Unclaimed Property

In an effort to close funding deficits, many states have stepped up unclaimed property enforcement initiatives rather than increase taxes.  In addition, some 28 states, including Delaware, have recently revised their unclaimed property laws in order to shorten the dormancy period that determines when property must be escheated to the state.

In January of 2009, the Council On State Taxation reported that in 1994, unclaimed property accounted for 2.4% of Delaware’s total state revenue.  By 2004, unclaimed property proceeds exceeded funds collected by Delaware from the State Lottery, bank franchise taxes, and business and occupation gross receipts taxes.By 2008, unclaimed property accounted for 11.1% of Delaware’s total general fund revenue and became the State’s third largest source of revenue.

The Stewart Law Firm’s lawyers are experienced in navigating the unclaimed property regulations of the State of Delaware and the procedures of the Delaware Division of Revenue.  The Stewart Law Firm has extensive experience with the Division of Revenue and can assist clients who may not be in compliance with Delaware escheat regulations and are in need of guidance and assistance with respect to a voluntary self disclosure agreement with the state.