(Part 2 of 2)

One of the primary reasons for the government’s inability give back forgotten cash to the people it belongs to, according to the government, is the fact that they can not be located. Problem is, would would ever think people like Jennifer Lopez, Victoria Beckham, Brad Pitt, Adam Sandler, Angelina Jolie ,Marlon Brando, Keanu Reeves, ZsaZsa Gabor and Gerri Halliwell would be difficult to track down? Those names and the names of a number of other famous people are just a few of the names in the California missing money list but they have not heard from the officials in the California Unclaimed Property Division. They are all owed checks for lost assets by California ranging in amount from hundreds to the thousands as in the case of Angelina Jolie. This just proves California state officials’ interest in holding this money in the general fund for them to balance the budget deficit for as long as they can. In fact, there was recently a ruling by a federal judge on CA abandoned cash, stating that the state wasn’t trying hard enough to locate the rightful owners and has temporarily halted the state’s s ability to seize it until a new policy of reuniting it with the rightful owners has been adopted.

The total amount of unclaimed money in California averages $5 billion annually – imagine the amount of interest this generates for the state! Sacramento attorney Bill Palmer who has battled in numerous cases involving California unclaimed funds, sad that the state’s program was created to be a lost and found for residents of California. Instead, it has been turned into a profit earning ‘business’ in the past few years.

The hold on the seizure of property by CA has now been lifted and the new California 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 dire need though for residents of California and the other 49 states across the U.S. to be informed about the presence of these properties and on how to do a thorough search for them.

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