Okay, you’ve got to be escheating me. What on earth does that mean? <br /><br />The definition derives from medieval times, in feudal law. When a landowner (tenant of a fief) died without an heir or committed a felony, a process was needed for the ownership of the land. <br /><br />In modern times it is the right of a government to take ownership of estate assets or unclaimed property in the event there are no heirs or beneficiaries.<br /><br />In layman's terms, you may have a variety of financial assets that you can claim and this includes uncashed payroll checks, inactive stocks, court funds, dividends, checking and savings accounts, and estate proceeds. <br /><b><br />So how does this occur? <br /></b>A few common ones derive with the death of the account holder or forgetting about an account.Let’s say someone moved out of an apartment in the middle of a month and paid a full water bill to the city. This person would be owed a half-month back; however, the rebate check was sent to the old address. Hence, the check goes uncashed and ends up unclaimed property. So let’s go through a few ins and outs. <b><br /></b><br /><br />1. Escheatment laws vary by state, but typically it takes about five years for the state to claim someone’s assets<br /><br /><br /><br />2. Unclaimed property is not taxed while it is filed as unclaimed; however, the property may be <br />officially recognized as taxable income when it is reclaimed.<br /><br />3. Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-<br />free.<br /><b><br /></b>So how much money is out there? In New York, the state returns $1.5 million in unclaimed property to people who file claims. As of July 2021, the state had $17 billion in unclaimed property. In addition, the IRS has millions in unclaimed federal tax refunds.<b> <br /><br />So How Do I Find My Money? <br /></b>Simply go to missingmoney.com which is a national database and if you find your name with some goodies on them follow the instructions. It’ll feel like you gave a gift back to yourself. <br /><br />Website:<br />https://www.somethingonmymind.net/<br /><br />Social Media <br />https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw<br />https://www.tiktok.com/@somm.podcast?lang=en<br />https://www.facebook.com/somm.podcast<br />https://twitter.com/Somm_podcast

Something On My Mind

David Mulonas

PFT #92 - Personal Finance Tip of the Week: Try Escheating to Find Unclaimed Property

JAN 23, 20242 MIN
Something On My Mind

PFT #92 - Personal Finance Tip of the Week: Try Escheating to Find Unclaimed Property

JAN 23, 20242 MIN

Description

Okay, you’ve got to be escheating me. What on earth does that mean? <br /><br />The definition derives from medieval times, in feudal law. When a landowner (tenant of a fief) died without an heir or committed a felony, a process was needed for the ownership of the land. <br /><br />In modern times it is the right of a government to take ownership of estate assets or unclaimed property in the event there are no heirs or beneficiaries.<br /><br />In layman's terms, you may have a variety of financial assets that you can claim and this includes uncashed payroll checks, inactive stocks, court funds, dividends, checking and savings accounts, and estate proceeds. <br /><b><br />So how does this occur? <br /></b>A few common ones derive with the death of the account holder or forgetting about an account.Let’s say someone moved out of an apartment in the middle of a month and paid a full water bill to the city. This person would be owed a half-month back; however, the rebate check was sent to the old address. Hence, the check goes uncashed and ends up unclaimed property. So let’s go through a few ins and outs. <b><br /></b><br /><br />1. Escheatment laws vary by state, but typically it takes about five years for the state to claim someone’s assets<br /><br /><br /><br />2. Unclaimed property is not taxed while it is filed as unclaimed; however, the property may be <br />officially recognized as taxable income when it is reclaimed.<br /><br />3. Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-<br />free.<br /><b><br /></b>So how much money is out there? In New York, the state returns $1.5 million in unclaimed property to people who file claims. As of July 2021, the state had $17 billion in unclaimed property. In addition, the IRS has millions in unclaimed federal tax refunds.<b> <br /><br />So How Do I Find My Money? <br /></b>Simply go to missingmoney.com which is a national database and if you find your name with some goodies on them follow the instructions. It’ll feel like you gave a gift back to yourself. <br /><br />Website:<br />https://www.somethingonmymind.net/<br /><br />Social Media <br />https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw<br />https://www.tiktok.com/@somm.podcast?lang=en<br />https://www.facebook.com/somm.podcast<br />https://twitter.com/Somm_podcast