(Part 2 of 2)

One of the main reasons for the inability of government to return forgotten money to residents, they say, is that they cannot be located. The problem is, who would think that people like Angelina Jolie, ZsaZsa Gabor, Gerri Halliwell, Victoria Beckham, Keanu Reeves, Brad Pitt, Adam Sandler, Marlon Brando and Jennifer Lopez could be difficult to find? Their names and the names of several other celebrities are just a few of the names in the California missing money list but they haven’t heard from the employees in the California Unclaimed Money Division. They are all owed checks for unclaimed money by California amounting from hundreds to the thousands in Ms. Jolie’s case. This proves once again California state officials’ interest in keeping this money in the general fund for use in balancing the budget deficit for as long as they can. As a matter of fact, there was recently a ruling by a federal judge on CA abandoned cash, stating that the state was not making enough of an effort to locate the rightful owners and has temporarily halted the state’s s ability to seize it until a new policy of returning it to the actual owners has been adopted.

The total dollar amount for these funds in CA averages five billion dollars annually – imagine how much interest that accrues for the state! Sacramento attorney Bill Palmer who has represented numerous cases involving CA unclaimed property, sad that the state’s program was intended to be a lost and found for residents of California. Instead, it has been turned into a profit generating ‘business’ in recent years.

The hold on the taking of property by CA has recently been removed and the new CA State Controller, John Chiang, is making extra efforts in the form of sweeping changes in improving how his office deals with California missing money. There is still a great need though for residents of California and the other 49 states across the U.S. to learn about the presence of these monies and on how to perform a thorough search for them.

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