Safety Deposit Boxes

[Sooner5030]

Over the last five years my efforts to save using means other than bank accounts, IRAs, and land has outgrown the capacity of my current closet safe....or at least my comfort level for storing it there. I'd also like to split the assets to prevent losing everything in one fire/theft.

Anyway, I haven't thought about a safety deposit box since I was a kid back when we stored documents in them. I went to the local credit union and even the smallest box seemed somewhat expensive. I didn't have the nerve to ask but I want to know is the fact that I have a SDB a reportable thing? Can it be seized in the event of divorce, BK, TEOTWAWKI, etc.? How could someone find out that I have one – just asking the bank or would it take a warrant?

Thanks

[olevetonahill]

Over the last five years my efforts to save using means other than bank accounts, IRAs, and land has outgrown the capacity of my current closet safe....or at least my comfort level for storing it there. I'd also like to split the assets to prevent losing everything in one fire/theft.

Anyway, I haven't thought about a safety deposit box since I was a kid back when we stored documents in them. I went to the local credit union and even the smallest box seemed somewhat expensive. I didn't have the nerve to ask but I want to know is the fact that I have a SDB a reportable thing? Can it be seized in the event of divorce, BK, TEOTWAWKI, etc.? How could someone find out that I have one – just asking the bank or would it take a warrant?

Thanks

Anything can be seized

In a Divorce, BK situation you have to reveal ALL assets or face Charges if ya dont and get caught.

If you have a SDB its traceable. If you wantin to Hide a moderate amount of cash . Put it in a ****in jar and bury it somewhere

[Midtowner]

Sounds like you're wanting to be implicated in a felony. You can't hide assets. If you do, as olevet says, you're going to the pokey. Even making a mistake on a BK form by failing to disclose an asset is a big problem. Do it knowingly? Enjoy your stay in the pound me in the *** federal penitentiary.

[Sooner5030]

yeah....if i didn't move so much I'd just put silver and gold in PVC and bury it in the yard. I move about every 2-3 years so it is getting hard to transport this stuff. I don't want to liquidate it because it will either be placed in the banking system or I'll have to carry it in cash.

I should have thought about this more thoroughly when I began.

[pphilfran]

How much silver, gold, or other hard assets do you have?

I can't imagine filling up a closet...and if you have a closet full of precious metals you shouldn't have to worry about the nominal cost of a safety deposit box.. :)

[Turd_Ferguson]

Just give anything of value to me...I'll hold onto it for you.


http://www.jacehallshow.com/wp-content/uploads/dumb-and-dumber-iou-image.jpg

[olevetonahill]

Where you Live?

[Sooner5030]

a lot more than I thought I'd ever have. It's not enough to physically fill up the safe. But it has approached the point where I think about it all the time. The wifey knows about the gold but not the silver and cash.

For some reason I just started putting a little away without anyone knowing. It felt kinda cool. Now I have to think about what to do when it exceeds my level of comfort.

[Midtowner]

Hiding assets from the wife?

Some marriage.

[Sooner5030]

We both work as professionals and have separate banking accounts. It is 2012 you know. Although I pay for the roof, food and clothing for some reason.

[Turd_Ferguson]

We both work as professionals and have separate banking accounts. It is 2012 you know. Although I pay for the roof, food and clothing for some reason.You'll have to forgive Mid, he's one of those that thinks if you've earned lots of money, you should be sharing it with those that haven't earned it...

[Midtowner]

You'll have to forgive Mid, he's one of those that thinks if you've earned lots of money, you should be sharing it with those that haven't earned it...

Your wife earns every penny of it putting up with you.

Also, when you agree to be married, it's a contract which says that what's yours is hers and what's hers is yours. You almost become one person legally.

Those debts and cars and whatnot in your name are yours in name only. She presumptively owns half of 'em.

[Midtowner]

We both work as professionals and have separate banking accounts. It is 2012 you know. Although I pay for the roof, food and clothing for some reason.

The only legal way to do what you want to do that I can think of is to divorce, then put together a prenup which lists all of these assets, i.e., there must be full disclosure of your separate property, then remarry. That aside, what happens to your buried treasure if you meet an untimely demise? You probably are fine with regard to the estate tax since I doubt your going to be giving anyone anything north of $5MM, ($3MM for Oklahoma state estate tax).

[Sooner5030]

The only legal way to do what you want to do that I can think of is to divorce, then put together a prenup which lists all of these assets, i.e., there must be full disclosure of your separate property, then remarry. That aside, what happens to your buried treasure if you meet an untimely demise? You probably are fine with regard to the estate tax since I doubt your going to be giving anyone anything north of $5MM, ($3MM for Oklahoma state estate tax).

Mid - we have a prenupt and it listed all assets and bank accounts/balances at that time. My wife wanted to protect her assets and I wanted to protect my income. Anyway, I've collected all of this since the marriage. Not really worried that much about the wifey...just one of the considerations. I'm more worried that at some point it could be confiscated for being unusual or someone assuming it has something to do with drugs. What normal person puts cash and PMs in a safe in their closet these days?

Maybe I'm just being a little paranoid.

[Midtowner]

What normal person puts cash and PMs in a safe in their closet these days?

Maybe I'm just being a little paranoid.

Lots more folks do it than you'd think. When dealing with clients in SE Oklahoma, it's not uncommon for them to tell me that they have to go back home and get me more cash for my retainer which is deposited in a coffee can in their back yard.

As far as protecting your income, it depends on what sort of income you're talking about. I haven't ever seen a prenup which contemplated making joint income a sole asset of either party.

Really though, putting cash in a bank is safe as long as you spread it around $200K at a time. FDIC is a pretty solid insurance plan. If the FDIC fails you're going to wish you invested in guns, ammunition and a decent survival bunker rather than gold and silver. Gold is a good hedge against inflation, but probably not the best way to store wealth.

As far as bankruptcy goes, I definitely would not recommend EVER hiding assets from a trustee. They may not find out, but if they do, it's a pretty serious felony and you're not going to get some sort of plea agreement where you serve a suspended sentence or something. You're doing real time.

[Frozen Sooner]

Lots more folks do it than you'd think. When dealing with clients in SE Oklahoma, it's not uncommon for them to tell me that they have to go back home and get me more cash for my retainer which is deposited in a coffee can in their back yard.

As far as protecting your income, it depends on what sort of income you're talking about. I haven't ever seen a prenup which contemplated making joint income a sole asset of either party.

Really though, putting cash in a bank is safe as long as you spread it around $200K at a time. FDIC is a pretty solid insurance plan. If the FDIC fails you're going to wish you invested in guns, ammunition and a decent survival bunker rather than gold and silver. Gold is a good hedge against inflation, but probably not the best way to store wealth.

As far as bankruptcy goes, I definitely would not recommend EVER hiding assets from a trustee. They may not find out, but if they do, it's a pretty serious felony and you're not going to get some sort of plea agreement where you serve a suspended sentence or something. You're doing real time.

FDIC insurance on interest-bearing accounts is $250k, though it is probably a good idea to leave a little headroom.

Non-interest bearing accounts have unlimited FDIC insurance.

[Midtowner]

FDIC insurance on interest-bearing accounts is $250k, though it is probably a good idea to leave a little headroom.

Non-interest bearing accounts have unlimited FDIC insurance.

And there you have it. Still, banks tend to be better than burying things in the back yard unless you're going to be attempting to defraud someone about your net worth or assets, in which case, I'm of little help.

[C&CDean]

There's a whole lot of bull**** going on up in this thread.

Primarily by the OP.

STFU and keep/put your money wherever the hell you want. If your marriage is worth a **** it won't be a problem. If it ain't, the yainch knows where it is anyhow and she'll get it.

I cannot tell you the last time I worried about where to stash the money.

[Sooner5030]

Dean - thanks for the reply but not really what the OP was digging for.....just trying to get info on SDBs.

[C&CDean]

Oh. Well they have them down at the bank. If you get one it's traceable/reportable. If you have a prenup, and you're worried about your money? My condolences. Life is way too short to get shook up over a little jingle jangle.

[Midtowner]

FWIW, the last time someone tried hiding assets in a safe deposit box in one of my cases, he stashed $150K cash in it. My client knew about it, we subpoenaed the bank and there was hell to pay for his nondisclosure. I run a lot of traps for hidden cash when I have someone on the other side in an industry which deals in a lot of difficult to trace cash like restaurants, barber shops and whatnot.

[C&CDean]

Mason jars. They ain't just for cannin'.

[C&CDean]

And no, I ain't kidding.

[Midtowner]

Be very careful about burying anything paper. It's pretty damn hard to get a good seal on things. Over the course of a decade or so, even Mason jars can experience significant water infiltration. Just ask the city of Tulsa about their time capsule a few years back.

[olevetonahill]

Heres ya a Good article to read

http://finance.yahoo.com/news/why-hiding-money-from-your-spouse-has-gotten-a-lot-harder.html

[C&CDean]

All I had to do was read the last line in the article:

Mr. Lewis, the data forensic expert in New York, thinks a lot of trouble could be avoided "if spouses had more open and honest communication."

Ya don't ****ing say. I'd have never thunk it. All those with seperate accounts from their wives/husbands deserve what they get.

[pphilfran]

All I had to do was read the last line in the article:

Mr. Lewis, the data forensic expert in New York, thinks a lot of trouble could be avoided "if spouses had more open and honest communication."

Ya don't ****ing say. I'd have never thunk it. All those with seperate accounts from their wives/husbands deserve what they get.

WTF...no way I would ever believe such garbage.... :)

[olevetonahill]

All I had to do was read the last line in the article:

Mr. Lewis, the data forensic expert in New York, thinks a lot of trouble could be avoided "if spouses had more open and honest communication."

Ya don't ****ing say. I'd have never thunk it. All those with seperate accounts from their wives/husbands deserve what they get.
Agree Dean
But after My experiences with marriage Ill never trust one again .

[C&CDean]

Agree Dean
But after My experiences with marriage Ill never trust one again .

And I got a mason jar or 12 full of money to bet they'd say the same thing Howie. Heh.

[olevetonahill]

And I got a mason jar or 12 full of money to bet they'd say the same thing Howie. Heh.

Hell No, Dont ya Know its every one elses fault and I aint ever been in the wrong ?:congratulatory: