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  1. #1
    10011010 is offline Junior Member
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    Deceased account recovery?

    I recently was contacted by a company that stated my father, who passed away ~11 years ago, had an IRA that named myself as the beneficiary.

    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., and they seem to be a legitimate company. My questions are does anyone have experience dealing with this company, or knowledge of how an IRA transfer as the one I've briefly described customarily work? And is there any way to find out what financial institution would be holding this IRA without having to use a middle man type company such as this?

    Thanks
  2. #2
    tranquility is offline Senior Member
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    While many such places are legitimate, the key question is if they're worth it.

    Since the time is 11 years, the money has almost assuredly escheated to the state. If you know the state(s) where dad lived at the time the IRA might have been opened, you might be able to search on-line databases for the amount.
  3. #3
    10011010 is offline Junior Member
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    They have actually already told me the current sum of the account, ~$10,200.00. Making their fees ~$2,500 of course.

    But if I understand correctly, after being deceased for any time more than five years the interest on the account goes to the state?

    So the account isn't worth nearly that much?

    Also is there any way to simply find in institution at which this account is being held at without having to use their services, or what type of lawyer, if any, should I attempt to contact?
  4. #4
    Zigner is offline Senior Member
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    The interest goes to the state to be held by the state until claimed. You are looking at $10,200 that may be available for the simple matter of some (free or dirt-cheap) paperwork.

    You don't have to pay for this...starting checking out the state's unclaimed property division (that may take some digging to locate the right state.)
  5. #5
    tranquility is offline Senior Member
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    Google escheat. Add relevant state(s) to the search to find the number of years. Note the number of years is (probably) less than 11.

    Where is the money?
  6. #6
    Zigner is offline Senior Member
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    Quote Originally Posted by tranquility View Post
    Google escheat. Add relevant state(s) to the search to find the number of years. Note the number of years is (probably) less than 11.

    Where is the money?
    OP won't know that until he looks. I'm sure the company that contacted him didn't give up that info so easily
  7. #7
    tranquility is offline Senior Member
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    I agree. That's why I'm teaching him how to fish. We have no idea what state(s) dad could have opened an IRA in. Hopefully, his son does.
  8. #8
    curb1 is offline Senior Member
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    Dad should have had monthly/quarterly statements from IRA institution. These should show up in his records. Do you know much about your Dad's past investments?
  9. #9
    10011010 is offline Junior Member
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    Quote Originally Posted by Zigner View Post
    The interest goes to the state to be held by the state until claimed. You are looking at $10,200 that may be available for the simple matter of some (free or dirt-cheap) paperwork.

    You don't have to pay for this...starting checking out the state's unclaimed property division (that may take some digging to locate the right state.)
    Exactly why I am asking for help here.

    Quote Originally Posted by tranquility View Post
    Google escheat. Add relevant state(s) to the search to find the number of years. Note the number of years is (probably) less than 11.

    Where is the money?
    Quote Originally Posted by Zigner View Post
    OP won't know that until he looks. I'm sure the company that contacted him didn't give up that info so easily
    Yes, they would not tell me where the account was held. It was referred to me as a "financial institution". The money is, allegedly according to the Keane representative, in an IRA either in New York, where my father worked the majority of his life, or Kentucky where we were living when he died. I would wager is something on the order of 95% probability New York 5% Kentucky.

    Although the question "where is the money" probably means what bank/institution is it being held in. And to that I do not know the answer, and I doubt they would tell me.

    Quote Originally Posted by tranquility View Post
    I agree. That's why I'm teaching him how to fish. We have no idea what state(s) dad could have opened an IRA in. Hopefully, his son does.
    As above, it's almost a guarantee that it was New York state.

    Quote Originally Posted by curb1 View Post
    Dad should have had monthly/quarterly statements from IRA institution. These should show up in his records. Do you know much about your Dad's past investments?
    This was a complete surprise. When he died we had known it was coming for ~5 years. He and my mother got their fiscal plans in order and he left everything to her (I was 14 at the time). My assumption is, while my parents were divorced for a year or two when I was younger he took out an IRA for himself and left my name on it, and simply forgot about this account.

    Other than that I would assume he had almost no money invested that would be lying around anywhere else.
  10. #10
    curb1 is offline Senior Member
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    1) Is your mother any help in this?

    2) Are there any tax records available. Your father and mother might have some kind of records.

    3) Has this Keane Co. asked for any money up front? Don't give them any money or information. Could easily be a scam.
  11. #11
    10011010 is offline Junior Member
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    Quote Originally Posted by curb1 View Post
    1) Is your mother any help in this?

    2) Are there any tax records available. Your father and mother might have some kind of records.

    3) Has this Keane Co. asked for any money up front? Don't give them any money or information. Could easily be a scam.
    My mother and I are working together to find the most efficient way to gain access to my fathers account.

    We have not looked into any tax records, but that could be an avenue we should explore. This all started last Friday when I received the letter from Legal Claimant Services, so it is still a relatively new thing to us.

    LCS, the branch of Keane that this falls under for that company, has stated over the phone that they take care of all the costs upfront, e.g. any filing costs, working with the banks transfer agent and any paper work involved there, ect and only take 25% of the final value of the account when transferred to the beneficiary. Molly Donia, the agent who works for LCS/Keane, whom I have spoken on the phone with once, has what seems to be a legitimate LinkedIn account, and Keane is an accredited with the BBB.

    I spoke on the phone with her, asked her how long she worked for Keane before I tried to find information about her/that company. I asked her how long she had worked there and she stated for four years, which is consistent with the LinkedIn account which I checked afterward lending some credibility to her story.

    As a final note, I am scheduled to receive a package from LCS/Molly tomorrow, I will likely post either direct images of the paper work from the package or simply write/ask about the things I do not understand.
    Last edited by 10011010; 04-03-2012 at 11:17 PM.
  12. #12
    curb1 is offline Senior Member
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    You might want to read this:

    [url=http://www.ripoffreport.com/cash-services/the-keane-organizati/the-keane-organization-solici-7e4f6.htm]Ripoff Report | The Keane Organization | Complaint Review: 338967[/url]
  13. #13
    10011010 is offline Junior Member
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    Quote Originally Posted by curb1 View Post
    You might want to read this:

    [url=http://www.ripoffreport.com/cash-services/the-keane-organizati/the-keane-organization-solici-7e4f6.htm]Ripoff Report | The Keane Organization | Complaint Review: 338967[/url]
    I've actually already read over those complaints. All of which were eventually either taken care of or dismissed against the company according to the BBB website.

    Those complaints, however, are the exact thing I am trying to avoid of course.
  14. #14
    tranquility is offline Senior Member
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    If you would have done as I told you to do, you would find the money is not in any financial institution for either of the states mentioned. (Since dad died 11 years ago and the account would not have had any activity since then.) If it exists, where could it be?
  15. #15
    Zigner is offline Senior Member
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    Personally, after a cursory review of the company that contacted you, I think they *may* be on the up-and-up. They are offering to perform a service on your behalf and asking for 25% of any funds recovered. There is nothing wrong with that in and of itself. HOWEVER, what they are offering to charge you $2,500 (roughly) for is something that you can do on your own for very cheap (probably free.)

    If you think your time to collect the money in question is worth more than $2,500, then maybe it's worth it. I suspect that you would rather collect the full $10k though.

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