A New Retirement Risk: Unclaimed Property Laws
Nov 13, 2018
Laws surrounding unclaimed property could impact your retirement accounts, regardless of where you live. The state your investments are held in by the financial institution may be where your inactive accounts are distributed to instead of your home state. What constitutes an inactive account? It could be an account in which you have automatic recurring activity but no contributions, which is mind boggling. The distribution to the state could also trigger a taxable event to you even though the funds went to the state instead of your personal checking or savings account. Read on, and make sure you’re active in all your accounts so this doesn’t happen to you.
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