In most states, unclaimed property can be claimed by the rightful owners or their heirs, indefinitely. However, some states have enacted legislation where they are able to keep the unclaimed money and not return it to the owner after a certain period on time. Idaho is one such state.
In 2007, Idaho made a change to their unclaimed property law that allows them to take permanent ownership of the unclaimed property if it has remained unclaimed for 10 years or more.
“More and more states may start to do this in order to help pay down their deficits. This amounts to millions and millions of dollars that are lost forever and can never be re-claimed”, says Palonek, founder of Foundmoney.com, a company specializing in helping people find unclaimed money since 1994.
Edward Palonek would like to help return as much of that unclaimed money to the rightful owners before the Idaho government takes permanent possession of it.
According to Idaho State records, they collected over $9.7 million in unclaimed property in 2009, while almost $12.8 was collected in 2008. Of that over $7.9 million was distributed in 2009 and over $7.2 million in 2008. In total, Idaho currently has over $51 million dollars waiting to be collected by its citizens.
Finding some of these unclaimed assets couldn’t be simpler according to Edward Palonek, “all that is needed is a computer or access to one and go to foundmoney.com to see if you or a relative or a friend has any of this unclaimed cash”.
To avoid having you money and other valuable assets become unclaimed:
- Make sure to keep your records active through customer-initiated contact with the holder of the account, such as at banks, at least once every two years.
- Keep accurate and current records of all accounts, insurance policies, GIC’s safe deposit boxes, stocks and bonds.
- Tell family members of the location of your accounts and make sure to alert businesses that hold your assets whenever you move.
Contact:
Foundmoney at www.foundmoney.com
Edward Palonek at www.edwardpalonek.org
