This story is a good reminder that having a sound estate/asset protection strategy is a good idea. Basically, individual states are so strapped for cash that they are being aggressive in the liquidation of “unclaimed property”. As the article reveals, the states aren’t always correct in what is actually unclaimed.
Here are some tips that come from the article mixed with some of my own.
- Make contact with your bank, your brokerage firm, etc. at least once a year, in a way that creates a paper trail. Make sure they have your current address.
- Look into Trusts (revocable, living revocable, etc.) to see if they make sense for your situation.
- Don’t assume that a Will is sufficient. Research the high costs of probate court.
- If you don’t have a will check out how your state has decided to divide up your assets in place of a will or a trust.
- If you own stock, occasionally vote your proxies or take other steps to keep your stock ownership active. Stay in touch with your broker.
- Write a list of all your accounts and keep it with your will, so your heirs will know where to look.
- Consider insuring valuables even if you keep them in your safe-deposit box. That way, you’re covered financially if the bank or state makes a mistake and empties your box. Plus, safe-deposit contents have been known to be destroyed by fire or flooding.
- If you want to search for unclaimed property in your name, you do not need to pay other people to do it for you. Check out the following links for more information: National Association of Unclaimed Property Administrators & Missing Money
So, obviously, I am not the only person who is sharing a link related to the 12-year electromagnetic physics student at Indiana University-Purdue University Indianapolis. However, I did notice that hardly any article is linking to the video where he actually challenges Einstein’s theory. Most articles have been opting for the Calculus 2 lesson. Which is nothing out ouf the ordinary (…but of course it is very impressive coming for a 12 year old!) As far as lofty challenges goes he also challenges the “Big Bang” theory.
I don’t know anyone who doesn’t find the kid fascinating. Other than awe though, what else do you feel about him? To me, it represents our potential and how far away most of us are from it. Depressing I know. But the depression can fuel motivation if you let it. You may never match this child in the state that he’s in now, but you can get close. I know I’m going to try. Summer goal: Physics!
Actually I just realized reading about him and watching his videos made me feel the same way as when I watched Good Will Hunting.
What do you guys think about this? It certainly seems to make sense for the companies that are using the tax code to their advantage. Do uncompetitive tax rates hurt the workers in a country? If you were the CEO of a firm and all of your major competitors moved their headquarters overseas to take advantage of lower tax rates, how would you respond?