"The Monuments Men" is a recent Hollywood film set in World War II. The central theme is the rescue of art stolen by Nazis. For the first time, many Americans learned that even art can be a victim of war. For some families, the battle still continues to claim their Nazi stolen art.
Consider the story of Ludwig and Margaret Kainer.
When the Nazis rose to power in Germany, the Kainers fled to France, leaving behind a valuable art collection. This was not just any art collection. No, it included original Monets and Degas amongst other pieces.
All of their valuables were confiscated by the Nazis.
After the war and before any of that property could be recovered, the Kainers passed away childless. The art ended up in the trust of Swiss Banks, which transferred them to a foundation previously been created by Mrs. Kainer's father.
A recent article inThe New York Times, titled "Heirs Sue Bank Over Sale of Nazi-Looted Art," has the full story.
The foundation sold one piece of the art a few years ago. However, the Kainer's heirs claim the bank and foundation did not do due diligence to track them down.
The heirs are suing to recover the money from the sale.
The bank, of course, claims it did enough to track down the heirs. If the bank turns out to be correct, then it will win this lawsuit.
Most of the time when heirs are filing lawsuits decades after someone passes away, the problem could have been avoided by proper estate planning. However, this is an unusual situation because of the complications of war and looted valuables. Although the valuables can be recovered, it is a long and difficult process.
Then, again, perhaps you (or a loved one) are missing out on some "unclaimed property" simply awaiting your claim.
Your family may not have had priceless artwork stolen by Nazis, but you (or a loved one) may have "unclaimed property" currently in the custody of your state ... or another state.
Here are some interesting facts on the official website of the National Association of Unclaimed Property Administrators:
- Every U.S. state, District of Columbia, Puerto Rico, the U.S. Virgin Islands - and Quebec, British Columbia and Alberta in Canada have unclaimed property programs that actively and continuously find owners of lost and forgotten assets.
- Unclaimed property laws have been around since at the 1930s, but have become much broader and more enforced in the last 25 years. Unclaimed property is one of the original consumer protection programs.
- 2.5 million claims totaling $2.25 billion returned to rightful owners in FY2011 as a result of state unclaimed property program efforts. Amount of average claim, $892
- $41.7 billion waiting to be returned by state unclaimed property programs.
- Claims can be made into perpetuity in most cases - even by heirs.
Visit the NAUPA website for yourself and conduct a search or two for some of your own potentially missing treasure!
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: The New York Times (October 17, 2014) "Heirs Sue Bank Over Sale of Nazi-Looted Art"
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