Lost Inheritance: How to Find a Deceased Parent’s Assets

Lost Inheritance: How to Find a Deceased Parent’s Assets

If you have a relative who recently died and left you in charge of his or her finances, you are not alone. You probably have colleagues at work in the same boat. A neighbor or two (or 10) and even your millennial yoga teacher might very well be working through a quagmire of wills, probates and assets nobody can find. You are definitely not the only one. 

The internet has made it much easier to keep track of our checking, savings and investment accounts. But the elder generation generally missed out on the convenience of dashboard consolidation and app trackers. What most of them leave behind are file cabinets full of bank statements and old bills, bookshelves of file folders and prospectuses – perhaps once carefully catalogued. You may start rummaging through papers and not find anything more recent than five years ago. 

How do you wrap your hands around investments and assets you know your dad owned when you have no idea where they are? 

Bear in mind that when there is no activity in an account for a year or more, assets may be deemed dormant or abandoned. They could eventually become property of the domicile state through a process called escheat, so it is important that you do not wait too long before finding lost assets. 

Start at Home

If your parent used a computer, you should get access to his file folders and dig into his email account to see if he received any electronic communications from financial companies. If he wasn’t computer literate, then start with the mail. It may take six months to a year to get your hands on all of the paperwork, but if your relative did not sign up for electronic delivery then companies are required to send him statements through the U.S. mail. 

If no one continues to live at his home, the easiest way to do this is to notify the post office to route all of his mail to your address. To do this, you will need to complete a Forwarding Change of Address order at the post office and provide proof that you are authorized to manage the deceased’s mail. 

As you’re rummaging through Dad’s paperwork, here are some tips on what to do: 

  • Look for bills and check if those entities are holding a utility deposit;
  • Look for statements for bank accounts, bonds, stocks, mutual funds, CDs, dividend or payroll checks, life insurance policies and retirement accounts;
  • Look for any record of a safe deposit box, such as a bill for the rental or a key; if he has one it is most likely located at his bank branch;
  • Contact his past employers to ask if they have any record of pensions, retirement plans or employer-purchased life insurance for your parent.¬†

Once you get your hands on any statements, call the company or broker listed. You will need to send them certain documents to verify your parent is deceased (or a durable power of attorney document if he is incapacitated). Different firms and circumstances might have different requirements, but you’ll definitely need to send a copy of the death certificate. You may also be asked to provide a Court Letter of Appointment naming you as executor, a “stock power” of attorney that enables you to transfer ownership of stock, a state tax inheritance waiver, affidavit of domicile, trustee certification showing successor trustee, and/or a letter of authorization for joint accounts. 

You’ll need to call and provide these or similar documents for each institution where your parent holds assets. Don’t worry, these companies have trained staff to help guide you through the legal process of how to manage the assets of deceased account owners. 

Move to the Internet

Check unclaimed property lists at every state where your father lived. Get started at Unclaimed.org, a free website that allows you to search for unclaimed property held by each state. Also search at MissingMoney.com to conduct a national search. 

Go to the Pros

If you’re sure your relative had more assets than you’re able to find, consider hiring a forensic accountant. These professionals have the tools and expertise to find offshore accounts, shell companies and other types of financial accounting practices. For example, a forensic accountant may request an IRS transcript that reports past 1099-DIV and 1099-INT distributions. Note that banks are required to issue such forms for account activity involving $10 or more. 

You also may want to share your task with your own financial advisors. They might be able to recommend ways to help you track down, transfer and manage your parents’ assets, particularly if you need to set up income sources for another parent or relative. The point is, you don’t have to go it alone. This is a common problem and there are experts to help you work through it – but it will likely take time, patience and a lot of paperwork.

What to Know about Employee Benefits

What to Know about Employee Benefits

Companies offer employee benefits of many different levels. While most employee benefits are required by state and federal law, other types of perks are offered to employees beyond the typical options to create corporate loyalty, worker retention, and an increase in employee satisfaction.

The term “employee benefits” encompasses all non-wage compensation received by an employee. Benefits vary greatly from company to company and can make up either a small or a large portion of an employee’s overall compensation package.

Some benefits that are required by federal and/or state law include:

  • COBRA Insurance
  • Disability Insurance
  • Family and medical leave
  • Unemployment benefits
  • Workers compensation

Additional options, such as retirement plans and healthcare plans, are not technically mandated by law but are both highly regulated by governmental bodies. These two types of benefits are often included in, and generally make up a large portion of, an employee benefits package.

Beyond the mandated and regulated benefits listed above, there exist a large variety of other employee options. Most businesses can pick and choose which benefits they want to offer to their staff. While company owners have great leeway in being creative with the benefits they offer, some of the most common employee benefits include a combination of the following:

  • Dental and/or vision plans
  • Life insurance plans
  • Paid vacations, holidays, or sick leave
  • Child care
  • Flexible schedules or work-from-home options
  • Tuition reimbursement or student loan assistance
  • Maternity, paternity, and adoption leave

In the past few years, however, some companies have begun offering employees benefits beyond the ordinary. Many organizations are providing their employees with more nontraditional benefit options to attract and retain top talent. A few of these options include:

  • Unlimited vacation and sick days
  • Gym and health access
  • Banking discounts/Lower loan interest
  • Pet insurance
  • On-site services such as food services, dry cleaning options, and child care

As you seek a new job, decide between multiple job offers, or negotiate the renewal of an employment contract, it’s important to take stock of the benefit coverage being offered and seek a benefits package that meets your needs completely and offers you the best options for a balanced and fulfilling career.

Is SIP Trunking Good For Your Business?

Is SIP Trunking Good For Your Business?

This article discusses what SIP trunking is and how it could potentially help your business grow. SIP trunking is essentially the ability to make or receive phone calls over the internet as long as both parties have a phone number. It is cheaper for most clients and can save money in the long haul for your entire office. 

To view this article, click HERE to access the original content.

Improving Your Communication Skills

Improving Your Communication Skills

As a professional in the accounting field, it’s important that you be a good communicator. You need to learn to cultivate relationships both within your firm (with your peers and supervisors) and outside of your firm (with your clients, prospects, and referral sources). 

Do you struggle to communicate clearly and regularly? You’re not alone. This is a difficult task for many professionals. Here are some helpful tips for cultivating your communication skills: 

Focus on Listening – When you’re in a conversation, it’s easy to get distracted with planning what you’re going to say next and forget to listen closely to what is being said. Knowing this, make a conscious effort to be an active listener. When you’re in a conversation, focus closely on what is being said. In order to show that you’re paying attention, ask good follow-up questions. 

Study Nonverbal Communication – Studies show that more than half of communication is nonverbal—that’s a lot! Learn to pay attention to the physical cues of not only those with whom you’re speaking, but also of yourself. Consider what you’re communicating via your demeanor—your posture, eye contact, and the way that you move around spaces. Read up on positive nonverbal communication and put what you learn into practice. 

Examine Your Own Behavior – Consider recording yourself and playing it back to learn more about how you speak. Perhaps take a video of yourself during a meeting. Watching it back can help you understand where you need to adjust in order to improve your communication skills. 

Practice, Practice, Practice – Poor communication skills are a common problem. Consider organizing some group communication exercises among your friends or your colleagues. Be willing to both give and receive constructive criticism in order to help one another improve. 

Pay Attention to Email Etiquette – Not all communication is face-to-face, or even verbal. Much miscommunication happens over mediums such as email, because tone is so difficult to interpret. Consider your words carefully when crafting an email. Additionally, consider how you can break up the information you’re sending into a more readable form (e.g., include bullet points, section titles, etc.). Lastly, remember that sometimes it’s best to forego an email in favor of a phone conversation, especially for lengthy or complex topics. 

Becoming a good communicator takes intentionality and practice, but efforts in these areas pay off in spades. The internet holds a wide range of helpful resources for learning more about communicating effectively. And, since this is a struggle for many people, don’t be afraid to reach out to friends and colleagues for advice and practice—they’ll probably be glad for the opportunity to improve their own communication skills.

RBG CPA Accepted to AICPA’s Leadership Academy

RBG is excited to announce that Kelly Crow, CPA, has been accepted to the American Institute of Certified Public Accountants (AICPA) Leadership Academy.

“We are proud of Kelly and her achievements,” stated John Griesbeck, CPA, managing partner. “RBG is committed to developing both the technical and leadership skills of the accountants of the next generation. We are thrilled to have talented accountants like Kelly seek to broaden their knowledge of the profession and work towards personal goals.”

Crow, a member of RBG since 2008, will join other young professionals at the AICPA’s Leadership Academy for a four-day program designed to nurture and develop leadership skills. Attendees will participate in self-examination and focus on issues faced by the CPA profession. The Academy will provide them with strategies to develop and deepen professional relationships, and empower them to become leaders in a variety of personal and professional areas. For more information about the AICPA or the Leadership Academy, visit aicpa.org.