About six to eight months ago....there was a German bank 'break-in'. They got into the safe deposit box area of the Sparkasse Bank....of Gelsenkirchen. They didn't really rob the bank.....they robbed the safe deposit boxes.
So this past week....one client opened up a legal case....saying that while he had 10k Euro of insurance.....he actually had a value of 391,000 in 'cash'. He wants the bank to cover the 381,000 Euro.
I posed this to the wife (German in nature).....she just started laughing. First, he'd have to prove the 391k and she seriously doubted he had proof. Second, why keep this in cash....it should have been invested....unless it was non-taxed funds. Finally, she had doubts that the insurance company would even pay the 10k level.....unless there was absolute proof.
Secret cash? I would wonder about this. He'd probably been accumulating this over 20 years....never reporting it as income (my guess).
The first of many cases like this? Yeah, that's also my bet.
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