Most deposit accounts, if they remain unclaimed after a certain period of time, escheat to the state; however, what happens to an unclaimed IRA account? We undertstand they are handled differently. We are located in the state of Florida.

Check the Florida statutes for unclaimed property.

The link at the end of this note will take you to one of the sections that define the time limits. Chapter 717.112 (2) seems to deal with IRAs:

1) All intangible property and any income or increment thereon held in a fiduciary capacity for the benefit of another person is presumed unclaimed unless the owner has within 5 years after it has become payable or distributable increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum or other record on file with the fiduciary.
(2) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established pursuant to the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (1) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

http://www.flsenate.gov/Laws/Statutes/2011/717.112

Thanks Doug - looked there but apparently not thorough enough. I appreciate the specific sections.

They are escheatable as well. Be sure it should be escheated as IRAs are many times left untouched for long periods of time. I have the code to escheat back in my office but i am out of town, if you need it.

Most commonly IRAs are not escheatable until the IRA owner reaches the age at which distributions are mandatory (70 1/2), but escheat timelines are determined by state law.