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When the transfer has been completed, verify with the fund company that they have your information listed correctly on the account.

What is Unclaimed Money?

As an alternative, if you know you are receiving fund shares and plan to sell those shares as soon as possible, you can talk to the executor about having the estate sell the shares and just giving you cash as your inheritance. After the inherited fund shares have been transferred to an account in your name, you are the owner of the mutual fund investment and can do with it as you want.

To sell a mutual fund, you call up the fund company and tell them to sell your shares -- either a partial or full redemption of your account. The sale will be completed on the day after you make the call. You can receive the proceeds by check or have the money sent to your bank account by electronic fund transfer.

When you sell mutual fund shares, you produce a profit or loss that must be reported on your tax return. The fund company will send you a Form at the end of the year showing how much money you received from the sale of the shares. For inherited investments, all gains are treated as long term capital gains for tax purposes, no matter how long you actually owned the shares.

Long term gains are taxed at a lower rate than your other income. If you have a loss on the shares, that loss can be used as a tax write-off. The profit -- or loss -- on sold fund shares is the difference between the selling value and the cost basis. With inherited investments, your cost will be the value of the fund shares on the date of death of the person who left you the shares.

What Happens to Unclaimed Money?

You do not pay taxes on the gains the previous owner had in the fund while she was alive. To make sure that the IRS does not come back to you for more taxes, you need to note on your tax return that the fund shares were an inheritance. The executor of the estate can help with the cost basis information for your tax return.

Tim Plaehn has been writing financial, investment and trading articles and blogs since His work has appeared online at Seeking Alpha, Marketwatch. Plaehn has a bachelor's degree in mathematics from the U.


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We want to hear about it. Text our anonymous line — Our family has a hand held telescope from the s that has been handed down from previous generations.

I look forward to passing it down one day. Sometimes the value of an inherited object is just the knowledge that someone before you held it. We see this idea all throughout the Bible. There are multiple locations in scripture where long lists of genealogies are given. It is in Luke 3. You may read through Chronicles and get bored at reading these difficult to pronounce names.

You may think, why is it important that you remember this person? It is not important that you remember them… what is important is that God remembers them! Every person listed is someone God knows. God intimately knows every one of them, and loved them. I am blessed that our family has our own cemetery. There are many graves from the s buried there, and many of them are unknown graves.

I remember as a teenager walking through that graveyard and stopping to consider an unknown grave. I still know them.

The past is important to God. He is just as present in the past as He is in the present and in the future! Inheritance is rooted in the past but looks forward to the future. Inheritance is a gift from the past going to support future effort. You better believe this is a biblical idea.

All the patriarchs left blessing and inheritance to the next generation. Old Father Abraham left behind a blessing and inheritance for the young Isaac. This gift helped him build his life. These 12 sons became a nation. The gift of an inheritance from a previous generation propels the next generation further.

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God wants us to be forward looking. He wants us to be working for the future and not just the present. God wants you to look further. God wants you to think generationally. God is calling you to do more than receive blessing, He is calling you to be a blessing. Our society hardly ever looks past the present. We earn our paycheck and then immediately consume it.

Canadians have billions in unclaimed money. Here’s how to find out if you’re one of them

An inheritance is rooted in the past, but looks past the present, and toward the future. We are living in a time when fewer in the next generation will receive an inheritance from the current generation. The majority will not be ready for retirement, much less leaving an inheritance. It is because we are not looking forward. Those kids grew up with the heritage of diminished self-worth. They are likely to pass that inheritance onward. The mother that was too busy with her phone… that mother did leave behind an inheritance.

The next generation received a heritage of apathy and procrastination. They are likely to pass the inheritance onward. The family that never went to church, opened their bible, or prayed to God… they did leave behind an inheritance. The next generation received a heritage of carnality and zero spirituality.

Single person I am talking to you. You right now are leaving behind an inheritance.