Need some extra cash for the holidays? Instead of digging through your seat cushion, you can check the state treasurer's website to see if you have money there.
State Treasurer John Fleming, M.D. announced Monday that millions in unclaimed property is owed to taxpayers in Louisiana.
Each year, the state's Unclaimed Property Program receives funds from the Louisiana Dept. of Revenue (LDR) from uncashed state tax refunds. Currently, $8.7 million is available to be claimed.
Nearly 30,000 Louisianans have unclaimed property being held for safekeeping. If you think you might be one, here's what you should know.
What is unclaimed property?
The state's website defines unclaimed property as financial assets that are without activity for a long period of time. If a business or financial institution loses contact with a customer, the state will hold their assets in safekeeping until it's claimed by the rightful owner. These assets include:
- Checking and savings accounts
- Uncashed checks
- Unpaid wages
- Securities
- Life insurance payouts
- Safe deposit box contents
Do I have unclaimed funds?
To find out if you have unclaimed property, visit the Louisiana Unclaimed Property website's Property Search page. Put in your name or the name of your business, then select the property you wish to claim. Click "Continue To File Claim," to fill out the claim form. You might be asked to submit supporting documentation. All claims made must include proof of ownership, either by verifying the Social Security Number in records, verifying a current and/or previous address or proving an association with the holder.
You can also call the Unclaimed Property Office at 1-888-925-4127 and have their staff perform a search for you.
If the value of your claim is $5,000 or more, you must provide a notarized claim form. If you can't print one, call the Unclaimed Property Office and they'll mail one to you.
More information about claiming and reporting property is available on lacashclaim.org.
What's the deadline to claim the money?
There is no set time limit. The state will hold unclaimed property indefinitely until the rightful owner or heirs come forward to claim it, according to the treasurer's website.
When will I get my money?
It could take them about 90 days to process the claim, depending on volume, the treasurer's site says.
Can I claim property on behalf of someone else?
Legal heirs of a deceased person can claim assets for that person. The state requires court-recognized estate documents to prove heirship.
Do I have unclaimed property in another state?
All U.S. states have programs like Louisiana's, and many have online databases that tell you if you have unclaimed property. You can find links to other states' websites at www.unclaimed.org. To conduct a wider search, visit missingmoney.com.
