tag:blogger.com,1999:blog-50278771042315679482024-03-14T02:43:13.671-04:00Legacy TrackerLegacy Tracker offers individuals & families a simple, secure and common sense solution for monitoring, tracking, sharing and safeguarding important financial, legal and estate information.Unknownnoreply@blogger.comBlogger43125tag:blogger.com,1999:blog-5027877104231567948.post-77010853059706614812014-03-28T13:48:00.004-04:002014-03-28T13:48:49.479-04:00We've moved over to www.legacytracker.com <br />
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Come and Visit us at <a href="http://www.legacytracker.com/">www.legacytracker.com</a> (Please) </h2>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-20316353705280860512013-11-19T01:03:00.001-05:002013-12-17T10:41:27.874-05:00 Use Technology to Finally Deliver much needed Financial Literacy Education NOW<span style="font-family: Arial, Helvetica, sans-serif;">Open Letter: Financial Literacy Action Group & the Provincial Ministries of Education </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">(Across the Provinces)</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Re: Let's use E-Learning to deliver Financial Literacy Education in Canada for Youth </span><br />
<span style="color: #660000; font-family: Arial, Helvetica, sans-serif;"><b>(NOW please)</b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><i>Financial education can benefit consumers of all ages and </i></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><i>income levels. For young adults just beginning their working</i></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><i><a href="http://2.bp.blogspot.com/-WETLGWPCBFU/Uo0quQD5ItI/AAAAAAAAA4I/67Pj25yGSik/s1600/bigstock-Financial-literacy-road-sign-48537644.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://2.bp.blogspot.com/-WETLGWPCBFU/Uo0quQD5ItI/AAAAAAAAA4I/67Pj25yGSik/s1600/bigstock-Financial-literacy-road-sign-48537644.jpg" height="127" width="200" /></a></i></span></div>
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<a href="http://1.bp.blogspot.com/-mIyQ894zwXA/UorKF9MKSoI/AAAAAAAAA3w/QOSFSMutP5E/s1600/bigstock-Education-concept-Finance-Sym-51517489.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><i></i></span></a><span style="font-family: Arial, Helvetica, sans-serif;"><i>lives, it can provide basic tools for budgeting and saving so </i></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><i>that expenses and debt can be kept under control. Financial</i></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><i>education can help families acquire the discipline to save for a </i></span><i style="font-family: Arial, Helvetica, sans-serif;">home of their own and/or for their children’s education. It can </i><i style="font-family: Arial, Helvetica, sans-serif;">help older workers ensure that they have enough savings for a </i><i style="font-family: Arial, Helvetica, sans-serif;">comfortable retirement by providing them with the information </i><i style="font-family: Arial, Helvetica, sans-serif;">and skills to make wise investment choices with both their </i><i style="font-family: Arial, Helvetica, sans-serif;">pension plans and any individual savings plans</i></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">– OECD, Improving Financial Literacy: Analysis of Issues and Policies,<span style="font-size: large;"> 2005</span></span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br />That was <span style="font-size: large;">2005</span> but now it's<span style="font-size: large;"> 2013 </span>The need is only more critical in the much more complex & "consumerism" oriented world that we live in. </span><span style="font-family: Arial, Helvetica, sans-serif;">I'm also much older (and crankier) and a lot less patient. My oldest son just graduated high school in Ontario and despite regular/intense questioning, he could not recall any mention of Money Management, Interest, Borrowing, Saving, Investing, Budgeting or Planning in any of his courses except for Accounting. I'm glad they came up in accounting because I'm an accountant-those kinds of topics should come up in accounting. But not every student feels inspired (or pressured) to take accounting. And that would be OK except for the fact that my son indicates that he saw no hint of money $ or financial management matters in any of his other subjects in an apparent yet say Integrated Way. And for the record, he has a pretty perfect attendance record; He was not away the day they spoke about money & finance. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">But, my son is one of the lucky ones. He took accounting and so he learned about how to account for money. His Mom is is an accountant and his Dad is in finance; so we can help him with the rest. We also talk about money on a regular basis. But what about all of the other students?</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The need is more than clear than ever for youth to have adequate financial literacy skills. It's critical to the 46% of Youth who are predicted to start a business after graduation. <span style="background-color: white; line-height: 21px;">It’s critical because life is a lot more complicated these days, where “consumerism” is rampant, marketing is aggressive & excessive, Credit Card applications are easy to come by and even the Government is in the business of supporting Gambling in the form of tickets, Online betting, Bingo & Slots. It’s critical for students to learn basic if not intermediate skills, to become good consumers and navigate the good from the bad; because, let's face it "Everyone is after your money". </span></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; line-height: 21px;">But Financial Literacy Education is critical to future economy of our Province and our Country. So why is it not happening yet?</span> So why is it not happening yet? What is taking so long? </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A study on Youthography in 2009 commissioned by the Investor Education Fund Found:</span></h4>
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<span style="font-family: Arial, Helvetica, sans-serif;">28% of students felt they were knowledgeable about money and that they made good spending decisions</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">57% of students felt that schools should provide them with information on managing money after graduation</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">64% of students think it's important to learn about managing personal finance</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Only 38% of students felt prepared to manage their money after graduation</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">By comparison, the 2012 survey that the Investor Education Fund termed "Youthonomics" shows </span></h4>
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<span style="font-family: Arial, Helvetica, sans-serif;">26% of students felt they were knowledgeable about money and that they made good spending decisions</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">59% of students felt that schools should provide them with information on managing money after graduation</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">70% of students think it's important to learn about managing personal finance</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Only 39% of students felt prepared to manage their money after graduation</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Yes, Overall-<b>It looks like very little if any progress 3 years later</b> despite all the talk all the research and all of the recommendations of the Financial Literacy Task Force. We are failing our Youth badly despite the act that there are ways to deliver Financial Literacy efficiently and effectively without any further delay. The question for me is <b>Why are we not using them? </b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">We could deliver this need effectively and efficiently using technology that exists today. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Technology is changing the way we do everything else we do today; including healthcare so it seems like a natural solution.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Unbiased Professionals and Organizations can deliver this need effectively and efficiently using technology that exists today. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The Internet is plentiful with great examples of outstanding e-learning opportunities & solutions.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">With the help of unbiased professionals and financial organizations, Ontario and other provinces across Canada could deliver a National Financial Education Program using e-Learning. e-learning is would benefit youth who have grown up in a technology enabled world.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">And, while I'm not an expert, I believe e-learning offered in a classroom setting ("blended learning") offers additional benefits. Teachers already have the experience required to facilitate active discussion and learning but the challenge of educating teachers on how to deliver financial literacy education, in a more traditional way, would stop being an obstacle to educating our youth. Research has shown that blending online learning with classroom time is the most effective way to learn. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">There are other advantages in using e-learning as opposed to traditional learning : </span><br />
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<li><span style="font-family: Arial, Helvetica, sans-serif;">It's Quicker. Since e-learning in most jurisdictions already exists but also because there are reputable organizations that offer e-learning infrastructures already, 'No wheel needs to be invented or re-invented' </span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">It's more Cost effective in a number of ways. I'm an accountant; no reason to bore you with the details here.</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">It's Consistent. Regardless of the Province or the School Board or the School, education would be consistent and equalized thanks to an Internet connection. This is a BIG one.</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Better appeal to a wider range of learning styles as learning is facilitated through a variety of activities</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Tracking progress is generally built into e-learning programs. Standardized testing is a given but e-learning lends itself to knowing when a student is having difficulty with a particular topic without them having to raise a hand. This would be an advantage to all learning. </span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Less 'teacher talk' and more 'student talk'. Who doesn't like to hear their teacher talk but sometimes, you can learn more effectively when information is shared between students ideas are exchanged. E-learning makes that possible. </span></li>
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<span style="font-family: Arial, Helvetica, sans-serif;">A great example of an organization already delivering Financial Literacy Education is the Khan Academy who has done outstanding work in other areas of education. They have partnered with the Bank of America on a financial literacy project they call Better Money Habits. I would encourage you to check it out. </span><br />
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<span style="font-size: large;"><a href="http://www.bettermoneyhabits.com/en/videos/better-money-habits-intro.html?cat=financial-education-videos#fbid=emGS8iicEjl"><span style="color: #660000;">Better Money Habits</span> </a></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">This is again, just one example of the quality that already exists of e-learning for financial literacy education. Delivery of financial literacy education effectively and efficiently using technology can happen with collaboration between the various non profit financial organizations that have joined together to help move financial literacy forward and the appropriate Federal & Provincial Agencies & Departments involved including those involved in Education.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I think we can find and prioritize opportunities in the current curriculum for such critical education; given the importance we all acknowledge it to be. But if Ontario is looking for a suggestion I would suggest a natural place for it to be placed would be to add it into the Grade 10 Semester where students currently learn about Careers and Civics. Splitting the semester by 3 instead of 2 would seem to make sense to me given the state of Civics at this particular point in time in Canada; it would certainly make sense. I think there is no debating required; Financial Literacy is more critical. However, I would also argue that being financially literate is required when you have a career; and we hope all youth find a career. As well, being financially literate involves being an active citizen and a smart consumer; which would marry it well within Civics. </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Thanks for reading. Let;s get this done together<b> </b><span style="color: #660000;"><b>NOW</b> </span>(please)</span><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-65446165043582648112013-11-18T18:10:00.002-05:002013-11-18T18:10:12.950-05:00Youthonomics - Facts from a recent IEF survey on Financial Literacy in High School <br />
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Thanks to the <span style="color: #274e13;"><a href="http://www.getsmarteraboutmoney.ca/en/research/Our-research/Documents/infographic-2012-financial-literacy-study.pdf">Investor Education Fund Study</a></span> who provided some insight on the state of Financial Literacy </span><span style="font-size: large;">in High School </span></h3>
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<span style="font-size: large;">Much work to be done for the sake of youth and the economy of Canada in general... Can we afford to wait? </span></h3>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-63410771034028436512013-11-13T05:58:00.000-05:002013-11-13T05:58:48.605-05:00The Sad State of Financial Literacy Education <br />
<span style="font-family: Arial, Helvetica, sans-serif;">These Infographics can really tell a story. Happy and Sad. While this one is from last year and it refers to US stats we can refer to many of the CDN numbers because we found the data. </span><span style="font-family: Arial, Helvetica, sans-serif;">Perhaps someone creative will make me a nice infographic shortly (I'm not the creative type of accountant that you read about in the news) </span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The data is based on a few different studies including an International Study of Financial Literacy undertaken by Visa each year. A barometer of sorts and based on information from 28 Countries. You might want to take a seat: </span><br />
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<li><span style="font-family: Arial, Helvetica, sans-serif;">Wealthier nations spend the <b>least amount of time</b> talking to their children about money. Americans spent approximately 26 days a year whereas Canadian parents only spent 22 days a year talking about money management issues. Parents from Brazil & Mexico topped the list-spending about 42 and 38 days respectively talking to their kids about money </span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">More than half of the countries surveyed believed that their youth do not understand finances. Canada, the US and Bosnia had the worst opinion of the level of financial literacy that their children have-with 70% saying their teens don't understand money management basics.</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Both in the US and Canada approximately 56% of households do not have a budget. </span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">In the US, 22% of families really don't have a "good handle" on what they spend each month on housing, food or entertainment</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">In the International study, US Teens ranked NEXT TO LAST for their financial knowledge of 28 Countries at NUMBER 27. And Canada? Canada came in at NUMBER 26</span></li>
<li><span style="font-family: Arial, Helvetica, sans-serif;">In the US, Only 13 States (in 2012) have made a personal finance course mandatory in school. What are the requirements across Canada. We will reach out to find out. We know in Canada...Financial literacy education is not happening to any great extent or to any extent of where it should be for the benefit of our next generation. </span></li>
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<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-25470019887823257822013-08-13T12:50:00.000-04:002013-08-13T12:50:31.852-04:00<h2 style="margin-top: 0cm;">
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14.0pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">Your Growing Digital Estate - why we worry</span></h2>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14.0pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">A good article from The Student Lawyer website www.thestudentlawyer.com </span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14.0pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">(The choice for aspiring lawyers and us) </span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14.0pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://thestudentlawyer.com/2013/05/09/digital-estate-planning-is-google-your-next-estate-planner" target="_blank">Read the entire article here</a></span></h2>
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<span style="color: #4f6228; font-family: Arial, sans-serif; font-size: 14pt; font-weight: normal; line-height: 115%;">Digital Estate
Planning-Is Google your Next Estate Planner?</span></h2>
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<i><span style="font-family: Arial, sans-serif;">This article picks up
on a discussion with Jamie Hopkins who is Assistant Professor of Taxation at
New York Life Center for Retirement Income about the challenges facing
traditional estate planning in relation to the disposition of digital
electronic assets</span></i><span style="font-family: "Arial","sans-serif";"><o:p></o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">…”the unique nature of digital assets,
coupled with the fact that many digital assets will long outlive their owners,
presents new challenges to traditional estate planning techniques…”</span><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">While many people do not
have an estate plan in place for the disposition of their traditional assets,
even fewer have a specifically designed digital estate plan to manage their
digital assets upon death. By the end of 2012, almost 30 million Facebook accounts
had outlived their owners, but only three million had been memorialised [4] for
their deceased owners. This leaves millions of photographs, private messages,
and other digital assets stored on the deceased’s Facebook account, which is
inaccessible to his or her family and friends.[5] These forgotten pages become
a virtual shrine, creating ‘a pixilated Dorian Gray, colored by iPhone photos,
‘pokes’, and ‘LOLs’ — possibly for an eternity.’[6] As such, the unique nature
of digital assets, coupled with the fact that many digital assets will long
outlive their owners, present new challenges to traditional estate planning
techniques, requiring more complex planning techniques than previously used for
the disposition and management of traditional estates.<o:p></o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-themecolor: accent3; mso-themeshade: 128;">What will happen if you or one of
your loved ones sets up all of their accounts online but the access information
is not shared? A family already grieving is subject to even further distress.
The last thing you or your family need is a time of grief is the frustration
and potential financial loss because proper digital estate planning was not
considered especially in light of the fact that there are unique issues that
plague digital assets like ownership and transferability.<o:p></o:p></span></div>
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<span style="color: #403152; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #403152; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent4; mso-themecolor: accent4; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #403152; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #403152; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent4; mso-themecolor: accent4; mso-themeshade: 128;">Read on and make a plan<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #403152; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #403152; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent4; mso-themecolor: accent4; mso-themeshade: 128;">PS LegacyTracker provides
for digital estate planning<o:p></o:p></span></div>
<br />
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-74742744519017077982013-07-25T11:18:00.000-04:002013-07-25T13:00:56.905-04:00Let's get it together Ontario for the sake of all residents (and former residents) <br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The submission deadline for Ontario's unclaimed
Property Program has been delayed until Sept 18th. </span><span style="background-color: white; color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt; line-height: 115%;">I guess the thought is that we are already 40+yrs
behind the US & so what’s a few more weeks especially when the weather is
so delightful.</span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">But sadly, this is the second try for Ontario (!) <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Ontario was the first province to pass Unclaimed
property legislation in Canada (1989). 22 years later it was still not in force
and the Bill was repealed. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Of my many suggestions to the Attorney General
here is one….<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><i>No more push to paperless until Canada gets all
Provinces onboard with Unclaimed Property Legislation. </i><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Yesterday I got a note from my RESP provider (Invesco
Trimark). No more PRINTED semi-annual statements effective 2014. Not cool because this increases the risk that any funds with Invesco Trimark will go unclaimed. But Age Unfriendly as well. Do all Invesco Trimark Investors have online access? Really? <o:p></o:p></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The US considers such legislation as an important
component of Consumer Protection Legislation-and it is! So...why are we some 40
years behind? </span><span style="background-color: white; color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt; line-height: 115%;">The US has $58B in unclaimed funds/property
despite the program but searching for assets is much easier.</span></div>
<br />
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In Canada ? The total is at least $4B and the
searching is difficult. <o:p></o:p></span></div>
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<br />
<h3>
<a href="http://www.attorneygeneral.jus.gov.on.ca/english/about/uipp_consultation.asp" target="_blank">Read more on submissions to Ontario's Unclaimed Property Program</a></h3>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-18814725991895118512013-06-23T19:19:00.001-04:002013-06-23T19:19:20.009-04:00US Life Insurers finally do the right thing on unclaimed death benefits<br />
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<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">Re: Insurers have been found to be collecting premiums till the accounts are depleted...even though they should or 'did' know that the policy owner was deceased..They have reached a $267M in settlements </span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-tiUEsgYvb_w/UceCW0RFBgI/AAAAAAAAAuQ/zbRHeYpx-o8/s1600/Life+insurance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-tiUEsgYvb_w/UceCW0RFBgI/AAAAAAAAAuQ/zbRHeYpx-o8/s1600/Life+insurance.jpg" /></a></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
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<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">It’s
been going on around the US for a year or so…Individual States, squeezing
Insurers to come ‘clean’ on death benefits that have remained unpaid instead of
going to rightful beneficiaries. Nearly $267M in unpaid death benefits have already
been recovered in the State of California alone. <o:p></o:p></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">In
the US they take unclaimed property/funds very seriously. In the US it’s serious
because unclaimed property has been an important part of consumer protection
legislation more/less the1940’s. Not so in Canada.<o:p></o:p></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">In
the US, each state requires ‘holders’ to forward unpaid or unclaimed amounts to
them and each State proactively looks for the owners. In the meantime, each
State uses the cash, but for the most part there is no deadline for the asset
to be claimed. </span></span></span><span class="MsoHyperlink"><span style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="color: windowtext; font-family: Arial, sans-serif; font-size: 12pt;">In
the case of life insurance it might be difficult to determine when a death
benefit is unclaimed-without knowing if the owner of the policy is actually deceased.
The problem is solved by using the ‘death file’ which each insurer runs against
their policies to determine the ones where the owner has died. The problem is
that in some instances, the insurers, were able to use the ‘death file’ to stop
paying annuities but not to stop collecting premiums on policies or to seek the
beneficiary out in order to payout the death benefit.</span><span style="color: windowtext; font-family: Arial, sans-serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><br /></span></span></span></div>
<div class="MsoNormal">
<span class="MsoHyperlink"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">In
California, almost a dozen insurers continued to deduct premiums against
policies until all the cash benefit was depleted and then they closed down the
account without notifying anyone. Of course, the onus is on the beneficiary to
file a claim; but in these cases, there is no disputing the fact that the
insurers knew the owner was deceased and in most cases, it was a matter of the
beneficiary not knowing that there was a policy. </span></span></span><span class="MsoHyperlink"><span style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span class="MsoHyperlink"></span></div>
<div class="MsoNormal" style="margin-bottom: 11.25pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The state controller, John Chiang said, “it's
ethically and morally wrong for an insurer to sit back and do nothing after
finding out that a policyholder has passed away….<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 11.25pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">They should do what they promise," If
you're going to spend billions of dollars advertising that you'll be there when
people need them, then you should do it. You should do the right thing."<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 11.25pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Sheila Bridgeforth, a company spokeswoman,
declined to comment but said Prudential believes that "there is nothing
more important than honoring our obligations to our policyholders." Which is apparently the reason they settled up for $47M last year with the State of California which has resulted in beneficiaries like the one noted in the article, receiving death benefits years after they should have. Her Mother died in 1995 and her father passed away in 1999. In 2013, she received $11,000 from their policies. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 11.25pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Read the full article here from the David Lazarus of the LA Times Dated June 18 2013</span></div>
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<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.latimes.com/business/la-fi-lazarus-20130618,0,2670681.column" target="_blank">LA Times-Life Insurers finally do the right thing on unclaimed death benefits</a></span></div>
<div class="MsoNormal" style="margin-bottom: 11.25pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<br />
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-87494580674832218902013-06-23T18:04:00.000-04:002013-06-23T18:06:48.304-04:00How can financial service providers meet the retirement challenge of consumers?<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-9dTF5TeFp1g/Ucdt02vHXbI/AAAAAAAAAuA/xzbunhApipQ/s1600/Meeting+the+retirement+challenge_Deloitte+2012.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://1.bp.blogspot.com/-9dTF5TeFp1g/Ucdt02vHXbI/AAAAAAAAAuA/xzbunhApipQ/s1600/Meeting+the+retirement+challenge_Deloitte+2012.jpg" height="640" width="291" /></a></div>
<br />
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<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">An August 2012 study from the Deliotte Centre for Financial Services (and Harris
Interactive) shows too many Americans may not be adequately
preparing for retirement or likely believe a successful plan is beyond their
capabilities.</span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"> 58% of Americans do not have a formal retirement income and
savings plan in place even though 50% cite retirement as a priority<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Too few may be turning to professionals for advice and solutions. Why?<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></div>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
</div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<u><span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Conflicting priorities</span></u><span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"> – balancing such long term needs with other, more immediate,
financial priorities</span></div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<u style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><span lang="EN-CA" style="font-size: 12pt;">A failure to communicate</span></u><span lang="EN-CA" style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"> – Financial institutions
often do not effectively reach those who may need retirement planning advice
and solutions…And even when they do, they
don’t necessarily integrate consumers’ retirement needs as part of a
broader financial plan taking into account other priorities</span></div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<u style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><span lang="EN-CA" style="font-size: 12pt;">A lack of product awareness</span></u><span lang="EN-CA" style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"> – many consumers are
simply not familiar with a number of retirement product options at their
disposal.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<u style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><span lang="EN-CA" style="font-size: 12pt;">Mistrust in financial institutions</span></u><span lang="EN-CA" style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"> & intermediaries </span></div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<u style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><span lang="EN-CA" style="font-size: 12pt;">Do it myself mentality</span></u><span lang="EN-CA" style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;">-4 out of 10 prefer managing their portfolio on their own</span></div>
<div class="MsoNormal" style="margin: 0in 0in 6pt 0.25in;">
<span lang="EN-CA" style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><u>LegacyTracker as a white label/co-branded solution, can help with the top 3</u></span></div>
<br />
<a href="http://www.deloitte.com/view/en_US/us/Industries/Insurance-Financial-Services/e8b8d86e6161d310VgnVCM2000003356f70aRCRD.htm" target="_blank">Visit Deloitte Financial Services here</a><br />
<br />
<br />Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5027877104231567948.post-76854415341140792392013-06-11T11:09:00.001-04:002013-06-11T11:09:28.357-04:00Before you go…Mr. Carney:<br />
<br />
<div class="MsoNormal">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">(An open letter to Mark Carney)<o:p></o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">There’s been a fair bit of ongoing
analysis and controversy surrounding the remarks you made some months ago about
Corporate Canada sitting on huge piles of </span><span class="TitleChar"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;">“<u>dead
money</u>”</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"> on their balance
sheets that could be better utilized to feed the economy or failing that; returned
to investors.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 3;">
<span style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt;"><a href="http://business.financialpost.com/2012/08/22/dont-blame-the-loonie-for-weak-exports-carney-tells-caw/" target="_blank">Stop sitting on your cash piles, Carney tells Corporate Canada</a></span></div>
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<span style="color: #4f6228; font-family: Arial, sans-serif; font-size: 12pt; line-height: 12pt;">Financial Post Aug 22 2012</span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0in; mso-outline-level: 3;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.theglobeandmail.com/report-on-business/dead-money-a-missed-opportunity-for-cash-hoarding-companies/article4537209" target="_blank">Free up 'dead money' Carney exhorts Corporate Canada</a></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The Globe and Mail
Aug 22, 2012<o:p></o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.thestar.com/news/canada/2013/01/29/corporations_stockpile_of_dead_money_tops_500_million_clc_report.html" target="_blank">Canada's corporate 'dead money' grows as consumers fall deeper in debt</a></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 31.0pt 0in;">
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Toronto
Star Sept 17 2012<o:p></o:p></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.canadianbusiness.com/economy/dead-money" target="_blank">Dead Money</a></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 31.0pt 0in;">
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Canadian
Business Feb 12, 2013<o:p></o:p></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.obj.ca/Technology/2012-12-03/article-3129687/Ottawa%26rsquos-dead-money/1" target="_blank">Ottawa's 'dead money'</a></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 31.0pt 0in;">
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Ottawa
Business Journal Dec 3 2012<o:p></o:p></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.cbc.ca/news/business/story/2012/08/23/business-carney-cash.html" target="_blank">Carney urges firms to spend cash or return to shareholders</a></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 31.0pt 0in;">
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">CBC
News August 23 2012<o:p></o:p></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0in 0in 31.0pt 0in;">
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Estimates
vary but it seems that the total balance of ‘dead money’ has increased as much
as 40% since 2009; and may total as much as <b><u>$526 Billion</u></b>… and that has you concerned. </span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><u>That is indeed a lot of cash</u>. No
question there. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">But,
as you head out on your new adventure and leave the Bank of Canada, I think it’s only fair to point out that corporations
are not alone in holding onto ‘dead money’ that could be better utilized to
grow the economy. <o:p></o:p></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<br /></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">I am a bit embarrassed to point out that our own highly respected Bank of Canada
which you have so masterfully governed for the past 5 years, is itself currently sitting
on <b><u>$500Million</u></b> in unclaimed funds which I think we could agree may also be described as “dead money” and money that could be much better utilized
to feed the economy….<u>if not the actual owners</u>. That might be possible, if only the Bank of
Canada took a more proactive approach to finding those owners.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Indeed, the
rise in the balance of unclaimed funds in the Bank of Canada certainly appears
to rival the rise in ‘dead money’ in Corporations with an increase of<u> </u><b>55% over
the past 5 years (!)</b> That’s an extraordinary increase on an extraordinary
balance of ‘dead money’ given that the this balance of <u><b>$500M</b></u> only includes amounts
turned over by <u>federally</u> (not provincially) regulated banks, and only after 10
years of inactivity and only where those accounts are held in Canadian dollars (no
foreign $ amounts). <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Alas,
despite this extraordinary increase on an extraordinary balance on a population
of only some <b><u>34M</u></b> Canadians, very little awareness and very little effort seems
to be being made in trying to locate owners. Granted, the Bank of Canada does
update this balance once a year and provides an online database for unclaimed
funds; whereas, the same treatment is not afforded to the balance of Unclaimed/Matured
Canada Savings Bonds which are also piling up at the BoC. </span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">It is not a published
number but I understand the value of Unclaimed/Matured Canada Savings Bonds totaled
<b>$259M</b> as of this past April which I believe would make that an increase of <b><u>$147M or 231% or over the
past 5 years</u></b>. </span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Extraordinary and Sad at the same time.<o:p></o:p></span></div>
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<br /></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">So,
using the same argument you have made for ‘dead money’ in Corporate Canada…for the
sake of the economy AND in this case, for the sake of Canadians generally, <u>don’t
you think we could put a little more effort into reuniting this money with
owners? <o:p></o:p></u></span></div>
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<br /></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This
is after all, <i>the age of technology</i> so one would think we could apply a little
technology to finding owners and making things right. But as well, if some inspiration is needed into this challenge, we can also look south for some good ideas
given that the US has had <u>consistent & comprehensive unclaimed property
legislation</u> in place for 50+ years. In the US, unlike the situation in Canada, unclaimed property legislation is an important part of consumer
protection legislation. Sadly, <u>that's not the case in Canada; but it should be</u>.
Each state in the US has enacted unclaimed property legislation requiring the transfer of <u>all unclaimed property </u>to that State who then takes a very proactive role in helping to return assets to owners. </span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><u><br /></u></span></div>
<div class="MsoNormal" style="border: none; margin-bottom: .0001pt; margin-bottom: 0in; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0in 0in 31.0pt 0in; padding: 0in;">
<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">So before you go...perhaps you and Mr. Poloz could give the 'dead money' in the Bank of Canada some thought. </span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Brenda Potter Phelan </span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Legacy Tracker Inc.</span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Oakville and Cambridge ON</span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
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<span style="background: white; color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><br /></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-19176293648079282062013-02-26T17:44:00.002-05:002013-02-26T17:54:47.131-05:00How can LegacyTracker help financial advisors help their clients<br />
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: black; font-family: Times New Roman;">
</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">We see an opportunity for Legacy Tracker to solve a great many
problems for individuals and families and a great many opportunities for financial
advisors to make it happen. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
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<span style="color: black; font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">As an accountant, tax practitioner and financial planner for 20+
years I have had a front row seat to many of the problems experienced by too many
clients and the families of clients. </span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Problems like:</span></div>
<ul>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Many Canadians have identified personal finance as one of their largest sources of stress. A recent survey by the employee Financial Education Division in Canada (EFED) showed that 25% of employees feel financially distressed which leads to reduced productivity and a common feeling that their finances are ‘out of control’. Many individuals are unfamiliar with tracking their net worth and don't have a good sense of whether or not they are making any progress month after month. Many don't even open their monthly statements each month (trust me I know as a tax practioner for many years) Their assets may (or may not) be increasing but perhaps their liabilities are increasing at the same or a faster pace </span></div>
</li>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Too many individuals delay getting started on financial planning because often they
don’t know how to get started<span style="mso-bidi-font-weight: bold;"> or how to get organized
to get started. They are often overwhelmed by their day to day responsibilities and competing demands on their time and their money. Result: Missed opportunities
for saving and planning their financial future.</span></span></div>
</li>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-bidi-font-weight: bold;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Financial literacy is generally weak. An </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-themecolor: accent3; mso-themeshade: 128;">Ipsos Reid survey for ABC Life Literacy </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">showed that only 20% of Canadians have confidence in their math and money
skills as they relate to helping plan for a secure financial future. Result: Missed
opportunities for saving and for better tax and estate planning</span><i style="mso-bidi-font-style: normal;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: accent3; mso-themeshade: 128;"> </span></i></span></span></div>
</li>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-bidi-font-weight: bold;"><i style="mso-bidi-font-style: normal;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: accent3; mso-themeshade: 128;"></span></i></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Important discussions between family
members relating to items like the location of important documents, asset
distribution plans and final wishes etc., are being put off until it’s too
late. Advisors don’t always have a relationship with the children of their
clients in order to assist. Result: Missed opportunities for better estate or
tax planning, increased potential for additional grief, costs, delay and family
conflicts when an emergency arises.<o:p></o:p></span></div>
</li>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-bidi-font-weight: bold;"><i style="mso-bidi-font-style: normal;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: accent3; mso-themeshade: 128;"></span></i></span></span>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Emergencies related to a death, incapacity, identity theft, physical
disaster or natural disasters are all on the rise unfortunately and require an immediate
response which requires the availability of important documentation. An August
2011 online survey by Canadian Life and Health insurance Association </span><span style="background: white; color: #323232; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">indicated that only 26% of Canadians think their personal and financial
information would be easy to access in an emergency. </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-weight: bold; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Result:
Increased potential for additional grief, costs, delay and family conflicts
when an emergency arises</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-bidi-font-weight: bold;"><i style="mso-bidi-font-style: normal;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: accent3; mso-themeshade: 128;"></span></i></span></span></div>
</li>
<li><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-bidi-font-weight: bold;"><span style="color: black;"><span style="font-family: Times New Roman;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Too many assets are being left
unclaimed. The problem is global and growing. Bank accounts, savings bonds, insurance
benefits, pension funds, stock certificates etc. US Estimate $58B CDN Estimate
$4B Impact: Result of Lost assets? Priceless? Hard work for tax paid assets wasted. Lost opportunities for family and fun. </span>
<o:p></o:p></span></span></span></span></div>
</li>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"></span></ul>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 6pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">How can
Legacy Tracker Help end users?</span></u></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 6pt; mso-layout-grid-align: none;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-themecolor: accent3; mso-themeshade: 128;">Legacy Tracker is a
common sense solution that helps clients organize, track and monitor and
safeguard their important financial, legal and estate information and documents
in a single, secure place. Legacy Tracker is web based so it makes this
important information accessible to them remotely and it allows for selected
information to be shared should they chose to do so. <o:p></o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-themecolor: accent3; mso-themeshade: 128;">Knowing that information
is organized, secure and accessible in one place can go a long way in reducing
stress while providing peace of mind to both individuals and their loved ones.
It reduces the financial risk of lost assets while allowing for more proactive
financial planning and decision making. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span><br />
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 6pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">How can
Legacy Tracker help you as a valued financial advisor?<o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-themecolor: accent3; mso-themeshade: 128;">From your perspective as a valued financial advisor, Legacy
Tracker provides an opportunity for more effective and valued relationships with
clients by providing the following benefits: </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN; mso-themecolor: accent3; mso-themeshade: 128;">Big Picture View.</span></u><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN; mso-themecolor: accent3; mso-themeshade: 128;"> The
key to effective financial planning is the ability to take into account all
relevant aspects of a financial situation (“the big picture”) </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Legacy Tracker enables
clients to take this ‘big picture’ view towards retirement, tax and estate
planning needs with reminders and alerts about missing our outdated info built
in. <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">This view helps clients supported by their advisors, to more
easily highlight and identify potential problem areas or gaps in planning,
asset or risk management. <o:p></o:p></span></div>
<br />
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Better Collaboration</span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">. We believe that better organized clients are
better clients because collaboration can be enhanced greatly. When clients have
better information about what they have and where they are at, next steps can
be more easily clarified to ensure that future goals are met. It also means
that decision making can often be expedited.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoListParagraph" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Up to date Information</span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">. Tracking net worth is one of the
best ways to monitor financial progress. Simple updating of values inside
Legacy Tracker enables net worth tracking but it also provides an opportunity
for other information to be updated at the same time. Some of these changes are
important for advisors to be made aware of which reduces the risk of an unhappy
surprise. Legacy Tracker provides for ongoing value but also more opportunities
for ongoing communications with their advisor.</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<br />
<div class="MsoListParagraph" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Reduce financial risk. </span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">The detailed templates contained
within Legacy Tracker help guide and educate clients about what kind of
information is important to document and make accessible should an emergency
arise such as death, incapacity, identity theft or natural or physical disaster.
Safeguarding this information reduces financial risk for clients and their families’
related to unclaimed funds and delayed claims. Ensuring that assets are not
lost means that more assets can be invested.</span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Without
properly safeguarding important information, the risk of assets getting ‘lost’
will increase as a result of changes that have been occurring in relation to aging
demographics, increased longevity (which brings forgetfulness), the increase in </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">natural
and physical disasters and the push to paperless record keeping<u>. Unclaimed
funds approximate some $4 Billion in Canada currently ($58B in the US)<span style="mso-spacerun: yes;"> </span></u></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Market Differentiator.</span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"> Legacy Tracker is a white label or
co-branded solution that allows financial organizations to provide a meaningful
way to differentiate their brand in a busy marketplace and support more valued
and profitable relationships with customers/account holders or clients. Solidifying
such relationships can also mean providing value to the families of clients
which provides an opportunity to expand the client base of advisors to include extended
family, reducing the risk of intergenerational transfers<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;">Emergency Preparedness.</span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-weight: bold; mso-themecolor: accent3; mso-themeshade: 128;"> Recovering as quickly as possible from emergencies that result from a
death, incapacity, identity theft, or a physical or natural disaster, requires
an immediate response and that means the availability of important
documentation. How does one put a value on helping clients reduce additional
delay, expense and grief in times of emergency? </span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span></div>
<span style="font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Check out our 2 minute or less video for a summary of how we think
we can help you help better</span><span style="font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%;"><u><span style="color: #4f6228; mso-themecolor: accent3; mso-themeshade: 128;"><o:p><a href="http://youtu.be/ohNS5mYQaG4" target="_blank">Click here for our video</a></o:p></span></u></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-22973006327904082702013-02-25T18:21:00.002-05:002013-02-27T16:18:49.696-05:00Interesting Infographic on digital assets from the 2011 McAffee Study <div class="separator" style="clear: both; text-align: center;">
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-themecolor: accent3; mso-themeshade: 128;">Interesting infographic based on the 2011 global study that McAfee commissioned on digital assets. The research (provided by MSI International) surveyed
more than 3,000 consumers across 10 countries and shows varying values of digital assets. </span></div>
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<a href="http://4.bp.blogspot.com/-C3hwMNmqFQ0/USvw0vH3PKI/AAAAAAAAAsM/fpEGab7ZlM8/s1600/mcafee_digassets_FINAL.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-C3hwMNmqFQ0/USvw0vH3PKI/AAAAAAAAAsM/fpEGab7ZlM8/s1600/mcafee_digassets_FINAL.jpg" height="627" width="640" /></a></div>
<br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-67816842330959404992013-02-25T18:04:00.000-05:002013-02-26T12:22:52.384-05:00Digital Assets: What are they and how you should safeguard them<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Years ago we saved photos in albums, music in CD’s (or tapes!) and
correspondence in letters and we saved all of that around our house for the
most part. But technology has changed all of that. Now, many of our personal
mementos are saved ‘digitally’ on our computers or hand held devices as well as
on social media websites and somewhere ‘in the cloud’ which even though we may
not understand how it works; we are glad that it does. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The value of these ‘digital assets’ can really add up. Some of those
digital assets might actually be income earning like a website that generates
revenue from advertising. Access to these digital assets often requires a logon
and a password that we may or may not have made a note about somewhere or shared
with a loved one. <span style="mso-spacerun: yes;"> </span>And, sometimes even though
we may not be aware ownership of these digital assets may not be completely
clear in a legal sense. <span style="mso-spacerun: yes;"> </span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Cambria","serif"; font-size: 14pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">What are digital assets?<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Hardware devices and the digital files stored on those devices</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Email accounts including the content and attachments to those emails</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Domain names and the files that are included in a website</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Photo libraries, personal information and entertainment files
(music downloads)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Personal memories (photographs)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Personal records (health, financial, insurance records),</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Career information( resumes, cover letters, email contacts)</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l3 level1 lfo3; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-spacerun: yes;"> </span>Personal creative projects
and hobby files<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Internet security company McAfee did a global study on digital
assets that was released towards the end of 2011. The research (provided by MSI
International) surveyed more than 3,000 consumers across 10 countries. There
were some interesting findings: .<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Consumers placed an average value of $37,438 on the digital assets they
owned across multiple digital devices.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Regionally, North Americans had the highest perceived value of
their total digital assets with an average value of $52,154 (Canada $47,074)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">25% of consumer Internet users own at least 5 devices per household
</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">60% of consumer Internet users own at least 3 devices per household</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">41% of those surveyed spent more than 20 hours per week using a
digital device for personal use</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 39pt; mso-add-space: auto; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">27% those digital assets were considered “impossible to restore’ if
lost and were valued at $23,938 on average</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Despite the evolving threats across all types of devices and and
the high value of the files stored that those surveyed put on their digital assets:</span></div>
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">36% of those surveyed lacked any real protection across all of
those devices</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">40% of the those surveyed do not worry much about their protection<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Cambria","serif"; font-size: 14pt; line-height: 115%; mso-ascii-theme-font: major-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: major-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">How much are your digital assets worth and …have you safeguarded
them?<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l4 level1 lfo5; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">How difficult would it be to gain access to your digital assets if
your computer or your personal records were lost?</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l4 level1 lfo5; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">What happens to these assets or your life online after you pass
away?<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Whether they have financial value or are just of sentimental value,
estate plans really need to evolve to include these online properties.<span style="color: black;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Indeed, this is one of the fastest growing areas of estate
planning.<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-sgCQgWUrLSk/USvswFEcBeI/AAAAAAAAAr4/OOnqqoq0yjc/s1600/digital+assets+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-sgCQgWUrLSk/USvswFEcBeI/AAAAAAAAAr4/OOnqqoq0yjc/s1600/digital+assets+2.jpg" /></a></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">"Identify, inventory and value your digital assets. This will
minimize the burden on your attorney/executor as they may not be aware of the
existence of these assets. Doing so will also minimize the risk of losing
assets that may have both financial and sentimental value,"</span></i><span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"> <span style="mso-spacerun: yes;"> </span>Marlena Pospiech, Senior
Manager, Retirement planning strategy, <a href="http://ca.finance.yahoo.com/q?s=BMO.TO&ql=1"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">BMO</span></a> Financial
Group.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">As is generally the case, Canada is behind
the US in terms of ‘trends’ and the law with respect to those trends and protection
of digital assets is no exception. The State of Virginia passed related legislation
last week. Approximately 6 states now have laws relating to digital assets;
whereas in Canada there is neither legislation nor any case law yet on the
books; just dialogue. As well, not every professional you deal with will ask
you about your digital assets. Therefore, if no instructions are left or alternative
arrangements made, a lot of digital assets will be left in ‘limbo’ as a result
of privacy legislation which will continue to protect those that have passed
away; which can lead to additional grief and stress. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">So, it is highly
recommended that individuals inventory their digital assets and their digital
life online and provide access information and instructions about how they wish
those assets to be dealt with.....<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<u><span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Which is why we have a place to do just
that in Legacy Tracker <o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In terms of estate planning the following
considerations are some general guidelines:</span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p><span style="color: black; font-family: Times New Roman;"></span> </o:p></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">1) Your will should recognize the fact that you have digital assets
and the fact that your executor has authority to access and control your
digital assets or assign those responsibilities over to someone whom you would
designate<o:p></o:p></span></div>
<span style="color: black; font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">2) Provide a written
inventory of all your digital assets that includes how you want to deal with
each of those assets and how your executor can access those assets (usernames
and passwords etc.)</span><span style="color: black; font-family: Times New Roman;">
</span></div>
<span lang="EN-CA" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A
good resource for learning more about digital assets and your digital existence
–now and later is <a href="http://www.thedigitalbeyond.com/" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">www.thedigitalbeyond.com</span></a></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span><br />
<span style="color: black; font-family: Times New Roman;">
</span><br />
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt;">
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-59465788201387300082013-02-22T09:45:00.001-05:002013-02-22T09:52:51.075-05:00A Friday Pep Talk <br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This video has nothing to do Legacy Tracker. It has nothing to do with uncovering some of the facts around Unclaimed Funds. And, i has nothing to do with my
hope for Unclaimed Fund Legislation across the land of Canada...which is long overdue. </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Instead…it’s a pep talk. A pep talk from a President (Kid) or
actually 9 year old 'Kid President'</span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">You will like it. I am quite certain of that. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">But I am also dedicating it to 3 particular people in Ontario<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">(New) Premier Wynne, Andrea Horwath and Tim Hudak<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">It would be great if they could sit together in the same room for 3
minutes & 28 seconds to watch this video. Possible? I remain an optimist. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.youtube.com/watch?v=l-gQLqv9f4o&feature=share&list=SPzvRx_johoA-YabI6FWcU-jL6nKA1Um-t" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Awesome Video Pep Talk from Kid President </span></a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Wisdom from a 9 year old Kid President:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Stop being boring (Bickering is boring) <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Work together people<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Create something that will make the world (or say Ontario) awesome<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Time to do something<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Less complaining more dancing<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">We have work to do<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Let’s get out<span style="mso-spacerun: yes;"> </span>there<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Get to it<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-69164203533503766252013-02-21T12:57:00.002-05:002013-02-21T14:28:59.806-05:00Another explanation about unclaimed safety deposit boxes (American Style)<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<b><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">What happens to safety
deposit boxes in the US after 10 or so years?</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<b><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">the site <a href="http://www.punny.org/">www.punny.org</a> sees explains it this way:</span></b></div>
<br />
<a href="http://www.punny.org/money/how-to-save-your-safe-deposit-box-from-all-the-people-trying-to-steal-it/" target="_blank"><span style="font-family: Arial, Helvetica, sans-serif;">The fate of abandoned safety deposit boxes according to Punny Money</span></a><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-WgshXfQU2ks/USZepjOFNbI/AAAAAAAAAro/d-1j5OYmCuo/s1600/Punny+Money_safety+deposit+boxes.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="http://2.bp.blogspot.com/-WgshXfQU2ks/USZepjOFNbI/AAAAAAAAAro/d-1j5OYmCuo/s1600/Punny+Money_safety+deposit+boxes.png" width="379" /></a></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5027877104231567948.post-68575881455508523762013-02-21T12:44:00.002-05:002013-02-21T14:39:45.823-05:00The secrets behind unclaimed safety deposit boxes<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 2.4pt; mso-margin-top-alt: auto; mso-outline-level: 2;">
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><o:p></o:p></span> </div>
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><span style="background-color: #eeeeee; color: #666666; font-family: Arial, Helvetica, sans-serif;">From a story by the New England Cable News</span></span><br />
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><span style="background-color: #eeeeee; color: #666666; font-family: Arial, Helvetica, sans-serif;">Post-Crescent Madison, Wis (AP)</span></span><br />
<span lang="EN" style="color: #666666; font-family: Arial, Helvetica, sans-serif; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";">Feb 16 2013</span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 2.4pt; mso-margin-top-alt: auto; mso-outline-level: 2;">
<b><span lang="EN" style="color: black; font-family: "Tahoma","sans-serif"; font-size: 13.5pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><span style="background-color: #eeeeee;"><span style="color: #666666;"><span style="font-family: Arial, Helvetica, sans-serif;">Unclaimed
property, untold stories in safety boxes<o:p></o:p></span></span></span></span></b></div>
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<a href="http://2.bp.blogspot.com/-nGEiHcseElY/USZcxAdMMGI/AAAAAAAAArg/vKUl_G8H2KI/s1600/safety+deposit+boxes.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="background-color: #eeeeee;"><img border="0" src="http://2.bp.blogspot.com/-nGEiHcseElY/USZcxAdMMGI/AAAAAAAAArg/vKUl_G8H2KI/s1600/safety+deposit+boxes.png" /></span></a></div>
<span style="background-color: #eeeeee;"></span><br />
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">I am sure any day now someone will realize that they could make the story
of unclaimed safety deposit boxes a reality TV show but until they do so, I
pass along this story by <span style="mso-spacerun: yes;"> </span>New England
Cable News which shines some light on how the US handles unclaimed safety
deposit boxes (for obvious reasons, it fails to shine any light on what happens
here in Canada but we will keep trying)<o:p></o:p></span></span></div>
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><a href="http://www.necn.com/pages/print_landing?&apID=c9a3a84614a44cc7bba8d9f915a7a627&" target="_blank"><span style="background-color: #eeeeee; font-family: Arial, Helvetica, sans-serif;">NECN - Unclaimed property, untold stories in safety boxes</span></a><span style="background-color: #eeeeee; font-family: Arial, Helvetica, sans-serif;">&</span></span><br />
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-font-kerning: 18.0pt;"><o:p></o:p></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">In the US, each State takes responsibility for the boxes after 5 years of
no activity (most importantly, missed payments) because safety deposit boxes
are considered unclaimed property and well, the US has had unclaimed property
legislation for about 40+ years. <o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">After reading the story of a typical day of opening abandoned safety
deposit boxes in in a typical state like Wisconsin I have a new appreciation of
why they REALLY try to return the boxes to the rightful owners. <o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">Hundreds of boxes arrive at this particular office in Wisconsin but each
State may vary in the additional amount of time they will hold abandoned items after
receiving the boxes from the banks who have already held them for 5 years..
Wisconsin holds boxes for 2 years while Iowa will hold boxes for 10 more years.
<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<i style="mso-bidi-font-style: normal;"><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">"We've really tried to push our outreach
efforts to let people know about unclaimed funds and getting money back to
people," said Scott Feldt, the deputy state treasurer. "That's our
major effort, that's why we are here."<o:p></o:p></span></span></i></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">They do so at by way of public events, radio, TV and newspaper interviews. They
also publish lists of people owed unclaimed property in various newspapers and in
their searchable online database.<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">More commonly, they hold coins and jewelry, old stamps and personal
documents, like wills and marriage certificates. But often times unusual items
of no monetary value re found in the boxes and they have no choice but to
destroy. This story details some of those finds:<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpFirst" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span style="background-color: #eeeeee;"><span lang="EN" style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">One box contained a Band-Aid box and two toenails, wrapped in tissue.<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span style="background-color: #eeeeee;"><span lang="EN" style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">One box contained an empty envelope.(only)<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span style="background-color: #eeeeee;"><span lang="EN" style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">One box contained nothing but spoons.<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span style="background-color: #eeeeee;"><span lang="EN" style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">One box contained a Rolex box, but alas, no Rolex.<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span style="background-color: #eeeeee;"><span lang="EN" style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">One box contained dental gold, teeth still attached<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin: 0in 0in 0pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">Some of the items are sold in monthly eBay auctions. The office holds the
proceeds for the owner in the event someone later claims them.<o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">Perhaps not these particular items but some
items that are found to have value are sold in monthly eBay auctions and then
the proceeds are held for the owner in the event someone later claims them. <o:p></o:p></span></span><br />
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt 0.25in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">And while it may depend on the State most will
hold onto certain special items ‘in perpetuity’ like photographs and war medals
which they know would mean the most…if they eventually find the rightful
owners. <o:p></o:p></span></span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt 0.25in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="background-color: #eeeeee;">All in all, it seems like a fairly civilized
and respectful process and transparent! <o:p></o:p></span></span></div>
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span lang="EN" style="background-color: #eeeeee;">I look forward to
unravelling the story of unclaimed Canadian Safety deposit boxes. </span></span></span></span><br />
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><span style="mso-spacerun: yes;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span lang="EN" style="background-color: #eeeeee;"></span></span></span></span><br />
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<span style="background-color: #eeeeee; font-family: Times New Roman;">
</span></div>
<span style="background-color: #eeeeee;"></span><br />
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: black; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman";"><o:p> </o:p></span></div>
Unknownnoreply@blogger.com5tag:blogger.com,1999:blog-5027877104231567948.post-82676229287425845482013-02-19T09:25:00.000-05:002013-02-19T09:31:13.501-05:00What if that certified cheque or M/O you provided years ago was never cashed??<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-ZaHQAYmJsCw/USOMZlH-8YI/AAAAAAAAAq4/FMD_h1RnCxY/s1600/TD+money+order.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-ZaHQAYmJsCw/USOMZlH-8YI/AAAAAAAAAq4/FMD_h1RnCxY/s1600/TD+money+order.jpg" height="176" width="320" /></a></div>
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<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Maybe we can brighten up your cold and rainy
Tuesday<o:p></o:p></span></div>
<br />
<a href="http://3.bp.blogspot.com/-8VBoTtCaTGU/USOKhP5oiEI/AAAAAAAAAqs/-esYtLX-Ks8/s1600/Weather+Map.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://3.bp.blogspot.com/-8VBoTtCaTGU/USOKhP5oiEI/AAAAAAAAAqs/-esYtLX-Ks8/s1600/Weather+Map.jpg" height="134" width="200" /></a><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Cold and rainy Mondays are difficult enough to
motivate you back into the work week. But cold and rainy Tuesdays after long
weekend are even more so.<span style="mso-spacerun: yes;"> </span>But perhaps <span style="mso-spacerun: yes;"> </span>we canbrighten up your day. <o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Maybe…you haven’t thought about checking the
Bank of Canada unclaimed funds website because you are pretty careful about
providing the bank with your forwarding address and you have not left any
old bank accounts behind….but there might be another reason to check.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><u>But…have you ever provided a certified cheque
or a money order?</u></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><u>More specifically, what if a certified cheque or money order you paid for never was cashed?</u></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In the case of both of these kinds of
transactions, they are deducted from your account when the Bank draws them up for
you but what if you never gave the certified cheque or the money order to the
payee as you had intended for whatever reason or what if that payee never
actually cashed that payment?<span style="mso-spacerun: yes;"> </span>It becomes
an unclaimed amount. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A review of the Bank of Canada website shows
that there are plenty of those kinds of transactions – enough to make it worth your
while to check <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Please do and let us know if you come across
some of those kinds of transactions or a bank account you or a loved one had
forgotten about.<span style="mso-spacerun: yes;"> </span>And if you have any
other questions about unclaimed funds we would be happy to try and help you
answer them<o:p></o:p></span></div>
<h2>
<a href="http://ucbswww.bank-banque-canada.ca/scripts/search_english.cfm" target="_blank">Link to Bank of Canada Unclaimed balances</a></h2>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-21145350373788149692013-02-17T03:22:00.001-05:002013-02-17T13:35:48.256-05:00Are Canadians really wasting $1B a year in unused Gift Cards?<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-h7pv3oPizSs/USCRSwVYCFI/AAAAAAAAAqc/OU4qXY1tn8U/s1600/Gift+Cards.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://3.bp.blogspot.com/-h7pv3oPizSs/USCRSwVYCFI/AAAAAAAAAqc/OU4qXY1tn8U/s1600/Gift+Cards.png" height="179" width="320" /></a></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">I think I have written about my aversion to Gift Cards before. Yes
I have several on hand myself and I have certainly given out my share but that
doesn’t mean they don’t make me nervous. They make me actually jittery. What if the
Company is no longer around when I get around to using a Gift Card I have? What
if I lose a gift card? Right now my husband is searching for a $50 Keg Card and
I can’t get it off of my mind.<span style="mso-spacerun: yes;"> </span></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">An edition of Daily Finance this week provides a nice list of alternatives if you can't get around to using your gift card or it's just not a card you have much interest in</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"> <a href="http://www.dailyfinance.com/2013/02/15/unwanted-gift-cards-5-ways-cash-in" target="_blank">Daily Finance Article::5 ways to Cash in Unwanted Gift Cards</a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This article to seems to suggest that 56% of cards don’t get
used. Consumer Reports magazine had last estimated that 25% of cards remain
unused more than a year after received , CardSwap which is a Canadian site for
buying, selling or donating gift cards estimates that <u>Canadians waste up to $1
Billion a year by not cashing in gift cards.</u> </span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">No matter the actual total-it's a lot of money. The most popular reason for not using a gift card is reported as "not having enough time to shop "(59%). I am definitely included in that group. The second most popular reason given by consumers for a gift card not being used is not finding an item that they want to buy at that particular retailer (35%). So, that sort of defeats the entire reason that the person gave the gift card in the first place. Lost cards are somewhere in the neighbourhood of 10% and some estimates of cards issued in a year are as high as $90 Billion.. I prefer not to do the math on this. </span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In some US States retailers are now required to register the cards in
a name because gift cards will now be covered by “unclaimed property” <span style="mso-spacerun: yes;"> </span>legislation (which I have definitely mentioned
on this blog before) <u>Oh America you are beautiful sometimes.</u> <o:p></o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In any case, the article lists the following
sites with some pros and cons of each. As an added bonus, most of these sites
are also able to check your card balances as well (a much more efficient way to
find the balance instead of searching through each retailers </span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.giftcardgranny.ca/" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Gift Card Granny-Canadian Site</span></a> </span></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: black; font-family: Times New Roman;">
</span></span></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="https://www.plasticjungle.com/" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Plastic Jungle Site</span></a><o:p></o:p></span></div>
<span style="color: black; font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.raise.com/" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Raise Marketplace-Where you set the price</span></a></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.cardcash.com/index.php?main_page=faqs" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Card Cash Site</span></a></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.giftcardgiver.com/" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Card Giver for Donations-100% are distributed to Organizations and People in need</span></a><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: black; font-family: Times New Roman;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Card
Giver is such a great site-they get an amazing amount of cards that have even
less than $1 which they are grateful to receive because they all add up. I am
waiting to hear back if Canadian cards can be donated here. </span></span></span><span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Canada’s biggest site
right now for Buying, Selling or Donating gift cards although donations seem to
be restricted at this point to specified gift card drives </span></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><a href="http://www.cardswap.ca/" target="_blank"><span style="color: blue;">CardSwap</span></a><o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"></span><br /></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Many
Canadian charities now gladly accept gift cards and the information for doing
that is on their website</span><br />
<span style="color: #4f6228; font-family: Arial;"></span><br />
<span style="color: #4f6228; font-family: Arial;">The rules about gift cards related to expiries, fees, terms or conditions vary by Province. The Retail Council of Canada has a summary of Gift Card legislation on their site </span><br />
<span style="color: #4f6228; font-family: Arial;"><a href="http://www.retailcouncil.org/advocacy/national/cards/GiftCardLegislation-Canada.pdf" target="_blank">Retail Council of Canda-Gift Card Legislation by Province</a></span><br />
<span style="color: #4f6228; font-family: Arial;"></span> </div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Perhaps
this long weekend might be a good time to clean up and out our wallets if you
have too many old gift cards lying around</span><span style="color: #4f6228; font-family: "Times New Roman","serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span> </div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-72844583486295244872013-02-13T00:50:00.001-05:002013-02-13T01:27:40.479-05:00USA Unclaimed Property Balance hits $58 Billion yes $ 58 Billion<span style="color: black; font-family: Times New Roman;"></span><br />
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<a href="http://4.bp.blogspot.com/-3CESfOItpqU/URspOx_sUVI/AAAAAAAAAqM/vupJM5jBtkE/s1600/Buried+US+cash.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-3CESfOItpqU/URspOx_sUVI/AAAAAAAAAqM/vupJM5jBtkE/s1600/Buried+US+cash.jpg" height="195" width="320" /></a></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span> </div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">It looks like the unclaimed fund balances have recently been updated by each
State, federal and other organization as required in the United States as a new
figure is being quoted for the total held. Ready....?</span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><u>The new estimated value for unclaimed
property is now ...$58 Billion.</u> </span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Again, sad but true. That's a lot of
money as it works out to approximately $186 per resident of the US. Imagine if that money was all put to use in the economy. </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The list of assets included in what the US defines as unclaimed (or
abandoned) property (or sometimes referred to as unclaimed assets or unclaimed funds) is quite wide
ranging in the US and actually getting wider. <o:p></o:p></span></div>
<br />
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Common forms of unclaimed property in the US includes savings or chequing
accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's
checks, trust distributions, unredeemed money orders or gift certificate/cards
(in some states), insurance payments or refunds and life insurance policies,
annuities, certificates of deposit, customer overpayments, utility security deposits,
mineral royalty payments, and contents of safety deposit boxes.<o:p></o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Here's some further detail on this $58 Billion estimate:</span><br />
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$300 Million in pension benefits from employment owed to 38,000
individuals<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$16 Billion worth of matured US savings bonds (more than 45 million
bonds)<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$153.3 Million in tax refunds that were not deliverable by the IRS <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$1 Billion in unclaimed insurance policy proceeds <o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$41.7 Billion in unclaimed funds held by individual states.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This last figure of $41.7 Billion is worthy of some further
explanation. . <o:p></o:p></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-family: Times New Roman;">
</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">While rules vary slightly between each state, specific types of
property are considered as being ‘abandoned’ or unclaimed when there has been
no activity for 1-5 years. At that point, all financial organizations or any
organization holding such property or funds are required to turn them over to
the State Treasury. <o:p></o:p></span></div>
</span><span style="font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Each state then takes over the search for owners through websites,
newspaper ads, and booths at Malls and events like State fairs and Exhibitions.
While searching for the owners, the State can use those assets to fund
government operations but the owner’s claim to the property remains intact. Of
the $58 Billion in unclaimed funds that has been reported, $41.7 Billion is
being held by individual States. . <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;">
<i style="mso-bidi-font-style: normal;"><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">"The money
belongs to the owner in perpetuity. Even if the owner dies, then their heirs
could come back and claim it," said Carolyn Atkinson, West Virginia's
deputy treasurer for unclaimed property and a past president of National
Association of Unclaimed Property Administrators.<o:p></o:p></span></i></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">More on this story:<o:p></o:p></span></div>
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<span style="color: black; font-family: Times New Roman;"></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://www.wptv.com/dpp/news/local_news/water_cooler/58-billion-unclaimed-cash-from-states-federal-agencies-little-book-of-missing-money-author-says" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">WPTV news story on unclaimed funds </span></a><o:p></o:p></span></div>
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</span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt; text-align: justify;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">To learn more about the National Association of Unclaimed Property
Administrators and for a link to all State databases : <a href="http://unclaimed.org/" target="_blank">NAUPA Website</a></span></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p></o:p></span><br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-13427377889079765052013-02-12T12:57:00.001-05:002013-02-12T12:57:36.911-05:00What happens when life insurance companies have to find beneficiaries rather than wait for beneficiaries to file claims?<br />
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<a href="http://1.bp.blogspot.com/-GPA_d3I9odc/URqA94HdprI/AAAAAAAAAp8/QZHuxDFRp6M/s1600/Life+Insurance+beneficiaries.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-GPA_d3I9odc/URqA94HdprI/AAAAAAAAAp8/QZHuxDFRp6M/s1600/Life+Insurance+beneficiaries.png" height="108" width="320" /></a></div>
<br />
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In the case of the US, it means that more than
<u>89,000 people</u> across the country are receiving a share of <u>$665 million</u> or more in
life insurance benefits that many didn't know they were entitled to receive.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">New York Gov. Andrew Cuomo attributes the
payouts as being the result of a measure signed into law last year which
requires insurance companies to try to find beneficiaries rather than wait for
recipients to file claims. That makes some sense since many recipients were
named by relatives or friends and did not know that they were named
beneficiaries under life policies. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">"It is only fair for families and
individuals who lost loved ones to receive the life insurance benefits to which
they are entitled," Cuomo said. "<u>Life insurers are now responsible
for proactively identifying policyholder deaths and are making good faith
efforts to find people so hundreds of millions of dollars in unclaimed benefits
can be paid."<o:p></o:p></u></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A probe involving New York-based companies
turned up more than <u>18,000 New Yorkers who will now get $206 million in life
insurance payouts.<o:p></o:p></u></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">State Financial Services Superintendent
Benjamin Lawsky said most of the beneficiaries of these "lost
policies" were from middle class, working families. No state-by-state
breakdown of recipients was available.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">In the case of New York, both the state and
insurance companies have developed a "lost policy finder" system on
the state Financial Services Department website at <a href="http://www.dfs.ny.gov/"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">www.dfs.ny.gov</span></a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Consumers can apply for a search for lost or
misplaced life insurance policies and annuity contracts on the deceased.
Companies would then begin paying benefits that are due.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN; mso-fareast-font-family: "Times New Roman"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">These payouts will go directly to beneficiaries
as opposed to going to state government offices which would then look for the
beneficiaries, years down the road.<span style="mso-spacerun: yes;"> </span>That’s
more good news…for beneficiaries in the US. Not Canada. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><a href="http://online.wsj.com/article/AP1b94fef3adb0422c948f9fb138864313.html" target="_blank"><span style="color: #4f6228; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Go to the original WSJ article online</span></a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-70440694039220196202013-02-12T04:43:00.001-05:002013-02-12T04:43:12.651-05:00$1 Billion in life insurance benefits remain unclaimed in the US<br />
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">CBS Morning News did a story in the past week or so related to a
recent Consumer Reports investigation. But beware.<span style="mso-spacerun: yes;"> </span>The video you are about to watch could make
you weep both for the individual that purchased and paid for a life insurance policy
with their hard earned tax paid money and the beneficiary who has not claimed
said policy.<o:p></o:p></span></div>
<h4>
<a href="http://www.youtube.com/playlist?list=PLaY8-lGIW7FV4nwtJSMaNswftpp8_b0rS" target="_blank">CBS News Story on $1 B in life insurance benefits remain unclaimed</a></h4>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Reporter Mellody Hobson notes:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">$1+ billion in
unclaimed benefits </span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">1 in 600 people have
unclaimed benefits</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Payouts range
anywhere between $2,000 - $300,000</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The insurance
company has no legal obligation to look for the beneficiary</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin: 0in 0in 6pt 0.5in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The insurance
companies say that $1B in unclaimed policies is a minor problem<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">What makes this story and the situation <u>all that much worse</u> is that
the reporter touches on a really unjust manoeuvre made by some insurance companies and much litigation has resulted. Ready? Some insurers were up until recently using 2 different systems within
their 1 organization which went like this:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraph" style="margin: 0in 0in 10pt 0.5in; mso-list: l1 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Certain insurers <u>ran the Government’s social security ‘death master file’</u> against their annuity records
in order to find & terminate annuity payments to those deceased annuity holders but </span></div>
<ul>
<li>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The same insurers did not run the Government’s social security ‘death
master file’ against insurance policy information in order to terminate
payments collected from those deceased individuals for insurance policies or in order
to pay out a life policy benefit to beneficiaries. As the reporter notes…”they
kinda didn't want to know that you died so they can keep the premiums coming
until they find out you have passed away”.</span></li>
</ul>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: black; font-family: Times New Roman;">
</span></span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The Bottom Line ?<o:p></o:p></span></u></div>
<span style="color: black; font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">As the reporter concludes</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">“Ultimate responsibility lies with beneficiary. It sounds so
mundane but so many people don’t tell their loved one where the policy is, what
the company is and that they are a named beneficiary”. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">So:<o:p></o:p></span></div>
<span style="color: black; font-family: Times New Roman;">
</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Know what you own</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Know what other loved one’s own</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Know where your spouse’s life insurance policy is</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Make sure beneficiaries are up to date</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Make sure your beneficiary knows where your policy is</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This story supports the reason why we built Legacy Tracker. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Too many assets including insurance policies are being left
unclaimed. The detail that you or a loved one needs to provide about existing life insurance
policies is a key template built into Legacy Tracker</span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">And the situation in Canada? pretty murky. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">We don't really talk about it and insurance companies don't talk about it. What is the value of unclaimed insurance benefits in Canada? It's anyone's guess but some within the industry estimate that 20-30% of insurance policies do not get cashed. I am not sure I want to estimate what that total value $ would be; I just know we need to reduce that figure. Please.</span></div>
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
</div>
<span style="color: black; font-family: Times New Roman;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<span style="color: black; font-family: Times New Roman;">
</span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-5027877104231567948.post-32076705214047094722013-02-12T01:36:00.000-05:002013-02-12T01:36:45.234-05:00Google Alerts fuels my obsession with the problem of Unclaimed funds<br />
<br />
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Google Alerts has been fueling my obsession with the problem of
unclaimed funds for a long time. Every day in my inbox appears stories related
to the reporting of unclaimed assets or the actual reuniting of long lost
owners with those assets. <o:p></o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">These stories all come out of the US primarily and not from
Canada. While the stories are heartwarming they are also troubling since 1) it confirms the very real problem
that exists related to unclaimed property and 2) it makes me wonder how
Canada could be so far behind in legislating unclaimed property regulations
when those regulations have been in place in the USA for 40+ years and 3) I
fear that no one in Canada really has any proper handle on the extent of the problem
here and finally, 4) given a multitude of factors, the problem of unclaimed funds will
continue to rise at an ever faster pace. The problem is global and will grow unabated without a 'multi-pronged approach' of awareness, legislation and a financial organizing solution that individuals can put to use to safeguard their hard earned, tax paid financial assets.</span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Here are 3 stories from 3 different States to give you a sampling
of what I read every day. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Feb 5 2013<o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Report from KLKNTV
news/Nebraska:<o:p></o:p></span></div>
<br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The State of Nebraska paid out more than <u>$1,215M</u> to residents in in
January 2013 made up of $560,000 in cash and more than $655,000 in stock and
safekeeping items including:<o:p></o:p></span><br />
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A woman from Lincoln, Nebraska received $60,404 in cash and more
than $232,000 of valuables from a safety deposit box. <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A couple from Omaha were paid out a claim worth $101,000<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">A man originally from Nebraska now living in Colorado received $60,000
in cash and more than $217,000 in valuables<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 10pt 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="color: #4f6228; font-family: Symbol; font-size: 12pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Two brothers from Omaha each received more than $33,000 from an
abandoned chequing account owned by their uncle who died in 2008<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The unusually high amount was a result of additional effort put
into finding owners and returning as much money as possible, as expeditiously
as possible reported the State Treasurer. The State is holding more than $125
Million owed to 350,000 residents or former residents from Nebraska. The list
of owners for property added to the database for 2012 will be published in all
16 Nebraska newspapers and to the online database provided by the State. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">January 16 2013<br />
</span></u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Report from the Quad
City Times/Illinois<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The total amount of cash and assets returned to Illinoisans through
the state treasurer’s office last year increased by 27 percent over 2011; to a
total of <u>$129 Million</u> up from $101 Million the year prior. Amounts
returned ranged from a couple of dollars to an individual claim of $9 million. The
Illinois state treasurer (Dan Rutherford) was thrilled “it’s pretty big when
you can put $129 Million back into the economy of Illinois without raising
taxes.” The state currently has $1.7 Billion in cash and contents from Illinois
bank safety deposit boxes that have been abandoned for 5 or more years that is
looking to reunite owners with. In Illinois, one in eight people has an asset
to be claimed. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<u><span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">January 8 2013 <o:p></o:p></span></u></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Report from AOL
Finance/Wisconsin<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">54 year old Daniel DeMeuse from Porterfield Wisconsin awoke $28,000
richer when he found out that a friend had left him money years earlier but the
inheritance had been delayed by probate. At the time that the Office of the
State Treasurer of New Jersey contacted him he was an unemployed studio artist
and used the money to take care of his elderly mother<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">After reading just a sampling of some of the many stories I read each week, you will have a better understanding of the 'why 'behind Legacy Tracker. <span style="mso-spacerun: yes;"> </span>I think it is imperative that individuals and
families have a secure and simple solution to better organize their financial
and estate information which will help reduce the risk of their assets being
lost. But it’s just as imperative that each Canadian province recognize the
problem, shine a light on it and legislate some protection. Please.</span><br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-26039560768695162522013-02-03T03:05:00.000-05:002013-02-03T14:17:41.094-05:00Life without the penny…will it be painless?<br />
<h2 style="margin: 0cm 0cm 0pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"><span style="color: #274e13;">No more pennies for you! (or us)</span> </span></span></h2>
<h2 style="margin: 0cm 0cm 0pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; font-weight: normal; line-height: 115%; mso-bidi-font-weight: bold; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="color: windowtext;"></span></span> </h2>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-TPF1sbICRII/UQ4ZPhQroPI/AAAAAAAAApk/SZlTfniUrgQ/s1600/Good+bye+pennies.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-TPF1sbICRII/UQ4ZPhQroPI/AAAAAAAAApk/SZlTfniUrgQ/s1600/Good+bye+pennies.jpg" /></a></div>
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</h2>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The coffee line maybe a
little longer than usual on Monday when life without the penny begins Monday
(Feb 4<sup><span style="font-size: x-small;">th</span></sup>) and Canada starts…”to round”. <span style="mso-spacerun: yes;"> Finally the rounding homework of our youth will be put into action. </span><o:p></o:p></span></div>
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The Royal Canadian Mint
stopped making Canadian pennies back 8 months or so ago but the last shipment
to financial organizations is now shipped. There will be no more penny supply. <o:p></o:p></span><br />
<br />
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Are we ready? The Retail
Council of Canada says that 53% of Canadian retail businesses are ready to
handle life without the penny. (I think that means that 47% are not ready).
According to the same survey, some retailers will round down ALL transactions,
some will use the Federal rules and others will be rounding down sales below
five cents and rounding up above five cents. It is the retailer’s decision as
to which method to follow<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">But, getting rid of the
penny is part of the “Economic Action Plan 2012” so the Government means
business when they said the penny was being phased out/terminated/eliminated. <span style="mso-spacerun: yes;"> </span>So, that’s really the end. Or is it?<span style="mso-spacerun: yes;"> </span>Here’s what you may need to know (or maybe
not) : <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">How will rounding
work? It could be complicated. Therefore, I have devoted a separate paragraph
to this question. If you can't wait to find out...please skip to the bottom of this page and come back. </span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">You can still use
pennies but stores will no longer HAVE to accept them as of Feb 4<sup><span style="font-size: x-small;">th</span></sup>.
As of this date, stores are being encouraged by the Government to start
rounding. Over time (or Monday) you may find retailers starting to turn up
their noses when you pull out your pennies. <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Not all businesses
will be updating their cash registers. A recent Retail Council of Canada survey
shows that 63% of the larger retailers will be changing their POS systems but
only 24-25% of small-medium sized retailers will change their cash registers.
That means there will be a lot of manual rounding at the cash and some
confusion at the beginning<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">No change to change
if you pay for something in a non-cash way, like cheques or electronic payments
like credit card or debit. <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Thankfully, there
will be no rounding up of tax or other fees. Only the final total. You will not
be paying any more or any less HST. <o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">You can get rid of
your pennies by still taking them to the bank. They may require you to roll
them up or wrap them up properly-but it’s up to each bank. There is no deadline
for turning in your pennies so if you want to hold onto them for a little while
longer (or forever) ; you may do so. </span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin: 0cm 0cm 0pt 36pt; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">You can also get rid
of your pennies by passing them along to a number of charities who are taking
this opportunity to relieve you of your pennies. I think that’s smart and
hopefully successful. The charities that I am aware of that are holding such
drives are:</span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; text-indent: -18pt;">
<span lang="EN" style="color: #4f6228; font-family: "Courier New"; mso-ansi-language: EN; mso-fareast-font-family: "Courier New"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">o<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Canadian Guide Dogs for the Blind<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; text-indent: -18pt;">
<span lang="EN" style="color: #4f6228; font-family: "Courier New"; mso-ansi-language: EN; mso-fareast-font-family: "Courier New"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">o<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Free the Children – Nationwide penny drive
from Feb 4-9 for fresh water<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; text-indent: -18pt;">
<span lang="EN" style="color: #4f6228; font-family: "Courier New"; mso-ansi-language: EN; mso-fareast-font-family: "Courier New"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">o<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Habitat for Humanity-Nationwide Penny Drive</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level2 lfo1; text-indent: -18pt;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Yes! Refunds in cash
are also expected to be rounded<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">From an income tax
perspective, the amount gained or lost on cash transactions due to rounding
would be considered as income for a taxation year. According to CRA..they will
“use the same risk assessment and management techniques used prior to the penny’s
elimination to analyze every tax and GST/HST return filed” to identify who
should be fagged for “further CRA intervention”. Not sure if that’s good or
bad.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #4f6228; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Rounding rules apply
to our US tourist friends as well who are using US currency. (A different blog
post will be devoted to my issue of our best American friends not accepting our
coins anywhere I have visited in the US) <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Life without the penny might be sad but it will be a long time
before we never see another penny or before the pennies we keep are worth more
than a penny. An estimated 35 billion pennies have been produced by the Royal
Canadian Mint since they opened for business in 1908. The Mint estimates that 6
billion pennies have or shortly will be recovered so that leaves ….about 29
billion pennies around.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> <span style="color: black; font-family: Times New Roman;">
</span></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 14pt; line-height: 115%; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">So…How will rounding work? <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: black; font-family: Times New Roman;">
</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">This is where I expect it
will get tricky because there is no clear answer. The Government has said that
they expect businesses to round the final amount (and change owed) in a fair,
consistent and transparent manner. Other countries we are told have been able
to phase out low denomination coins (Australia and New Zealand) with fair
rounding practices being respected; so that’s essentially telling us we should
be able to handle it and it will be embarrassing if there is a fuss. However,
the Government has provided some guidelines to businesses and some nice
pictures. <o:p></o:p></span></div>
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<br /></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-cUELBXcGBos/UQ4XEXYQICI/AAAAAAAAApU/Ji4VhOSE05Y/s1600/More+rounding+help+from+the+Government.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-cUELBXcGBos/UQ4XEXYQICI/AAAAAAAAApU/Ji4VhOSE05Y/s1600/More+rounding+help+from+the+Government.jpg" height="320" width="271" /></a><a href="http://1.bp.blogspot.com/-_GiIXvBfh5I/UQ4W-Ck9TJI/AAAAAAAAApE/hNZMAvDx4t4/s1600/Rounding+guidelines+from+the+Government.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://1.bp.blogspot.com/-_GiIXvBfh5I/UQ4W-Ck9TJI/AAAAAAAAApE/hNZMAvDx4t4/s1600/Rounding+guidelines+from+the+Government.jpg" height="134" width="320" /></a></div>
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<div class="separator" style="clear: both; text-align: center;">
</div>
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<span style="color: black; font-family: Times New Roman;">
</span><br />
<span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="color: #4f6228; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Some more questions?</span></div>
</span><span style="color: black; font-family: Times New Roman;"> </span><br />
<span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"></span><br />
<span style="color: black; font-family: Times New Roman;"><div style="background: white; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN-US; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">The
Government info line for penny questions is 1 800 622 6232 <o:p></o:p></span></div>
<div style="background: white; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="color: #4f6228; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN-US; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;">Please
note that the Government will not pay you a penny for your thoughts<o:p></o:p></span></div>
</span><br /></div>
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<b><span lang="EN" style="color: #403152; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: accent4; mso-themeshade: 128;"><o:p> </o:p></span></b></div>
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<span style="color: #4f6228; font-family: "Arial","sans-serif"; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #4F6228; mso-style-textfill-fill-themecolor: accent3; mso-themecolor: accent3; mso-themeshade: 128;"><o:p> </o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-89550146884910454082013-01-31T11:00:00.000-05:002013-02-03T02:39:12.450-05:00Life is Complicated; Death More so; Get yourself organized<span style="color: #274e13; font-family: Arial, Helvetica, sans-serif; font-size: large;">Life is.... complicated but death is even more so...</span><br />
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<span style="color: #274e13; font-family: Arial, Helvetica, sans-serif; font-size: large;">Get your stuff together (please)....</span><br />
<br />
<span style="color: #274e13; font-family: Arial, Helvetica, sans-serif; font-size: large;">This is a poster I have kept from the Wall Street Journal since it was published in 2011 (WSJ/ Saabira Chaudhuri) </span><br />
<br />
<span style="font-size: large;"><span style="color: #274e13;"><span style="font-family: Arial, Helvetica, sans-serif;">It was a fascinating poster and a fascinating story which talked about the financial consequences that befalls your family and loved ones if you fail to keep all your documents and important papers in order. In the US where they track, report and actively look for owners of unclaimed funds they know that the toll is great. $33B approximately in unclaimed bank accounts and other assets like paid up insurance policies.</span> </span></span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #274e13;">Read the full article here</span>: <a href="http://online.wsj.com/article/SB10001424052702303627104576410234039258092.html#project%3DDOC110702%26articleTabs%3Darticle">Organize your documents </a></span><br />
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<a href="http://www.blogger.com/" name="U502512552513RBH"></a><span style="color: #274e13; font-family: Arial, Helvetica, sans-serif;">
</span><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-oza3V852Ktk/T2yP95ukOtI/AAAAAAAAASU/6pC4wu1rDI0/s1600/25+important+documents+article.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-oza3V852Ktk/T2yP95ukOtI/AAAAAAAAASU/6pC4wu1rDI0/s640/25+important+documents+article.jpg" height="640" width="560" /></a></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-70749273275635362332013-01-26T18:34:00.004-05:002013-01-29T11:48:32.328-05:00Sad but true. Another $48 Million gets added to the pile at the Bank of Canada<br />
<br />
<h2 class="MsoNormal" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 0pt; mso-outline-level: 3;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">$48.4M of new (but dormant) money
gets added to the big pile of unclaimed money at the Bank of Canada for 2012</span></h2>
<h2 class="MsoNormal" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 0pt; mso-outline-level: 3;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"></span> </h2>
<b><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Short on explanations but the Bank of
Canada has updated the page I stalk on a regular basis and this is what it
says: <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b><br />
<br />
<div class="MsoNormal" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 0pt; mso-outline-level: 3;">
<b><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p> </o:p></span></b><span lang="EN-US" style="color: #262626; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">The balance at the end of 2012 is $496M
from 1.3million accounts<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="color: #373737; font-family: Symbol; font-size: 12pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-CA;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">The B of C paid out $17.4M to account
holders</span><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">That’s about it. That’s all it says I am afraid. But this is what I can
tell you because I keep notes based on my visits to the site:<o:p></o:p></span><br />
<br />
<div class="MsoListParagraphCxSpFirst" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">The balance at the end of 2011 was $465M
based on 1.3 million accounts</span></div>
<div class="MsoListParagraphCxSpMiddle" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">That’s a net increase of $31M</span></div>
<div class="MsoListParagraphCxSpMiddle" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">If 17.4M was reunited with long lost owners
in 2012 then that means ….</span></div>
<div class="MsoListParagraphCxSpLast" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: Symbol; font-size: 12pt; mso-ansi-language: EN-US; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">$48.4M of new unclaimed money (see my
note about what this does not include below ).. came into the BoC ? WOW.<o:p></o:p></span></div>
<span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">Last year by comparison, the Bank paid out 15.8M to
owners and the new money came in was $50M . So I have 2 questions: </span><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span><br />
<br />
<div class="MsoListParagraphCxSpFirst" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">Isn’t that a lot of
money for a Country of 34.6 Million or so???</span></div>
<div class="MsoListParagraphCxSpLast" style="background: rgb(235, 235, 230); line-height: normal; margin: 0cm 0cm 12pt 36pt; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -18pt;">
<span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span lang="EN-US" style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman";">Am I the only one
worried about this? <span style="mso-spacerun: yes;"> </span></span><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><br style="mso-special-character: line-break;" />
</span></div>
<br />
<div class="MsoNormal" style="background: rgb(253, 253, 253); line-height: normal; margin: 0cm 0cm 5pt;">
<u><span style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">A quick note about what Unclaimed funds do not include </span></u><span style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">at the Bank of Canada </span></div>
<span style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Deposits in any currency other than Canadian, RRSP's, Credit Union
Accounts, Canada Savings Bonds or the contents of safety deposit boxes . There
is no official reporting for these numbers...one can only guess.</span><br />
<span style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"></span><span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p><span style="color: #262626;"></span></o:p></span><br />
<br />
<div class="MsoNormal" style="background: rgb(253, 253, 253); line-height: normal; margin: 0cm 0cm 10pt;">
<span style="color: #262626; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">But…It’s time to
update my chart. Because I like to track this problem. <span style="mso-spacerun: yes;"> </span>So a $31M net increase <span style="mso-spacerun: yes;"> </span>in the unclaimed fund balance amounts to …a 6.7%
increase which according to my records, is just under the net increase from the year prior and..that would be a 55% increase
over the past 5 years!?! YIKES...WOW. That's a lot of missing money. </span></div>
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<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: currentColor; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<td style="background: rgb(196, 188, 150); border: 1pt solid rgb(196, 188, 150); mso-background-themecolor: background2; mso-background-themeshade: 191; mso-border-alt: solid #C4BC96 .5pt; mso-border-themecolor: background2; mso-border-themeshade: 191; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 10pt 0cm 0pt; mso-outline-level: 2;">
<b><span style="color: #4f81bd; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Bank of Canada Unclaimed Funds</span></b><b><span style="color: #626262; font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></b></div>
</td>
<td style="background: rgb(196, 188, 150); border-color: rgb(196, 188, 150) rgb(196, 188, 150) rgb(196, 188, 150) rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-background-themecolor: background2; mso-background-themeshade: 191; mso-border-alt: solid #C4BC96 .5pt; mso-border-left-alt: solid #C4BC96 .5pt; mso-border-left-themecolor: background2; mso-border-left-themeshade: 191; mso-border-themecolor: background2; mso-border-themeshade: 191; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 10pt 0cm 0pt; mso-outline-level: 2;">
<b><span style="color: #4f81bd; font-family: "Arial","sans-serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Not including Credit Unions or Non CDN deposits </span></b><b><span style="color: #626262; font-family: "Verdana","sans-serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid #C4BC96 .5pt; mso-border-top-themecolor: background2; mso-border-top-themeshade: 191; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid #C4BC96 .5pt; mso-border-top-themecolor: background2; mso-border-top-themeshade: 191; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"></td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="background: rgb(141, 179, 226); border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-background-themecolor: text2; mso-background-themetint: 102; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 2012<o:p></o:p></span></div>
</td>
<td style="background: rgb(141, 179, 226); border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-background-themecolor: text2; mso-background-themetint: 102; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">1.3 million accounts totaling $496 million ; up 6.7% in 1 year<o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="background: rgb(141, 179, 226); border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-background-themecolor: text2; mso-background-themetint: 102; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 2011</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background: rgb(141, 179, 226); border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-background-themecolor: text2; mso-background-themetint: 102; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">1.3 million accounts totaling $465 million up 7.39% in 1 year</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 2010 </span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">1.3 million accounts totaling $433 million up 9.62% in 1 year</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 2009</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">1.3 million accounts totaling $395 million up 23.44% in 2 years</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 2007 </span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">938,000 accounts totaling $320 million</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7;">
<td style="background: rgb(198, 217, 241); border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-background-themecolor: text2; mso-background-themetint: 51; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">5 Year increase </span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background: rgb(198, 217, 241); border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-background-themecolor: text2; mso-background-themetint: 51; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">362,000 accounts totaling $176 million up 55% in 5 years</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 8;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"></td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"></td>
</tr>
<tr style="mso-yfti-irow: 9;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">Balance at Dec 1998</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">770,000 accounts totaling $132 Million</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 10;">
<td style="background: rgb(198, 217, 241); border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-background-themecolor: text2; mso-background-themetint: 51; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">14 Year increase </span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background: rgb(198, 217, 241); border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-background-themecolor: text2; mso-background-themetint: 51; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">530,000 accounts totaling $364 Million up 276% in 14 years</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 162.9pt;" valign="top" width="217"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">14 Year increase in value %</span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
<td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 315pt;" valign="top" width="420"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span style="color: #373737; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">276% </span><span style="color: #373737; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;"><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;"></span><br />
<span style="font-family: Calibri;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">We see 2 solutions to this problem:</span></div>
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Every province in Canada needs legislation like the US
has had for 40+ years to ensure that unclaimed funds are:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-list: l3 level2 lfo4; text-indent: -18pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">a.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span>Defined, accounted for and reported on by any organization that
holds such financial assets. Consumers deserve more transparent reporting by way of easily accessible and available search bases. We have the technology. Let it be utilized!</span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-list: l3 level2 lfo4; text-indent: -18pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;">b.<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">Forwarded
to a provincially regulated agency for safekeeping who will also be charged with proactively
looking for the owners of such funds<o:p></o:p></span></div>
<span style="font-family: "Arial","sans-serif";"><span style="font-family: Times New Roman;"></span></span><br />
<span style="font-family: Arial;">And:</span><br />
<span style="font-family: Arial;"></span><br />
<span style="font-family: Arial;">Individuals and families need a way to safely and simply track, monitor and share important financial and legal informaiton and documents in a single, secure place to reduce the risk of loss. The good news is that Legacy Tracker was designed to do just that and a lot more. Learn more! Take a view of our 2 minute explainer video noted at the top of the page.</span><br />
<br />
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</div>
<div class="Default" style="margin: 0cm 0cm 0pt;">
<br /></div>
<div class="Default" style="margin: 0cm 0cm 0pt;">
<span style="font-family: "Arial","sans-serif";"><o:p> </o:p></span></div>
<div class="Default" style="margin: 0cm 0cm 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 12pt; line-height: 115%;">. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-5027877104231567948.post-76685540765408633372013-01-26T17:39:00.006-05:002013-01-26T17:42:42.820-05:00The US has turned up the heat on insurers to work harder to find beneficiaries<h3 class="cmLargerH1">
Tough work?</h3>
<h3 class="cmLargerH1">
Finding beneficiaries of unclaimed insurance policies...</h3>
<h4 class="cmLargerH2">
<input name="content_type" type="hidden" value="292" />based on an article by <em>Thomas Gnau Drayton Daily News August 6 2012</em></h4>
<div class="cmLargerH2">
<a href="http://www.daytondailynews.com/news/news/lexisnexis-leads-in-unclaimed-funds-detective-work/nQCFS/">http://www.daytondailynews.com/news/news/lexisnexis-leads-in-unclaimed-funds-detective-work/nQCFS/</a></div>
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</div>
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</h3>
<h3 class="cmSource">
A summary of the article:</h3>
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Insurers in the US are estimated to owe at least $1B (but some say it could be closer to $2B) to beneficiaries of life policies. Insurers in the US (Not Canada) have been told to stop waiting to hear from beneficiaries of unclaimed life policies...go out and find them!<br />
Nine insurance companies in the Florida recently reached a $40 million settlement with the Attorney General of Florida and have <u>agreed to strengthen efforts to find policyholders and beneficiaries within 120 days of an insured person’s death</u>. <br />
<br />
Under the agreement, companies will be expected to conduct quarterly matches for a year, and thereafter monthly matches, against the Social Security Administration’s Death Master file to check if an insured has died.<br />
<br />
A spokesperson from Lexis Nexis which is a Company that is paid to search for beneficiaries of insurance policies cites a 2011 Nationwide Insurance study that indicates:<br />
<br />
<em><u>One in five policyholders haven’t provided insurance companies with up-to-date information on beneficiaries,</u></em></div>
<div class="cmSource">
</div>
<h3 class="cmSource">
Why so much in unclaimed policies?</h3>
<div class="cmSource">
<ul>
<li>Policyholders die and don't leave up-to-date or correct contact information for policy beneficiaries or </li>
<li>Policyholders don’t have a conversation with their beneficiaries or they have conversations with their beneficiaries but those converations are long forgotten or</li>
<li>Policyholders are party to a divorce or a dispute dividing family members and the beneficiary information does not get changed </li>
</ul>
</div>
<strong> </strong><br />
<h3>
How it used to work...</h3>
For about 150 years, insurance companies have usually waited for claims from would-be beneficiaries who would have to provide a proof of death. <br />
<br />
<h3>
Going forward...</h3>
Due to the increasing amount of unclaimed policies, the US is pressing insurers to work harder to find beneficiaries. A recent court case/settlement involving insurers, resulted in Metropolitan Life agreeing to strengthen efforts find policyholders and beneficiaries within 120 days of an insured person’s death. <br />
<br />
Under the agreement, companies will be expected to conduct quarterly matches for a year, and thereafter monthly matches, against the Social Security Administration’s Death Master file to check if an insured has died.<br />
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<div class="cmArticle">
A major Dayton-area company is using its data-mining prowess to help get millions of dollars of life insurance benefits to the right people and help clear the growing backlog of unclaimed funds.</div>
<div class="cmArticle">
Miami Twp.-based LexisNexis, which makes its money in part by sifting through huge amounts of published and public information for answers to specific questions, is working with consulting firm Marketsphere Unclaimed Property of Kansas City, Mo. to locate people who are due money as life insurance beneficiaries.</div>
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<br /></div>
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Kevin McCarty, Florida insurance commissioner, recently told Fox Business that insurers owe at least $1 billion to beneficiaries. But Jack McDermott, a spokesman for McCarty’s office, said unclaimed amounts could be even higher.</div>
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<h4 class="cmArticle">
<u>“The truth is, we really don’t know,” McDermott told the Dayton Daily News.</u></h4>
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Currently, states hold about $37 billion in unclaimed funds, said Paul MacCready, director of life insurance for Marketsphere. That includes everything from uncashed checks to unused gift certificates. He estimates that unclaimed insurance payouts may add another $2 billion to that total.</div>
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</div>
<div class="cmArticle">
Sometimes before a policyholder dies, he or she doesn’t leave up-to-date or correct contact information for policy beneficiaries. Also, policyholders don’t speak with relatives about their policies or those conversations have been long forgotten. And divorces or disputes divide family members and leave insurance companies in the dark.</div>
<div class="cmArticle">
<br /></div>
<div class="cmArticle">
For about 150 years, insurance companies have usually waited for claims from would-be beneficiaries, MacCready said. Often, carriers would ask for proof of a death, typically a death certificate, he said.But as the amount of unclaimed funds continues to grow, state governments are increasingly impatient and expect insurance companies to do everything possible to find beneficiaries.“Essentially, they (insurance companies) have been told they should be looking for dead people,” MacCready said. In April, McCarty’s office announced a $40 million settlement had been reached with nine insurance companies and the Florida attorney general, the state’s Department of Financial Services and other Florida agencies.</div>
<div class="cmArticle">
<br /></div>
<div class="cmArticle">
<u>As part of the settlement, Metropolitan Life agreed to strengthen efforts find policyholders and beneficiaries within 120 days of an insured person’s death</u>. Under the agreement, companies will be expected to conduct quarterly matches for a year, and thereafter monthly matches, against the Social Security Administration’s Death Master file to check if an insured has died.</div>
<div class="cmArticle">
The federal Death Master file is a main source of information for insurance companies.”That is a key component for us,” said Elliott Wallace, LexisNexis vice president and general manager, life insurance. But Marketsphere’s MacCready said the file, while important, identifies about 95 percent of people who have died. And it does not identify the deceased’s relatives or insurance beneficiaries.</div>
<div class="cmArticle">
“This is where LexisNexis is going to play a pivotal role,” MacCready said.</div>
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While Marketsphere works with insurance companies to help them become compliant with state laws and regulations, LexisNexis can thoroughly mine public data to identify beneficiaries and find where those people are located.</div>
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<br /></div>
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LexisNexis is paid for its work, but a company spokesman declined to elaborate.</div>
<div class="cmArticle">
It’s no small task. <u><em>One in five policyholders haven’t provided insurance companies with up-to-date information on beneficiaries, said Jena Kennedy, LexisNexis Risk Solutions director of life insurance, citing a 2011 Nationwide Insurance study.</em></u></div>
<div class="cmArticle">
<br /></div>
<div class="cmArticle">
LexisNexis has “10,000 different sources” to find those who are due unclaimed payouts, Kennedy said. Some states sell the information in bulk. LexisNexis helps insurance companies learn who has died, then helps the companies find the policy holders’ beneficiaries. “It’s almost like being a private eye, in some sense,” Kennedy said.</div>
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<br /></div>
<div class="cmArticle">
Dennis Ginty, a spokesman for the Ohio Department of Commerce, said the state’s unclaimed funds division seeks to pay Ohioans their unclaimed money, whether that money is from utilities, investment companies, insurance companies or other businesses and institutions.</div>
<div class="cmArticle">
After a check or account has been “dormant” for a period of time, a company is expected to check with the person who is due the money. “We call that the due diligence process,” Ginty said.</div>
<div class="cmArticle">
If there is no successful contact with that person, those funds are reported or forwarded to the state division “for safekeeping,” Ginty said. There is no practical limit on how long money can be held, he noted.</div>
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Said Ginty, “With the older accounts, it’s more difficult to find the rightful owner.”</div>
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The department encourages Ohioans to visit the department’s “online treasure hunt,” where visitors may simply enter their names or the names of family or friends. Go to www.com.ohio.gov/unfd/TreasureHunt.aspx to see it.</div>
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Last fiscal year, the department paid 27.5 percent more than than it did in the previous fiscal year, Ginty said. He attributed to an “aggressive outreach campaign.”</div>
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The state does invest that money in low-interest or “safe” investments to preserve the principal, Ginty said. It also works with Ohio Housing Finance Agency and provides loans to that agency with unclaimed funds.</div>
Unknownnoreply@blogger.com0