Tech Tip #130: Leftover Money in a Trust Account Is Not a Good Thing
If your firm is managing a client trust fund and it has $4,567.78 in it, by the time you finish the relationship with the client you better have paid out $4,567.78 from that trust. When it comes to client trust funds it is imperative that nothing be left behind. Failure to pay out all funds associated with a client trust fund can result in ethics violations and even disbarment for your firm. Is your trust (IOLTA) accounting compliant?