This is a finance podcast, but cool. We share real-life experiences where David and the producers crack jokes while also diving into financial literacy and success. This podcast finds the perfect balance between having a laugh and getting down to business.
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PFT #92 - Escheating
Okay, you’ve got to be escheating me. What on earth does that mean?
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.
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.
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.
So how does this occur?
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.
- Escheatment laws vary by state, but typically it takes about five years for the state to claim someone’s assets
officially recognized as taxable income when it is reclaimed.
3.Some unclaimed funds such as investments from a 401(k) or an IRA can be reclaimed tax-
free.
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.
So How Do I Find My Money?
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.
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