If you have ever dreamed of finding money, you will love today’s episode! SmartAsset reports that there is over $49 billion in unclaimed property. The National Association of Unclaimed Property Administrators reports the amount of unclaimed property in states yearly. They share that over $3 billion is returned annually to its owners.
We start with how to find unclaimed funds and money. Then, we will review the different types of unclaimed assets and money you may have forgotten.
Transcript: Wealth Inside and Out® Podcast – Finding Money – Unclaimed and Forgotten
Hi, my name is Annette Bau (bah oo).
I’m a Certified Financial Planner™ and founder of The Millionaire Insider®.
This is the Wealth Inside and Out® Podcast.
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All the materials and intellectual property are copywritten by millionaireseries.com®.
The information we provide is not intended to replace any advisor or specialist. It is not intended to offer you any investment, estate, financial, tax, retirement, planning, or healthcare advice.
All participants agree to hold millionaireseries.com® and its affiliates harmless for results achieved or not achieved. And that’s especially important today because we are not attorneys.
In this episode, I share:
>> 4:50: Where to find unclaimed money
>> 5:10: Finding lost assets with a website search
>> 8:40: Ways to find assets you forgot about
>> 10:12: How people risk losing paid-for homes
>> 12:30: Finding retirement money from a divorce settlement
>> 14:00: Recap: Finding Money- Unclaimed and Forgotten
Where to Find Unclaimed Money:
Today, you will learn about unclaimed property databases and the unclaimed property program. You will also learn about places to search for unclaimed assets.
For example, government websites allow you to search for unclaimed property. You will also learn how to conduct a search and different websites to help you find assets that you have a legal claim to receive.
Where to Search for Assets:
- Financial Institution assets
Many people have claims on bank accounts and even safe deposit box contents. You will learn a helpful tip to find unclaimed bank assets and treasury bonds.
- Monies from former employers
- Life insurance policies
Avoid Scams in Your Search
Some online services specialize in helping people find unclaimed assets for a fee. Be cautious and research the credibility of such services before using them.
Finding Money That You Forgot About
Over the years, I have heard many stories about people forgetting about the assets they own. Today, you will learn how to avoid these mistakes.
All clients permitted us to share these stories.
Half a dozen clients have found or remembered assets by completing a balance sheet, so start there.
So, let’s review some actual situations where people forget about their assets.
The first example is from a 401K that a woman forgot she had. It was worth over $4,500.
We have had three or four clients who have unintentionally almost lost a home they owned. You will learn what you must do yearly to avoid this costly mistake.
We had had clients locate investments they forgot about. The largest one was worth over $1 million.
Assets Received in a Divorce
First, we dive into what you must always do when you receive retirement money from a divorce.
You will learn how one client almost lost assets totaling just under $100,000.
So, there you have it
Recap – Finding Money – Unclaimed and Forgotten
- Where to find unclaimed assets.
- What you must do so you don’t forget about your assets.
- How to find money from your relatives who have passed (if they left you money).
- What to do if you get retirement monies in a divorce.
Until our next episode, take one action that will help you create a secure financial future and retirement you love.
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Thank you so much for joining me for
Finding Money – Unclaimed and Forgotten.
I’m Annette Bau (Bah oo).
All international copyrights are reserved.
Bye for now.