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....the controversial doctrine of asset forfeiture does allow a piece of property (in this case, $124,700 in cash) to be directly sued by and forfeited to the government, without either just compensation or the owner being convicted of a crime.
Actually with all the money laundering laws, it is.
Back to your relative. Tell him not to be an idiot. Tell him to go online to bauerfinancial.com and check out the bank ratings for relative safety. At the very least, he needs to rent a safe deposit box and put the money in that.
But keeping that much in his house?
On second thought, DM his address to me, and I'll drive over there and talk sense to him.
I'm curious to know more on this law...........
I cannot believe this is illegal and if so I want to know ASAP so I can put it in my list of things to argue over.
Where is our money supposed to be?
The gov't is going to say what, let me guess, it must be in a bank earning interest, so that they can get their share when we do our taxes and pay income tax on the interest earned, right?
yes, but that case was because the cops thought it was drug money, wrapped in foil in a cooler of a car. Of course police can sieze $ they suspect is the proceeds of a crime.
and the gov't didn't win, it was determined that there wasn't enough evidence that the money was related to a crime.
I want to know where it is illegal for an innocent individual to just up and choose to stash his money in his mattress.
This thread just popped up, and I wonder if the friends money is still under the mattress, or if he changed his mind. 2008 was indeed a scary economic time.
I’ll just add that everyone is insured up to $250k and no one has ever lose a dime in a failed bank.
I worked for a bank that was circling the drain and discovered that a lot of folks with money to invest, go from failing bank to failing bank. A bank that is in trouble typically offers higher interest in hopes of attracting more customers to stave off failure.
I also had a customer who took all her money and kept it in a safe deposit box. She didn’t want to pay taxes on it. She, however, was bat**** crazy, and was also a hoarder.
I would think that if it isn't safe to leave your money in the bank, that it wouldn't be safe to leave it in paper dollars. Money in an insured bank is safe as long as the government doesn't fail. If the government fails, the paper dollars are no longer any good.
But, yeah, keep your money at home and it should be safe enough as long as you don't have any burglars, fires, flooding, or spendthrift spouses.... and you remember where you hid it.
Actually with all the money laundering laws, it is.
Assuming it's not ill gotten money (drugs, gambling, extortion, scam proceeds, factoring etc.) there is no limit on the amount of cash one may legally store at home no matter how stupid.
If he wants to be safe, I agree that I would split it between a different financial institutions. The FDIC will insure up to $100K. Whether your friend trusts the bank or not, I have no doubts (given the recent take over of Fannie and Freddie), that the government will make sure the FDIC will make good on insuring deposits from banks that go under.
FDIC insurance is now $250k and it can be a lot higher for certain circumstances (i.e. it is $500k if it is a joint account, etc.)
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