Governments have been receiving less and less tax revenue so they are looking for new forms of income to help offset the lower receipt of taxes. One of the more popular forms and least burdensome on taxpayers is that of unclaimed property.

The rules of handing over unclaimed property by various institutions are getting stricter all the time, says Edward Palonek, founder of foundmoney.com, the first company to make unclaimed records available for online searching back in 1995.

Governments have been receiving less and less tax revenue so they are looking for new forms of income to help offset the lower receipt of taxes. One of the more popular forms and least burdensome on taxpayers is that of unclaimed property.

The rules of handing over unclaimed property by various institutions are getting stricter all the time, says Edward Palonek, founder of foundmoney.com, the first company to make unclaimed records available for online searching back in 1995.

The State of Kansas, over $10 million of unclaimed property was returned to their residents while. The first 6 months of this year over $5.6 million has been returned.

Each State has their own Rules and Laws as to what is classified as unclaimed property. In Kansas, a small sample of some of the more popular classifications and rules of what is unclaimed property and when a property is presumed abandoned are as follows:
 
-Traveler's check, 15 years after its issuance;
-money order, seven years after issuance;
-stocks or dividends, 5 years;
-a demand, savings or time deposit, five years;
-money or credits owed to a customer from a retail business transaction, five years;
-amount owed by an insurer on a life or endowment insurance policy, three years
-property distributable by a business association or financial organization in a course of dissolution, one year;
-property received by a court as proceeds of a class action, and not distributed pursuant to the judgment, one year;
-property held by a court, state or other government, governmental subdivision, agency or instrumentality, one year;
-wages or other compensation for personal services, one year;
-deposit or refund owed to a subscriber by a utility, one year;
-property held by agents and fiduciaries in a fiduciary capacity for the benefit of another person, five years;
-property in an individual retirement account, defined benefit plan or other account or plan that is qualified for tax deferral under the income tax laws of the United States, three years;
-property distributable in the course of a demutualization, rehabilitation or related reorganization of an insurance company shall be deemed abandoned, any check or draft, two years;
-all other property, five years;

One important unclaimed asset that people often neglect to check out is that of survivors of retired railroad employees who died between 1964 and 2001. They may be entitled to receive a $2,000 life insurance benefit.

“The above is simply a short list of how and what is classified as unclaimed property in Kansas, further details can be found at their site”, says Palonek