“Personal Finance: Standing by your man - Washington Post” plus 1 more

Personal Finance: Standing by your man - Washington Post

Posted: 18 Nov 2010 09:24 PM PST

Although many feminists have criticized it and Secretary of State Hillary Clinton once said she "wasn't some little woman standing by my man like Tammy Wynette," I like what the song represents. It's a battle cry for women to love their men and forgive them even when they mess up.

But standing by your man doesn't mean joining him in his mess. It means being there for him when you find out he's in trouble. So I've made it clear to my husband that if he ever decided to go into a life of crime--rob a bank, take a bribe or commit financial fraud--I would stand by him, but I wouldn't go to jail for him. No, sir. I am not standing by my man in my own set of handcuffs. Prison gray is not a good color on me.

I'm joking, but considering some high profile criminal behavior in the last several years, this is a reality for some women. The conversation came up again after news broke that Prince George's County Executive Jack B. Johnson and his wife, Leslie, were charged with tampering with a witness in connection with a criminal offense and destruction of evidence in a federal investigation. Each offense carries a maximum sentence of 20 years.

Here's where the story moves into personal finance territory.

The FBI alleges that in a cellphone call to his wife, Johnson instructed her to tear up and flush down the toilet a check for $100,000. The agency says Leslie Johnson also asked Jack Johnson what to do with a stack of cash. He suggested she put it in her underwear. FBI agents entered the Jackson's home and upon a search found $79,600 in Leslie Johnson's underwear, according to charging documents.

"If the allegations are true, Johnson will join a very rare creature in popular American culture: the wife who allegedly knew about the scandal under her nose and also served as an uber-accomplice," wrote Post Metro columnist Petula Dvorak.

Dvorak goes on to write: "So much for the old-fashioned clueless wives who flitted from social event to spa appointment with no knowledge of where the dough was coming from."

You have to read Dvorak's take on the role of wives in recent financial scandals.

However, I've been thinking. There's been much media attention about how Leslie Johnson could stuff so much cash in her bra. There's even now a video about it.

This is all interesting fodder for many dinner or water cooler conversations. But my question is: If the allegations are true, why would this couple, who earned good salaries, risk so much? They would have done it to get more money to do what? Buy more houses, clothes, cars, jewelry or vacations?

This is also something I talked about with my husband. How many people stretch themselves, not by committing a crime, but by spending too much or failing to budget or save, to get what? More stuff.

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Personal Finance: California has $6.1 billion in unclaimed property - Sacramento Bee

Posted: 14 Nov 2010 12:00 AM PST

It's sort of California's official treasure hunt.

More than $6.1 billion in unclaimed property – old paychecks, insurance refunds, stock dividends, etc. – is sitting with the state controller's office, waiting to be handed over to the rightful owners.

One of those could be you.

Just two weeks after the deadline for banks and businesses to report accounts that have sat dormant for the last three years, state officials say millions of Californians could have money waiting to be claimed.

Where does it all come from? Forgotten bank accounts, uncashed checks or dividends, overlooked security deposits or utility refunds, old stocks or mutual funds, unclaimed life insurance payouts. Even the contents of grandma's safe deposit box.

Accounts go dormant for varied reasons: Someone moves or divorces and can't be located. Or a person loses track of a paycheck, refund or dividend check. Or when someone dies and their heirs are unaware that unclaimed assets exist.

The recession has contributed to the growing pot of unclaimed money, which nationally is about $33 billion, according to the National Association of Unclaimed Property Administrators (NAUPA), which represents programs in 50 states and parts of Canada.

For instance, following the collapse of Washington Mutual bank, more than $250 million in unclaimed accounts was turned over to various state governments last summer. California received $90.5 million in unclaimed WaMu deposits.

Overall, the state's stash of unclaimed property has steadily grown during the last three years, despite aggressive efforts to reach the owners. "It's rising because property keeps coming in and we can't always find people," said Hallye Jordan, spokeswoman for state Controller John Chiang.

"The dormant accounts are out there ... . With the economic downturn, people are trying to find dollars where they can," said Sonia Walwyn, vice president of unclaimed property services for the Keane Organization, a national risk management consulting firm.

Where to start searching

In California, it's easy, either by phone or online. The state's unclaimed property website – www.claimit.ca.gov – lets you search in seven languages: Armenian, Chinese, English, Korean, Spanish, Tagalog and Vietnamese. The toll-free phone is (800) 992-4647.

Due to increased efforts to reach property owners, the state controller's office has roughly tripled the number of returned properties in the last decade or so, from more than 115,200 in 1997-98 to about 414,000 in 2008-09.

In the last few years, the state has sent more than 3 million letters to owners of unclaimed property, some of it going back to the 1980s. In addition, financial companies must send consumers an advance warning that their property is about to be handed over to state coffers.

"It's resulted in significantly more property being returned to owners and less turned over to the state," said Walwyn.

Nationally, the NAUPA-affiliated site, www.MissingMoney.com, lets you easily search for missing property in any state.

And you aren't limited to searching only for yourself. If your dad worked in New Jersey or your mother lived in Texas, it's worth checking the unclaimed property websites in those states to see if there are accounts waiting to be claimed.

To claim funds, you must provide proof. Typically, that means a driver's license and Social Security number, along with your signed claim form.

If your claim involves contents from a safe deposit box, property valued at more than $1,000, or shares of securities, your signature must be notarized. And if you're an heir of a deceased property owner, you'll need a death certificate and proof of the deceased's Social Security number.

Due to California's large volume of claims, it can take up to 180 days for the state to determine whether the documentation is sufficient.

Claims that involve only cash can be processed within 30 to 60 days. Those that are more complicated – multiple heirs, stock splits, etc. – require more research to confirm the amounts and rightful heirs.

Stocks and mutual funds are generally sold after 18 months and the net proceeds held for the owners or heirs. Similarly, the contents of safe deposit boxes can be auctioned off after 18 months and the funds held for owners.

However, state Controller Chiang has not sold off safe deposit box contents since 2007, said spokeswoman Jordan. "The hope is that people will have enough time to claim their property," she said.

Some consumers say it's not worth the time and trouble to file a claim, especially for small amounts of money or complicated claims involving multiple layers of documentation.

"Some owners get discouraged," said Keane's Walwyn. "We've heard from people who say it's not worth it. 'I've got a $50 claim, but I'm not even going to bother.' "

There are firms, called "asset locators" or "heir finders," that offer to locate your unclaimed property for a fee. It's not necessary to pay for such services, since accessing the claimit.ca.gov website is free.

If you use such a service, do not pay any fees upfront. By law, companies cannot charge more than 10 percent of the returned property's value.

If you're willing to do your own legwork, searching for unclaimed property is as easy as hopping on the phone or the nearest computer.

Happy treasure hunting.

In last Sunday's column about open enrollment choices for employer health plans, we erred in describing the limits on tax-free contributions to a Flexible Spending Account (FSA) for medical or "dependent care" costs. Under an FSA for health expenses, there is no legal limit on pre-tax contributions; your employer sets the limit, either a dollar amount or a percentage of salary. Under a FSA for dependent care expenses, there is a $5,000 limit.

Have a personal finance question? Call The Bee's Claudia Buck at (916) 321-1968.

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Personal Finance

Friday, November 19, 2010