(Part 2 of 2)

One of the primary reasons for the government’s inability to return forgotten cash to its owners, they say, is that they can’t be located. The issue is, would would ever think people like ZsaZsa Gabor, Angelina Jolie, Victoria Beckham, Gerri Halliwell, Brad Pitt, Keanu Reeves, Jennifer Lopez, Adam Sandler and Marlon Brando could be hard to find? Those names and the names of a number of other famous people are just a few of the names in the California missing money database and yet they have never been contacted by the officials at the California Unclaimed Funds 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 shows California state officials’ interest in keeping this money in the general fund for them to balance the budget deficit for as long as they can. In fact, there was a recent ruling by a judge on CA abandoned assets, 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 proper method of returning it to the actual owners was adopted.

The total amount of unclaimed money in California averages $5 billion annually – just imagine the amount of interest that accrues for the state! Sacramento attorney Bill Palmer who has battled in numerous cases involving California unclaimed money, has said that the state’s program was intended to be a lost and found for California residents. Sadly, it was turned into a profit generating ‘business’ in the past few years.

The hold on the taking of property by CA has now been lifted and the new CA State Controller, John Chiang, is making extra efforts in the form of widespread reforms in improving how his office is handling California unclaimed property. There’s still a great need though for Californians and residents of all other states across the U.S. to learn about the presence of these properties and on how to perform a thorough search for them.

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