Deceased account recovery?

[curb1]

Thank you, that is great information. I am still surprised that there wasn't a paper trail for you to follow.

 

[Zigner]

If I take this literally, of which I don't think you meant for a literal interpretation, it is clearly a falsehood as "exactly correctly" would be the exact top dollar one would be willing to pay for a good or service.

No, what I meant is that you and they came to an agreement. By definition, the agreed upon price is the correct price.

And in this instance I would have paid much more, something like 45%. Theoretically, without LCS I would have never known about this fund and should be willing to pay any amount that gives me any money at all.

Then you are to be congratulated on your negotiation skills.

However, I think you meant that I paid their fees therefore how can I complain?

Nope, not what I meant.

They are still overpriced, irregardless of what I paid. As an example I pay for gas for my car no matter what the price is, practically everyone would argue the price of gas is over priced.

You have the option of shopping for a lower price and/or finding other ways to reduce your gas bill.

I received a check today from FT, I had other options (DD/Rollover within FT) but a check worked the best in my situation. LCS has been truthful about the situation to the best of their knowledge. Sometimes they were misinformed, throughout this whole process the rep. I was in contact with, Molly, has repeatedly mentioned in documents I have received and over the phone that it would take longer (4-6 weeks) than it did (~2 weeks) FT, in the phone calls I've had with them told me that it would take ~2weeks so I don't know where LCS/Molly got that, but I digress to the fact that LCS/Molly LITERALLY never picked up the phone when I called, they always call back later that day or the next which is beyond frustrating and unprofessional imo. This was over the course of a month I called them ~8 times, not once did I get a live person to pick up fwiw.

I am waiting on reimbursement for a small cost that I inured in the process of getting everything signed and notarized but I would expect to recoup that at some point, as LCS has said they will per the agreement I initially signed.

All in all the process was smooth, I did get both more and more accurate information about the process from FT than I did LCS, but everything was legitimate.

Congratulations. It seems to me that LCS performed exactly as they said they would at the perfect price point for you.

 

[10011010]

Thank you, that is great information. I am still surprised that there wasn't a paper trail for you to follow.

Tell me about it. The only living person, outside of FT, that could have really know about this was my mother. Of course I asked her, but she did not know about it at all. Even after telling her about FT and the investment she was still could not remember anything about it.

I was able to ask FT about the initial value of the investment, the day it was started, what it was invested in ect. and they have sent me all of that information as well which leaves a good memory about what my father was thinking at the time when he made, what ~20 years ago (the fund was started in 1990), was a small investment in what turned out to be my future. So that's was kinda cool as well.

No, what I meant is that you and they came to an agreement. By definition, the agreed upon price is the correct price.

Then you are to be congratulated on your negotiation skills.

Nope, not what I meant.

You have the option of shopping for a lower price and/or finding other ways to reduce your gas bill.




Congratulations. It seems to me that LCS performed exactly as they said they would at the perfect price point for you.

I see, I think either I was not clear or you have misunderstood. There were no negotiations, believe me I tried to get the % that they take lowered. LCS has a standard amount that they take as a finders fee, 25%. It's either take that as the fee or be left in the dark about the investment, in my case a fund my father started years ago.

And again, an agreed upon price for anything doesn't mean someone isn't either paying to much or noting getting enough value for the item or service they have purchased. Although values can be relative to the person obv. As an example, a photo of my family has little to no value to anyone else, but I would certainly pay to have a bit of my families history in my hands.

 

[Zigner]

Well, I'm glad it all worked out for you.

 

[amygo]

I've been contacted by the same company and wondered if they were legit.

They are calming to know the transfer agent of the financial institution in which the IRA is held, and that they will take care of the account and transfer it to the beneficiary for %25 of the accounts value on the day of the transfer.

The company is "Legal Claimant Services", which is a division of Keane Co...Thanks

They are claiming to have $68K in an account for my dead uncle. I too have been unable to locate the account in any State's Unclaimed Property records, and I'm wondering if it's worth LCS FEE. Only in my case they are charging 33%!!!! This money is supposedly due to my father's Estate, and they claim they would be able to set up an Estate claim on his behalf. We would be charged a hefty $22K so we've been trying to find the money on our own - must say, though, it is very frustrating search!

 

[Zigner]

They are claiming to have $68K in an account for my dead uncle. I too have been unable to locate the account in any State's Unclaimed Property records, and I'm wondering if it's worth LCS FEE. Only in my case they are charging 33%!!!! This money is supposedly due to my father's Estate, and they claim they would be able to set up an Estate claim on his behalf. We would be charged a hefty $22K so we've been trying to find the money on our own - must say, though, it is very frustrating search!

Did you have a question?

 

[amygo]

Did you have a question?

Actually, I just read some other posts about Keane in another website saying this is a scam, and they cash in the unclaimed account using your power of attorney and after keeping their fee of 35% or so, send you a check for the balance. The post then claims the company's check for the 65% would then bounce. I wonder if there was any truth to that statement, and if the original poster had a similar experience.??

 

[Zigner]

Actually, I just read some other posts about Keane in another website saying this is a scam, and they cash in the unclaimed account using your power of attorney and after keeping their fee of 35% or so, send you a check for the balance. The post then claims the company's check for the 65% would then bounce. I wonder if there was any truth to that statement, and if the original poster had a similar experience.??

OP already has the money - read the thread again

 

[amygo]

OP already has the money - read the thread again

@Zigner Yes, I did read that before I posted. I guess we should assume the check they received did not bounce (WE HOPE!!!) Thank you for your input.