Lawyer Trust Accounts and Unclaimed Property

Lawyer Trust Accounts and Unclaimed Property

I’ve had several discussions with fellow lawyers recently about unclaimed property and about whether unclaimed property laws apply to lawyer trust accounts. And nothing like a good networking event question to trigger a blog post, right? Not to mention, one of the fastest and easiest ways to get disbarred is to inappropriately manage your IOLTA…

How Do False Claims Act Laws Impact Unclaimed Property?

How Do False Claims Act Laws Impact Unclaimed Property?

Recent cases have showcased a novel way to attack a company’s unclaimed property compliance efforts. Or highlight the lack of unclaimed property compliance in some cases. Find out what you can do to reduce your risk from False Claims Act lawsuits, their treble damages and private right of actions. Yes, that’s right – plaintiffs don’t…

Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency

Illinois Bill to Amend Unclaimed Property Laws, Including Cryptocurrency

A new bill out of the Illinois legislature is looking to make several changes to the Illinois unclaimed property laws. The changes would affect cryptocurrency and virtual currency, retirement accounts, holders’ negative reporting requirements, and more. The Illinois bill is House Bill 4573 (opens externally). HB 4573 was introduced on February 5, 2020 and was…

SECURE Act and Unclaimed Property

SECURE Act and Unclaimed Property

Effective January 1, 2020, the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act”) makes some significant changes to how financial institutions handle retirement plans in unclaimed property. Specifically, there are three major provisions of the SECURE Act which you need to be aware of: Required Minimum Distribution Age The RMD age moves from…

October Was a Busy Month for Unclaimed Property

October Was a Busy Month for Unclaimed Property

Whew! I just looked at the calendar and realized that October is over! Hope you were able to get home and enjoy the Trick or Treaters on Halloween. Late September and all of October are always busy times for unclaimed property holders. You’ve got compliance deadlines, audit demands, and just general business things to take…

New Texas Unclaimed Property Reporting Procedures

New Texas Unclaimed Property Reporting Procedures

On June 10, 2019, Texas passed changes to how unclaimed property is reported in the state in HB 3598, as well as provisions relating to audits and owner claims. The law is effective immediately. New Texas Consolidated Reporting The biggest change that will be noticed immediately for holders is the new consolidated reporting requirement. Under…