A little known corporation in Waterbury, CT, Verus Financial LLC, has a 10% stake in your money. You ask how? I will explain.
You may have heard of the term "unclaimed property" or "escheatment". Escheatment has its feudal roots from merry ole England. When someone died without heirs, or put in prison, their land was now owned by England.
Even though Escheatment has been a U.S. law for years, states have found a clever way to generate a new revenue source to fill their coffers, and take your property.
Every bank, credit union, mutual fund house, life insurance company, and brokerage house are now being audited for accounts that do not have activity. Activity is defined as a deposit, withdrawal or signed statement from you that the account is alive. Depending on the state you reside, inactivity periods can be three to five years. These third-party auditors are paid on a contingency basis and receives a percentage of the money they find and then send the money to the state.
Please note, reinvested interest, dividends and capital gains are not considered activity.
Then, you must re-claim your property. You must prove ownership. You must spend your precious time getting your own money back. If you think that isn't easy, just think if you are a beneficiary. How are you going to prove the deceased owned the account?
Hot financial tip...Think--don't daydream--security, reality and future for BEST results.
Article provided by: Jackie Noveck CFP®, CLU, ChFC, CAS, CEP Noveck & Noveck LLC , Financial Advisor serving Tampa-St. Petersburg-Clearwater, Florida. Click Here to view profile.
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