Source: http://legaltechnicality.com/course/detail/ioltafunds/
Timestamp: 2018-09-22 09:28:10
Document Index: 662017997

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IOLTA and Managing Client Funds - LegalTechnicality
IOLTA and Managing Client Funds
CHECKLIST FOR THE IOLTA ACCOUNT
Do I need an IOLTA account?
Do you handle client funds?
Is my IOLTA account in a bank doing business in the state where I practice?
Not where you live, where you practice.
Does my bank comply with the IOLTA account rules?
You have to ask your bank. Most major banks will comply.
Is my IOLTA account titled correctly with the Bank?
RPC 1.15 - . . . The account shall be designated as a “client trust account,” “IOLTA account,” or with a clearly identifiable fiduciary title. . . .
What Tax ID Number should my IOLTA account have with the bank?
The federal tax identification number assigned to all Ohio IOLTA accounts is 31-1126612.
Do NOT use your SS#, or your law firm EIN #.
Did you register your IOLTA account?
Print and mail the form to OLAF when you set up your account.
(http://www.olaf.org/iolta-and-iota/register-online/)
What money goes into the IOLTA Account?
Should my client have a separate account?
If net interest could be earned for the client, then the funds should be deposited in a separate account for the client's benefit.
Where do I deposit flat fee payments?
If the money is “earned upon receipt,” it does NOT go into IOLTA.
Am I maintaining the appropriate records?
For each client with money deposited into the IOLTA account, you must maintain records sufficiently detailed to show:
the fee agreement with each client;
the date, amount, and source of all funds received on behalf of such client;
the date, amount, payee, and purpose of each disbursement made on behalf of such client;
the current balance for such client.
Have you reconciled your IOLTA account for the month?
RPC 1.15 – A lawyer shall reconcile the IOLTA account every month.
Fee Agreements with the client
Copies of the monthly reconciliation
All canceled checks
How long must I keep records for the IOLTA account?
RPC 1.15 – Records of such account funds and other property shall be kept by the lawyer and shall be preserved for a period of seven years after termination of the representation or the appropriate disbursement of such funds or property, whichever comes first.
How much of my own money may I keep in the IOLTA account?
You may keep “seed money” ONLY in the IOLTA account to cover bank fees, or to keep a minimum balance. In other words, nominal amounts only.
I want to accept credit cards for retainers. Who pays the credit card charges?
You do. That is the cost of doing business.
My client is missing. What do I do with the IOLTA money I am holding?
You may turn it over to the State of Ohio’s unclaimed funds without violating your ethical duties.
Am I doing anything with the IOLTA account to get myself in trouble?
You worked hard to get your law license. Do not throw it away by failing to follow the rules regarding the IOLTA account. The fastest way to disbarment is through the IOLTA account. Follow the rules. It’s not that hard.
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IOLTA and Managing Client Funds - Sample
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7 part video, duration of 00:54:08.
New Mexico 10/6/2018 Ohio State Supreme Court approved this course for 1.00 CLE Hour(s) of type General. New Mexico allows you to receive 1.00 CLE Hour(s) of type General towards your New Mexico CLE requirements for successfully completing this course.
New York 1/1/2019 Ohio State Supreme Court approved this course for 1.00 CLE Hour(s) of type General. New York allows you to receive 1.00 CLE Hour(s) of type General towards your New York CLE requirements for successfully completing this course.