don't see any such wording in the rental contract that I have with my bank, and I can't find any credible support online. What I can find are several legal articles that deal with property rights issues with safe deposit boxes and all of them point to the continued ownership of the contents by the lessee of the safe deposit box. http://www.smf-law.com/news/legal-briefs/who-owns-contents-of-a-joint-safe-deposit-box-after-death/ http://www.bankingquestions.com/safedepositboxes/q_ownaccess.html http://www.pasquesi.net/safedepositbox.pdf If the bank did indeed own the contents of a safe deposit box, that would certainly simplify procedures for boxes that have a past due balance or abandoned boxes. As it is, there are strict notification and custody procedures for such circumstances and in most states, the property in question must be forwarded to the state as abandoned property and banks are only eligible to recover the past due storage expenses if the property is eventually sold.
if someone tries to seize property from my safe, they will leave my house in an ambulance. can't say the same about an SDB.
How can someone steal something from a safe in my home that no one, aside from me, not even my wife or kids, knows exists? In fact, I quietly laugh when someone comes to my house and walks by it 25x without a clue as to what is actually inside the object they are next to.
