A attorney holding trust funds within a guardianship contained by Florida, is it mandotory to put the money within a interest suffer
Must an attorney in Florida put trust funds which he is holding into a interest bearing article with a financial institution
Answers:
In Arkansas anyway, we are required to have IOLTA trust accounts (FL should enjoy something similar and yes, it's an interest nearing account, but the attorney doesn't get the interest--here it go to pay for certain programs) for moneys we hold not technically earned. Say someone pays me 5K as a retainer for a custody case. I put it into my trust justification and as I work and actually earn the money, I can withdraw it and put it into my operating description.
Florida would have a similar requirement I would think.
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Answers:
In Arkansas anyway, we are required to have IOLTA trust accounts (FL should enjoy something similar and yes, it's an interest nearing account, but the attorney doesn't get the interest--here it go to pay for certain programs) for moneys we hold not technically earned. Say someone pays me 5K as a retainer for a custody case. I put it into my trust justification and as I work and actually earn the money, I can withdraw it and put it into my operating description.
Florida would have a similar requirement I would think.
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