What types of client funds should go into an IOLTA or IOTA account?
Examples of the types of funds to be placed into these trust accounts include: -Retainers received from clients, until they are actually earned; -Funds which belong in part to the client and in part to the lawyer; -Funds of the client that are being held for disbursement at a later time; -Personal injury settlements and awards; -Deposits required to close property transactions. -Prepaid court costs Unless an escrow or client’s trust account is established for the sole benefit of that client, all pooled client trust accounts must be either an IOLTA or IOTA account.
Related Questions
- How does a lawyer or law firm determine which client funds should be deposited in a pooled COLTAF account and which should be invested on behalf of individual clients?
- How does a lawyer or law firm determine which client funds should be deposited in an IOLTA account and which should be invested on behalf of individual clients?
- What types of client funds should go into an IOLTA or IOTA account?
