The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Archive for June, 2014

FAQ Unclaimed Property: Where Do I Call for Help With My Claim?


Some of the Numbers have changed as the Unclaimed Property Program is now being adminstered by the Department of Revenue.  The Office of the State Treasurer is still responsible for promoting the program and is happy to answer any questions we can for you.  However, at the request of the Department of Revenue, direct lines to claims processors were removed from our website and they asks you to call and general line.  That number is: 

(608) 264-4594

 

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FAQ Edvest: What Are the Tax Advantages?


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What are the federal and state tax advantages?

When you contribute to the Edvest College Savings Plan, any account earnings can grow federal and Wisconsin income tax free. Plus, withdrawals used to pay for qualified higher education expenses will be free from federal and Wisconsin income tax. Non-qualified withdrawals may be subject to federal and state taxes and the additional federal 10% tax.
 
 

Wisconsin Saves Fun Tip: Welcome to Wisconsin Saves


Welcome to Wisconsin Saves

Wisconsin Saves is a statewide initiative devoted to promoting financial awareness and encouraging financial action among people of all economic levels. The Wisconsin State Treasurer proudly teamed up with The Wisconsin Women’s Business Initiative Corporation to bring you a weekly saving tip through this blog site.  We thought it might be a nice reminder to you on how to sign up to be a “Wisconsin Saver.”  Through resources and access to diverse products, Wisconsin Saves believes that anyone can build wealth by developing positive spending and saving habits. So don’t wait any longer… enroll in Wisconsin Saves today!

 

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Treasurer’s Top 5: Pierce County


Pierce county

This week, we travel to Pierce County.  Here’s a look at the Top 5 people and businesses there with unclaimed assets. Do you see anyone on this list you know?  If so, have check out  www.wismissingmoney.com and search their name to make a claim.  They can also call 855-375-CASH (2274)

Pierce County

Marlene Ann Janish

John Docter

Matthew and Marcia Palmer

Gladys and Eldon Oberg

Barbara And Richard Cooklock


Money Matters: Handling the Unexpected


Handling the Unexpected

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There’s nothing harder to plan for than unexpected events that impact your life and finances. Yet loss of a job, the death of a loved one, illness or other unexpected occurrences happen at one point or another in most of our lives. The key to successfully surviving these life-changing events from a financial perspective is to anticipate hard times. Shore up your financial situation before you are hit with an unexpected expense, so you will be covered in the event something happens.  Our friends at www.practicalmoneyskills.com help you map out a plan.

The Importance of an Emergency Fund
Because we cannot predict when life will throw us an unexpected challenge, it is important for everyone to build and maintain an emergency fund with three to six months’ worth of living expenses. The key to building an emergency fund is to set money aside every month, no matter how small the amount. This Emergency Fund calculator can help you get started.

Financial experts recommend that, unlike retirement funds, emergency savings should be kept fairly liquid, in a savings account or a money market fund. Hopefully you will never need it. But if you do, you’ll be glad it’s there.

A New Financial Picture
Once the immediate financial matters are taken care of after an unexpected life event, it will be time to take stock of your new financial situation and create a plan for yourself moving forward. Whether you have faced job loss, divorce, illness or another event, you should create a new budget reflecting your situation. This is the first step toward financial security and rebuilding your emergency fund, which you may have tapped into to manage a financial crisis.

To develop a budget, write down your current expenses, indicating whether each expense is a necessity or a luxury. Pulling out recent credit card bills and bank statements can help with this process. Next, estimate your monthly income, including only income that you are certain you will receive. Then compare your income to expenses. If your expenses are higher, you will need to trim your expenses until your income is higher than your expenditures.

You can learn much more about budgeting and utilize our free budgeting worksheet here.


FAQ Edvest: Who Can Open An Edvest Account?


Any individual with a Social Security number or federal Taxpayer Identification Number who is a U.S. citizen or resident alien can open an account and contribute to an Edvest account on behalf of any beneficiary. You can even open an account for yourself. An organization described in Section 501(c)(3) of the Internal Revenue Code, an estate or a trust may also open an account. Such entities will be subject to additional restrictions or administrative requirements and may not open an account online or participate in e-Delivery. Open an account today.
 
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FAQ Unclaimed Property: How Does Property Become Unclaimed?


HOW DOES PROPERTY BECOME UNCLAIMED?

Property becomes unclaimed or abandoned when there has been no owner activity in relation to the account for a period of 5 years and when the owner has not been able to be contacted by the holder of that asset. A holder may include a bank, savings institution, credit union, insurance company, business or utility company.

 

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