Lost Inheritance

The unclaimed money count continues to climb relentlessly in spite of all the great efforts of state and federal agencies. A whooping $40 billion is lying in the different state treasuries around the country and that translates to roughly 117 million accounts that are still untraced. These unclaimed money pools are lying in the various state treasuries.

Included in the reclaim drive, federal and state governments are assisting people in locating the forgotten cash or property that is legally theirs. In fact, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find those who own lost and forgotten assets.

The state coffers are filling each month with unclaimed money though with almost no movement on the owner identification front. A good example can be cited through the state of Indiana: In 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to the rightful owners, but additionally recovered $44.6 million of forgotten property from various businesses.

Around 2006, states returned $1.754 billion from 1.929 million accounts for the owners, but this was offset within the fiscal year 2008, if the Department of Revenue’s Unclaimed Property Section recovered lost property worth greater than $100 million.

The ratio of incoming unclaimed money for the money being claimed continues to be disproportionately high. With the aid of print and electronic media, the awareness programs happen to be broadcasted for the remotest corners which has led to businesses, finance institutions and people coming forward to report forgotten properties.

In the majority of the cases, unclaimed property has been reported due to the migrating workforce or a change of residence after retirement. In the absence of a standard procedure for closing bank accounts and collecting utility deposits, the state residents are definitely the losers in a lot of the cases. They are doing not inform the agencies with regards to their new address where checks and balance amounts might be sent. Such undelivered checks and left out balance amounts contribute largely for the unclaimed property.

In a recent disclosure, government has reported that almost $16 billion lying by means of savings bonds have never been cashed. These savings bonds were issued long ago and by now they have got matured and no interest has been accrued from this. Now, depending on the government’s regulations, these bonds play a role in the unclaimed property. A large slice of the unclaimed money is also due to the demise from the rightful owners of these funds.

Based on a recently available survey, almost 89% of U.S. families (almost 8 away from 9) remain losing out on some unclaimed money which is rightfully theirs; that translates to approximately $40 billion of unclaimed money waiting to become reclaimed. It does not become a big surprise if the figure reaches the much feared (by the state and government agencies) $100 billion mark.

The unclaimed money count continues to climb relentlessly despite all the great efforts of state and federal agencies. A whooping $40 billion is lying inside the different state treasuries round the country which means roughly 117 million accounts that are still untraced. These unclaimed money pools are lying in the various state treasuries.

As part of the reclaim drive, federal and state governments are assisting individuals choosing the forgotten cash or property that is legally theirs. In reality, every U.S. state, District of Columbia, Puerto Rico, the Virgin Islands have unclaimed property programs that actively find those who own lost and forgotten assets.

The state coffers are filling each month with unclaimed money however with very little movement on the owner identification front. One example can be cited from the state of Indiana: During 2009, the Indiana Attorney General’s office was successful in returning $42.2 million dollars of unclaimed cash to the rightful owners, but additionally recovered $44.6 million of forgotten property from various businesses.

During 2006, states returned $1.754 billion from 1.929 million accounts for the owners, but this is offset within the fiscal year 2008, when the Department of Revenue’s Unclaimed Property Section recovered lost property worth a lot more than $100 million.

The ratio of incoming unclaimed money for the money being claimed continues to be disproportionately high. With the aid of print and electronic media, the awareness programs have already been broadcasted for the remotest corners that has resulted in businesses, financial institutions and folks coming toward report forgotten properties.

In the majority of the cases, unclaimed property has been reported because of the migrating workforce or even a change of residence after retirement. In the absence of a typical procedure for closing bank accounts and collecting utility deposits, the state residents would be the losers in a lot of the cases. They are doing not inform the agencies regarding their new address where checks and balance amounts may be sent. Such undelivered checks and left out balance amounts contribute largely for the unclaimed property.

In a recent disclosure, government has reported that almost $16 billion lying by means of savings bonds have never been cashed. These savings bonds were issued long ago and also by now they may have matured with no interest is being accrued as a result. Now, according to the government’s regulations, these bonds play a role in the unclaimed property. A sizable chunk of the unclaimed money is rwrnhr due to the demise in the rightful people who own these funds.

Based on a recent survey, almost 89% of U.S. families (almost 8 from 9) remain missing out on some unclaimed money which can be rightfully theirs; that translates to approximately $40 billion of unclaimed money waiting to be reclaimed. It will not become a big surprise if the figure reaches the much feared (through the state and government agencies) $100 billion mark.

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