Thursday, February 25, 2016

Gifting To The Government

as reported by samantha spade

I’m still looking for that trust that Joe Gamble supposedly established in 2001.  But I found out something about the $57,000 worth of unknown bank accounts I ferreted out of Gamble’s awful record keeping paper piles.  Guess what could have happened if no one made the search I did?

In Illinois, after 7 years of no activity on an account, the bank is supposed to report the account as “unclaimed property” to the government.  Then the bank turns over the money to Illinois. 

Illinois publishes a list of names in local newspapers once.  Then, if nobody ever claims the money, the state can keep the money from the account and put it into the state treasury toward pension funds or something.

No wonder my lawyers send in requests for information about possible unclaimed property to the state when people have passed away.  Gamble would have been horrified about paying $57,000 of his hard-earned money to state for no other reason than unorganized records.

So, again, I keep learning how important to be organized.  If you need help figuring out how to organize your own affairs to be sure there are no unnecessary handouts to the state, call my lawyers for an appointment at (815) 436-1996 to work on an estate plan.

© 2016 Gruber Law Office, Ltd.

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