Unclaimed Property! Does your state have cash for you?

Each year businesses and other entities turn over millions of assets to the State’s Treasury Department as unclaimed property. These assets include stocks, bonds, paychecks, insurance benefits, utility deposits and much, much more. If a business is unsuccessful in contacting the owner of such accounts, the law requires the holder to remit the proceeds after a certain period of time, usually referred to as the holding period.

The Louisiana Department of Treasury said it has more than $471 million in their Unclaimed Property database waiting to be claimed.

“If you’ve never checked our Unclaimed Property database before, now is the time to do so because we get new money turned over to us every day. Since 1972, the Unclaimed Property program has returned nearly $250 million to over 200,000 Louisiana citizens. Anyone can search for Unclaimed Property at anytime online at www.LATreasury.com or by calling 1-888-925-4127 Monday through Friday 8:00 a.m. to 4:30 p.m.,” says Louisiana state Treasurer John Kennedy.

If Louisiana is not your home, no worries, because each state has an unclaimed property program. If you have previously resided in other states or currently reside outside of Louisiana, you can visit www.unclaimed.org.

Once you discover you do have unclaimed property, the process is simple, just complete a form and provide proof of identification. Keep in mind, you can also claim property for deceased loved ones, by providing proof of heirship.

More importantly, the process is free. But be careful, there are some websites out there that will promise to help you find your long-lost cash but charge a fee. No matter which state you reside, you are able to obtain this information without a cost to you. If you believe you, your loved ones or a deceased relative may have some money out there, simply contact your State’s Treasury Department. Within minutes, you will know whether you have cash you never knew you had!

God bless you on your search!  Remember Your Choice, Your Future!

Kemberley Washington is a certified public accountant and a business professor at Dillard University. Follow her on Twitter or subscribe to her blog at kemberley.com.

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