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By: Tom Roberts CFP®, MBA, posted on 06/20/2017

Beware of giving up financial assets to the state

Beware of giving up financial assets to the state A friendly warning: Don’t unknowingly give your property to the state.

Common law in the United States includes a process in which unclaimed property is turned over to states. The intent of this process, called escheatment, was to ensure that property would be properly cared for if the owner died and heirs were not apparent.

Once property is turned over to the state, it is usually sold and the funds are put in the state coffers. Unclaimed or abandoned property includes dormant brokerage and bank accounts.

Read the rest of the 6/6/2017 Bradenton Herald article here.