A question about safety deposit boxes

I found this offhand quote on one of the gee-whiz websites I visit:

"...Recall broad warnings concerning the rules delineated within the Patriot Act, which forbids usage of bank safety boxes to hold coins, jewelry, or any metal items of wealth.

-Jim Willie"

Does anybody know anything about this? Was it simply a proposal "considered" for inclusion in the Patriot Act? Is this clause in effect now? I want to hear from somebody who KNOWS, not who's guessing.

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Rubbish! Put what you want in the box. No one has to know what's in it, either.

FYI, it's a safe deposit box, not safety deposit box.

 

Seriously? You have to be kidding!

Don't believe a thing Jim Willie says. Check with Bubba Lee; he's my "go to" guy. He has all of the answers. Oh, I second what Rick said.

 

Safe Deposit boxes are not mentioned in the Patriot Act. Financial records may be subpoenaed in relation to an investigation, as are many other types of records, and only in relation to Terrorism. Whatever you have in a Safe Deposit Box is exactly that. Safe.

 

Here is a Snopes.com discussion of a different bit of BS along the same lines.

 

OK, that seems to settle it. Since I have six boxes, knowing the facts is critical.

For little nitpickers, Google:
>safe deposit box = 8.1 million hits
>safety deposit box = 6.6 million hits

so I'd say it's probably a regional preference...:rollling:

 

You scared me there for a second Doug. Just imagine this was true and was treated like my Leatherman I lost a few years back when I tried to check in for a flight. ***Poof!*** (Gone)

 

Here's a short article from Bankrate that discusses what to put in a safe deposit box.

http://www.bankrate.com/finance/savings/4-bank-safe-deposit-box-questions-1.aspx

 

Did the Gov't in 1933, not look into safe deposit boxes when the confiscation (Dems) took gold?

 

Not my father's.

 

Not to nit pick here, but that vault that you are depositing your box into is a safe, not a safety, right?

 

Be aware that in a crisis that includes bank holidays (like Cyprus), you don't have access to your safe deposit box. I have seen recommendations to store bullion elsewhere for that reason.

 

It's a box where I can deposit with safety.

 

Regarding the wording, I have heard it both ways as well. My mother used to always call it a safety deposit box, so I do believe its simply a regional difference. My mother used to say she was going to warsh her car as well.

No need to get hung up over little regional differences.

 

Can you run with scissors inside this box?

Then it must be a "safety deposit box". :too-funny:

 

Ah, yes, the superfluous Midwestern R.

Warsh your hands, our Senator in Warshington, etc.

The one I can't stand is the silent C that makes "schedule" sound like a little shed...

 

I had a "safety" deposit box that I could access with out a manager or going behind the counter. They got rid of those boxes so I got rid of my box.

Reasoning is that if I happen to die I had another family member that had a key with the instructions to empty the thing the day of my death. If it is in the safe or where you need access with a manager you are the only one that can access it and the items in the box can then be taxable to the inheritor.

Might sound dumb but makes sense in my mind

by the time you pay your monthly fees for the box just just an awesome safe and concrete the thing to the floor.

 

Try renting a S.D. Box at a credit union, often 1/3 less than a bank.

You need to read up on inheritance tax. And I never heard of renting a box by the month, sounds expensive.

 

it was... I don't know where I am misunderstanding the law... Unless by what you mean is if I am being unethical in my practice?

http://www.estateattorney.com/safedepo.htm

Maybe its because im in PA

 

Nothing unethical. With a $5 million exemption, most of our CT members will never pay a dime of Federal estate taxes or inheritance taxes.

"...however, On December 16, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which was signed into law by President Barack Obama on December 17, 2010. The 2010 Act changed, among other things, the rate structure for estates of decedents dying after December 31, 2009, subject to certain exceptions.

It also served to reunify the estate tax credit (aka exemption equivalent) with the federal gift tax credit (aka exemption equivalent). The gift tax exemption is now equal to $5,000,000."

State taxes, of course, vary greatly.