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A report by Cortlynn Stark from The Sum reveals California may hold a staggering $11 billion in unclaimed property, encompassing dormant assets like bank accounts, stocks, uncashed checks, and more. With no expiration, individuals are urged to explore the state’s database to reclaim their forgotten finances.
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Uncovering California’s Hidden Wealth
California reportedly houses billions in unclaimed assets, spanning various financial resources inactive for approximately three years. State Controller Malia Cohen highlights the importance of individuals searching the state’s database to reclaim what’s rightfully theirs.
Participation in MissingMoney.com aims to facilitate the hunt for unclaimed property. While individuals can claim their assets free of charge, professionals aiding in property retrieval may charge up to 10% of its value, prompting a call for caution.
The article stresses that unclaimed property payments are not subject to tax withholdings, advising individuals to seek counsel from tax advisers for personalized guidance. Furthermore, it emphasizes The Sum’s role as a valuable resource for financial and economic news.
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Claiming Your Forgotten Fortunes
Individuals are encouraged to explore California’s unclaimed property database, recognizing the potential to reclaim significant financial assets that have remained dormant for years. The state’s participation in MissingMoney.com further facilitates this process.
While claiming these assets is fee-free, there’s a cautionary note about professional services potentially charging fees. Additionally, guidance from tax advisers is recommended due to the absence of tax withholdings on unclaimed property payments. The Sum stands as a reliable resource for those navigating personal finance and economic matters.
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