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.
1. Escheatment laws vary by state, but typically it takes about five years for the state to claim someone’s assets
2. Unclaimed property is not taxed while it is filed as unclaimed; however, the property may be
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.
Website:
https://www.somethingonmymind.net/
Social Media
https://www.instagram.com/somm.podcast/https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw
https://www.tiktok.com/@somm.podcast?lang=en
https://www.facebook.com/somm.podcast
https://twitter.com/Somm_podcast
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.