the first step in ASSET PROTECTION IS TO UNDERSTAND “UNCLAIMED PROPERTY”
find it. That’s the fun part
Almost every family or individual we’ve spoken to has either experienced a loss of something of value, or fears it will happen. “Dad requires care now, and we got a call recently from a former employer asking what to do with what looks like a retirement account left behind!”
Items in every state’s unclaimed property vault might be anything: forgotten 401(k)’s, dividend checks, purchase reimbursements, life insurance…anything of monetary value, large or small.
We have had clients who found small amounts like $2.75, but also a client who had a six-figure result…you should take this seriously!
But there is a dark side!
When an insured individual dies, how does the insurance company know to pay a death claim?
To be clear: when someone dies, and there is a life insurance policy, if no one calls the insurance company to file a claim, to let the company know, there is no payout! The company is under no obligation to keep track of the insured.
What happens to a forgotten life insurance policy or Long-Term Care insurance if required premiums aren’t paid? Evaporation!
These might never make it to Unclaimed Property!
Who knows about your policies? Who knows what you’ve worked hard for?
update and tell someone!
don’t let it get away.
Yes, if your assets go to the state because you or your family was unaware of its existence (e.g., dividend check or hospital reimbursement, or rental deposit), that’s bad.
What’s worse? If your life insurance or Long-Term Care goes unclaimed or even evaporates because a family or beneficiary or caretaker is unaware, maybe we should consider the premiums you paid as free money for the insurance company!