Millions in unclaimed property await Kentuckians: Madison County's share reaches $5.7 million (2024)

The amount of unclaimed property in Kentucky has been steadily increasing over the past few years, with Madison County alone accounting for millions in unclaimed property.

According to State Treasurer Mark H. Metcalf, Kentucky started 2023 with $832 million in unclaimed property accounts, up from $800 million previously.

The amount of unclaimed property in Madison County alone is $5.7 million.

The Treasurer expects Kentucky to reach $1 billion in unclaimed property funds within the next 5-6 years.

What is “unclaimed property”?

Unclaimed property refers to financial assets or belongings that have been left inactive or unclaimed by the owner for a certain period (usually three years), after which, such assets are relinquished to the Treasury to safeguard.

This intangible unclaimed property includes property such as stock, bonds, and cash deposits that the owner cannot be found for, typically due to unclear succession or communication issues after the initial owner passes away.

According to Metcalf, Kentucky does not favor “escheatment” of unclaimed property, meaning the state prioritizes returning the property to the rightful private owners rather than keeping it for the state.

How does it work?

Metcalf explained that there have been people all over the state who have been vested unexpected monies they were owed.

His office returned $1.9 million to an estate just this month. Last month, they returned $717,000 to another estate. They have even returned 16 cents to a taxpayer.

“We attempt to be thorough and complete in terms of making sure that every penny that’s due to a taxpayer is refunded to them when it’s shown that we owe them money,” Metcalf said. “The whole idea here is to put private property back into the hands of its owners...We don’t want people’s private property. We want them to have it and use it as they want to use it, not as we want to use it.”

Any unclaimed property received is not subject to income tax, noted the Treasurer; however, it is subject to withholding.

Metcalf stated, “What we’ll do inside the Treasury is we’ll see if the person who’s receiving the money owes income taxes. If they do, then we will withhold those income taxes. Starting September 1, we will be withholding for child support as well, so our staff in unclaimed property will look to see if taxes are due or whether the recipient of the Unclaimed Property award owes child support. Hopefully, this time next year, we’ll also be withholding for crime victims, restitution, and reimbursement.”

The Treasurer says these efforts are meant to ensure that his office remains to act as “good stewards” of the funds and better the Commonwealth.

What happens to the money if it is unclaimed?

Any unclaimed property funds that are not immediately able to be returned to taxpayers are placed in the state’s depository institution and invested back into the state by the Kentucky State Investments Commission, which is chaired by the State Treasurer.

These monies, along with funds obtained from sources like the Kentucky Lottery Board, may be invested in the following investment categories:

The Short-term pool consists primarily of general fund cash balances and provides liquidity for the remaining investment pools;

The Intermediate-term Pool represents agency fund investments, state-held component units, and fiduciary fund accounts;

The Long-term Pool, which invests the budget reserve trust fund account and any other funds deemed appropriate for the pool where the need for liquidity is not a serious concern;

The Bond Proceed Pool in which capital construction bond proceeds are invested

“We get back a dividend on our investments, and we spend that on public purposes,” noted Metcalf.

The investment returns, which Metcalf estimated at $654 million last year, are used to fund public purposes in Kentucky rather than being kept by the state.

This can include KEES funding for students in 4-year colleges and trade schools; scholarships for young men and women serving in the military; funding for K-12 education; such as building schools and libraries; road projects and other infrastructure.

“Now what does that mean for Kentucky? For every dollar that we generate from our investments, that’s one less dollar we have to generate through tax revenue, and that’s one less dollar we have to cut from a budget. So the whole idea here is to make these two very fine entities, the Treasury and the Lottery Commission, responsive to the needs of Kentuckians,” explained Metcalf.

How to locate unclaimed property

Through the Treasurer’s Division of Unclaimed Property, a record $12,488,310.05 has been awarded to Kentuckians since Metcalf took office on January 1, 2024.

Check the treasury.ky.gov website to search for any unclaimed property that may be owed to you or your family members. There is no charge to search for and claim unclaimed property.

Millions in unclaimed property await Kentuckians: Madison County's share reaches $5.7 million (2024)

FAQs

Millions in unclaimed property await Kentuckians: Madison County's share reaches $5.7 million? ›

Metcalf, Kentucky started 2023 with $832 million in unclaimed property accounts, up from $800 million previously. The amount of unclaimed property in Madison County alone is $5.7 million. The Treasurer expects Kentucky to reach $1 billion in unclaimed property funds within the next 5-6 years.

How much money is in unclaimed property in us? ›

How to check if any is yours. About 1 in 7 people have unclaimed property being held by a state. The average value of each asset that ends up being claimed is $2,080, although that ranges from a couple of pennies to more than $1 million.

What is unclaimed property in us? ›

If a business, financial institution, or government owes you money that you did not collect, it is considered unclaimed money or property. You may be able to file for unclaimed money owed to you, or that was owed to a deceased relative if you are their legal heir.

What is mass unclaimed property? ›

The Unclaimed Property division of the Massachusetts state Treasury connects citizens with their abandoned property such as bank accounts, uncashed checks, stocks or dividends, insurance policies, or the contents of safe deposit boxes.

What is the largest unclaimed inheritance? ›

As a result, his $11 million bank account was given to the Illinois state treasurer – the largest unclaimed estate in U.S. history. The state treasurer then did a search (at great cost) to find who would be heirs (the rules are different in Texas) since no will was found.

Which state has the most unclaimed property? ›

Most of the capital consists of 401(k) accounts, unpaid wages, insurance payouts, abandoned savings accounts, trust distributions, royalty payments, and countless other types of valuable assets. The top 10 states with the most of these assets are: New York: $17 billion. California: $10.2 billion.

What is the largest unclaimed money? ›

When reclusive Chicago resident Joseph Stancak passed away at 87, his neighbors were surprised to discover he was the “Millionaire Next Door." In fact, despite living like a miser, his estate is valued at $11 million — the largest unclaimed property amount in American history.

How do I find out what money is in my name? ›

www.unclaimed.org is the website of the National Association of Unclaimed Property Administrators. This is a legitimate site created by state officials to help people search for funds that may belong to you or your relatives. Searches are free.

Is unclaimed property taxable in the IRS? ›

Unclaimed funds are assets whose rightful owner cannot be located. Typically, unclaimed funds and other property are handed over to the state in which the assets are located. This happens after a dormancy period has passed. When unclaimed funds have risen in value, taxes may be assessed and be owed by the claimant.

Is there still unclaimed land in the US? ›

Today, only small areas of unclaimed land remain, yet large plots of land with little economical value (e.g., in Alaska) can still be bought for very low prices. Also, in certain parts of the world, land can still be obtained by making productive use of it.

What is another word for unclaimed property? ›

Escheat.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/escheat.

Is Missing Money legit? ›

Missingmoney.com is legit and can help you find potential unclaimed property that's owed to you. The site is free to use and is endorsed by the National Association of Unclaimed Property Administrators (NAPUA.) And it's helped people file $3+ billion in missing money claims last year.

How do you claim abandoned property in Massachusetts? ›

You can search for unclaimed property online through the Unclaimed Property Division's database. You will see if any property matches your information. 2. If you find property that belongs to you, select the entry and click Start Claim.

What is unclaimed property on a balance sheet? ›

What is an unclaimed property holder? Holder is used to describe any commercial entity that has unclaimed property on its balance sheet. Examples might include a bank with abandoned safe deposit boxes, a restaurant with unused gift card balances or an insurance company with unclaimed policy accounts or benefits.

What is the biggest piece of unclaimed land? ›

Marie Byrd Land (MBL) is an unclaimed region of Antarctica. With an area of 1,610,000 km2 (620,000 sq mi), it is the largest unclaimed territory on Earth. It was named after the wife of American naval officer Richard E. Byrd, who explored the region in the early 20th century.

Where is the most unclaimed land? ›

The largest unclaimed territory on Earth is in Antarctica. Marie Byrd Land, a 620,000-square-mile collection of glaciers and rock formations, lies in the western portion of the southernmost continent. Because of its remoteness, no nation has ever claimed it.

What is the current unclaimed land? ›

They are known as Terra nullius – a Latin expression meaning "no one's land" – and among them are Bir Tawil between Egypt and Sudan, a few pockets involved on the Croatia–Serbia border, and vast chunks of Antarctica.

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Terrell Hackett

Last Updated:

Views: 5409

Rating: 4.1 / 5 (52 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Terrell Hackett

Birthday: 1992-03-17

Address: Suite 453 459 Gibson Squares, East Adriane, AK 71925-5692

Phone: +21811810803470

Job: Chief Representative

Hobby: Board games, Rock climbing, Ghost hunting, Origami, Kabaddi, Mushroom hunting, Gaming

Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.