Matthew 22:17-21 – “Tell us therefore, What thinkest thou? Is it lawful to give tribute unto Caesar, or not”

 

Banks: Are Your Deposits Safe

The bank is not legally liable to stop everyone (i.e., government) from taking your deposits. Recently, $86 million in cash and millions more in jewelry and other valuables seized in a raid on a Beverly Hills, California safe deposit box.

Mind you, a judge specifically said the contents of the boxes weren’t up for grabs.

The FBI however, is handling the situation as they see fit.

 

 

Prosecutors claim it’s fair to make the renters of the 369 safe deposit boxes forfeit their valuables, because they were engaged in criminal activity, the Los Angeles Times reported.

But there’s no evidence to support the allegation.

The box holders and their lawyers say the FBI is trampling on the rights of people who were unaware the business.

U.S. Private Vaults, was charged in a sealed indictment with conspiring to sell drugs and launder money.

 

 

One of a box owner, Joseph Ruiz, who kept $57,000 in cash from two legal settlements there because he doesn’t trust banks, say the government is stealing their money.

As if stands, Ruiz has joined one of 11 lawsuits filed by box owners seeking the return of their property.

 

 

The real issue

The fact that you’re risk losing your cash or other valuables in a safe deposit poses a real issue. People win cash from law suits, casinos, jobs (legal) they’ve worked, lottery etc.

Your valuables could be taken because the company doing illegal activity has you involved though indirectly. If that makes sense?

The warrant didn’t even allow them to look in the boxes.

 

 

If the judge gave permission to do a search only. Is it unconstitutional that the FBI took items anyway?

When will the valuables be returned?

Prosecutors claim the forfeiture is justified because the unnamed box holders were engaged in criminal activity.

 

 

My thoughts

Make sure you are conducting legal activity to protect yourself. The law requires that civil asset forfeiture procedures to seize the property are properly followed.

Consult a tax attorney or tax professional when dealing with these issues.

A transfer of ownership can prevent certain government agencies from seizing the assets.

 

 

You can also get an asset to be claimed as exempt if you are able to show that the asset will prevent you from working.

Many times certain government agencies may try to seize assets such as cars, trucks, tractors, etc., that may be required for you to do your job and earn money.

Move your financial accounts to places certain government agencies doesn’t know you have money.

 

 

You could withhold information that you even own assets. You must be careful when using this method, you’re not required to tell if they didn’t ask.

Hey, I am simply putting your options out there. At the end of the day, you have a decision to make.

 

 

 

DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.

AFFILIATE DISCLAIMER: this post contains references to products from our advertisers. Therefore, we may receive compensation when you click on links to those products at NO additional cost to you.