One of the most secure facilities in the world is the United States Bullion Depository.  This facility is part of a larger Fort Knox, Kentucky military installation.  This gigantic fortified vault has become known simply as “Fort Knox.”  Because of its perceived impenetrability, it has become a pop culture icon.  People constantly compare something’s level of security against that of “Fort Knox.”  This facility was built in 1937 to hold the enormous influx of gold that was transferred to the Federal Reserve in the late 1930s.  In 1936, Franklin Roosevelt issued an Executive Order that made it illegal for U.S. citizens to own gold bullion, thus requiring U.S. citizens to sell all privately owned gold bullion to the Federal Reserve.  Currently, the United States Bullion Depository holds 147.4 million ounces of gold.  That is roughly 3% of the world’s supply of gold, worth roughly $238.290 billion.  The Depository has also housed, at one time or another, the Declaration of Independence, the U.S. Constitution, Lincoln’s Gettysburg Address, three volumes of the Gutenberg Bible, and the Magna Carta.  There is a high incentive to make the Depository as secure as humanly possible—and it is.

First of all, the Depository sits within the confines of the Fort Knox Army Post that has 30,000+ army personnel and an array of aerial and ground armaments that can provide around the clock protection.  There are another four fences that surround the Depository with at least two of these fences being electrified.  The Depository itself is made of granite exterior walls that are allegedly 4-5 feet thick and reinforced with around 800 tons of reinforced steel.   The foundation is also several layers of cement thick and topped with another slab of granite that is ten feet thick.  The main door to the vault is a 22 ton blast proof monstrosity.  Besides the physicality of the Depository there’s the United States Mint Police that provide on-site around the clock protection.  There are also an army of security cameras, various alarm mechanisms, and mine fields in the land surrounding the facility.  There is no facility in the world like Fort Knox.  It is also a classified facility, so no visitors are allowed to visit, ever.

So, how does one create their own personal “Fort Knox” around their personal assets and estate plan?  By consulting with a qualified estate planning attorney and utilizing smart asset protection tools, it is possible to create a high level of security around your assets.  For example, one method of protecting assets in Utah is a Domestic Asset Protection Trust.  An Asset Protection Trust is a legally acceptable method for protecting important and substantial assets.  An Asset Protection Trust can protect your most important assets from creditors and other situations, such as divorce, where large portions of your assets can be seized.  An Asset Protection Trust is established as an irrevocable trust so that the trust now owns those assets, not the Trustmaker.  An Asset Protection Trust can be established domestically, or can be established in a foreign territory that has specific laws designed to protect assets.  This is just one of many tools available to protect your assets from large tax liabilities or other variables that could decrease the size of your assets that you have grown and built up over the years.  A qualified estate planning attorney can guide you through the many asset protection options that are right for you.

 

For additional reading:

United States Mint Homepage

San Antonio Headlines Examiner Article

An Asset Protection Trust

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