At Bourke Accounting, we have a mandatory lunch meeting every week. Management buys food, I eat, I look interested and wait to hear my name. It’s actually very pleasant. It was at one of these meetings that Tim and Barbara discussed the concept of Unclaimed Property and Funds in Kentucky.
Barbara (come see her, you will love her) mentioned that after her mother passed, it turned out that there was quite a bit of money owed to the estate as a result of an insurance plan. You know the interesting thing? The insurance company hadn’t contacted Barbara or her family. Nope, it was up to Barbara to track down this money. Thankfully, Barbara is a smart lady, she did her research and, I’d like to think, she spent the money on a gold plated toilet. After doing a little of my own research, it looks like taxpayers have an ally in Kentucky State Treasurer, Allison Ball. According to Insiderlouisville.com, Ms. Ball has been described as ” a big believer in property rights and loves to return money to people.” Maybe this is laying it on a bit thick, but it must be conceded that Ms. Ball has “reunited citizens statewide with about $70.2 million”. This is important as, citizens have a finite time to claim their rightful property. “After about three years, banks and other financial institutions turn over the unclaimed property to the Kentucky State Treasury,” Insiderlouisville.com reports.
What do you do if you think that there’s some cash out there, floating in the ether, with your name on it? Naturally, there’s a website for that. At first, I thought Missingmoney.com might be a scam; it sounds scam-ish. However, if it’s not on the up and up, then Treasury.ky.gov has been duped, too, as they cite this site (hee!) as a valuable resource. Missingmoney.com invites one to enter a name and a location, then checks around various databases to see if there is anything connected to the entered name.
As it turns out, no one, not in THREE different states, owes me money. I was pretty sure that I didn’t have a deceased, affluent and mysterious uncle out there, but it was worth a try. You might want to give it a go for yourself. Like the New York Lottery (which I’ve never played) reminds us: Hey, you never know.
You might have lost money out there. Chances are, and let’s face it, you don’t. But, brethren, you don’t need lost money if you have an accountant who understands the tax law. Your tax professional at Bourke Accounting might be able to recommend money saving options regarding your 2019 tax return and other financial holdings.
Hey, you never know.
Written by Sue H.