A changing landscape in escheatment
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A Changing Landscape In Escheatment. Presented By: Jerry O’Leary Unclaimed Property Recovery & Reporting, LLC May 20, 2010. Introduction. “Once Upon a Time” escheatment was a relatively benign process: Eligible Owners & Assets were Identified Due Diligence Property Delivered

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A Changing Landscape In Escheatment

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A changing landscape in escheatment

A Changing LandscapeIn Escheatment

Presented By: Jerry O’Leary

Unclaimed Property Recovery & Reporting, LLC

May 20, 2010


Introduction

Introduction

“Once Upon a Time” escheatment was a relatively benign process:

Eligible Owners & Assets were Identified

Due Diligence

Property Delivered

Indemnification Provided

Custody

Claims Honored


States need money

States Need Money

Economic Turndown

Non Tax Revenue

Unclaimed Property

Decreased Dormancy Periods

Delaware Utah

IndianaArizona


A changing landscape in escheatment

States Need Money

Engagement of Auditors

Contingency Fees

Aggressive Interpretation

GRNI

Due Diligence Process

Inconsistent

Significant Changes

Florida

Iowa


A changing landscape in escheatment

The Robin Hood Factor

Court Decisions

Vondjidis v. Hewlett Packard Corp.

Strict compliance

Immunity = No knowledge

Purpose is reunification

Absolute immunity - irrelevant

Azure Limited v. I-FlowStrict compliance

Immunity from liability

Comply with all other provisions


The robin hood factor

The Robin Hood Factor

Taylor v. Westly

Unclaimed Property Statute - unconstitutional

California Assembly Bill 1291

Section 1560

“Reasonable Effort”


How s your annuity plan and ira

How’s Your Annuity Plan and IRA?

Are they escheatable?

Provisions in state statutes

Projected IRA Eligibility Calculation

Birthday : June, 30, 1945

RMD : December 31, 2015

Reportable : June 30, 2018

Due to State : November 1, 2018


How s your annuity plan and ira1

How’s Your Annuity Plan and IRA?

Dormancy Period

RMD @ 70/12

Custodian/Trustee Notification Requirement

Multiple Investments

Notify Custodian/Trustee


Perfect storm

Perfect Storm

Appetite for Non-tax revenues

Court decisions

Audit process employed

Changes to Due Diligence

Loss of immunity/indemnification

No longer a safe harbor


A higher standard

A Higher Standard

Reduce and eliminate your risk

Compliance is burdensome and expensive

Location is the key


Some pushback

Some Pushback

American Express v. Hollenbach

Shortening abandonment period

Staples, Inc. v. Delaware

Audit firm estimates

Exceeding audit scope

McKesson v. Cook (Delaware)

GRNI


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