Are your assets safe from government seizure in the bank or a custodial account?
If you have a safety deposit box or even a rarely used account, you may want to make sure you are aware of the law in the appropriate state and the newest federal laws regarding “unclaimed property”. An unknown number of incidents are arising whereby individuals are going to retrieve their assets at the bank only to find out that they have been seized by a government entity.
The time period used to be 15 years for escheatment, however, some of these incidents are even occurring on assets whereby individuals are still paying taxes, box fees, or are receiving dividends. We’ll be digging deeper into the facts regarding this concern and getting more details posted as we obtain more information. According to Tennessee law the escheatment period is 5 years on most assets, but only 1 year on some others; Tennessee is a “custodial” state and these assets are always “supposed” to be available for claim, however, you should still be particularly aware if you have assets custodied in other states.