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NateLawAnswers, Attorney
Category: Legal
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Experience:  Over 8 years of legal practice.
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I am investing in an online business. I am using the money

Customer Question

I am investing in an online business. I am using the money my son received from a death benefit insurance from his father, he gave it to me last year for safe keeping. I have kept it in my home in my safe. He has agreed to let me use it for this investment.
I am investing $10,000 and it is being placed in a trust through a lawyers office which is in Florida. I live in Michigan.
To do this I was thinking of sending a cashiers check from my bank. I do not have this kind of money sitting in my bank to do this. My question is is this going to throw up a red flag anywhere? How do i do this legally so it does not cause a problem anywhere?
Submitted: 5 years ago.
Category: Legal
Customer: replied 5 years ago.
Relist: No answer yet.
Expert:  NateLawAnswers replied 5 years ago.
Thank you for your question and welcome to JustAnswer.com.

To be clear, is your concern over the amount involved causing legal issues, or is there something else?
Customer: replied 5 years ago.
Just over the amount causing legal issues. I was going to go to my bank and get a cashiers check for half the amount and open a savings at another bank and get another cashers check for the other half and send it to the trust the lawyers set up for the business which is in Florida, I am in Michigan
Expert:  NateLawAnswers replied 5 years ago.
Any deposit $10,000.00 or above is reported to the federal government to determine whether there is something illegal underlying the transaction. This is done through the bank employee filing a Currency Transaction Report (CTR). You aren't doing anything wrong, so even if it is looked at, you'll never hear anything about it; however, a Currency Transaction Report will be filed on anything $10,000.00 or above.

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Thanks!

Nathan
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