Assuming the fit hits the shan and things get real ugly in the US, what happens with all the electronically managed money. Like say I make a break for Canada and get there. Can I still access my funds? Can the government freeze everyone’s assets to prevent those who make it out from getting at their money?
I have retirement stuff in vanguard and fidelity mostly. I would assume they are international companies, and thus might not have to abide by a US freeze order. But then again, it might be in their interest to keep the money frozen so they technically still have it.
And what are other people doing to be prepared for the possibility that things get civil war like in the US. Are their places you can put your money that are safe from US hands? And what are the tax implementations of moving money to them?
Edit: I realize from the comments that it might look like this is my reaction to the falling market. It isn’t about that. I don’t react to market conditions in general… This is more about my family being in the administrations top 5 groups they hate. And if we feel the need to flee, is there anything I can do to ensure access to some money while having a minimal impact on my financials if it never comes to that.
Actually I was thinking about this unrelated to the current market drop. It is fear based, but not based on the dropping market. Moving money now would certainly be terrible. I am thinking farther foreward and just wanting to know my options.
While my family aren’t immigrants, we are not far below them on the list of targets for this administration. So the time may come when the gov goes after us and we feel we need to flee before the gov targets us specifically. I just don’t know if there is anything I can do to ensure I will have access to money if we feel we need to flee.
In the case of investments it would be more like a transfer, then a pull out in my head. Maybe there are institutions I could move some of my investments to that would be out of reach of the US gov for example. I do have an after tax brokerage account for example. Not a ton in it, but unlike retirement money, it is probably free to move without penalty.
In that case, you have options (but your post really does not convey that).
Personally, I’d be hesitant to moving any retirement account. Touching that at all has massive tax implications, but you could casually ask them how disbursements work if you move out of country, I’m sure there is a policy for that.
As for individual accounts, you can set up an account in another country. (I believe Canada has an account expressly for this). However as I said, tax implications. I believe up to 10k is fine, you just have to say you have an account on your taxes. Over 10k you have to report the amount on the taxes, I believe it has to do with FINRA regulations. I wouldn’t put all of my money into an overseas account unless I was moving out, that just opens you up for audits. Personally, I’d think in your case it’s safe to have a safety net overseas, but I’d be hesitant to start moving everything until you’re ready to move.
Thanks. And yeah, I have edited my post to clarify. I generally pay very little attention to the day to day market conditions. So I just failed to take into account how many people are panicking because of the recent drop. I’ve been thinking about this for a couple weeks.
I will have to look up that 10k thing. That sounds like a smart idea with very little downside.