Lost and Found – How to Locate Missing Money

August 16, 2016  |  

Lost and Found – How to Locate Missing Money

As an advisor, I love to tackle the tough and complex issues that clients face.  Here are examples of some challenging questions we handle on a regular basis:

  • What is the right asset allocation for a client?
  • How can we reduce taxes for a client in their portfolio?
  • What amount of life or disability insurance is appropriate, if any?
  • How can we help pass wealth to the next generation while minimizing (or eliminating) estate taxes?
  • When should a client begin to draw social security?

One question I don’t often face is “Can you help me find my lost money?”.  However, I can now say that I might be able to help with that.

Did you know there is more than $41 billion in unclaimed assets in the United States right now?  That number shocked me when I first came across it, but it’s true.  A tremendous amount of property and money goes unclaimed each year.  Every state has unclaimed property statutes to protect consumers and allow citizens to recover lost or forgotten property.  Most commonly, the types of property that go unclaimed are items like old checking/savings accounts, uncashed checks, refunds, insurance policies, CD’s, rebates, overpayments, etc.

So how do you find out if you have outstanding property that is rightfully yours?  I suggest visiting www.unclaimed.org.  This website is run by the National Association of Unclaimed Property Administrators.  Once on the site, click the state you live in (or lived in) and search that states unclaimed property website.  I’ve helped some people in Pennsylvania do this, and it’s as easy as filling out a form.  Also, check www.unclaimed.org for family and friends to hopefully make someone’s day.

Good luck and happy hunting.  Please contact me with any success stories!

About Patrick Runyen

As a Wealth Manager at Independence Advisors, Patrick Runyen, CPA/PFS, CFP® works closely with clients to implement wealth management solutions. He leverages his technical financial planning and consulting experience to assist clients with investment counseling, retirement planning, estate planning, wealth enhancement, asset protection, tax planning, and other personally significant financial decisions. CLICK HERE TO ASK PAT.
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