Many attorney professional liability policies – including those issued by Swiss Re Corporate Solutions – do not include paymaster services in the definition of professional services. _Our company can organize your receipt money from every deal, offering more than other, our management structure and our knowledge in the market will make the difference for who seeking a paymaster services security in the actual market system realized into an Attorney Trust Account rightly secured and authorized. With a Paymaster account, your funds will be distributed securely and swiftly, according to the exact terms of your instructions and the fee agreement.

By international money laundering laws, we are obligated to carry out due diligence for each transaction on behalf of the banks, money laundering authorities and the tax authorities. If you are an existing Client of the Firm OR the Firm will be providing counsel as relates to the terms and enforcement of the financial transaction, the Firm ethically cannot provide Paymaster services. Buyer Funds the Paymaster Account – The Buyer submits a payment by wire transfer to the Paymaster IOLTA account. It makes no sense to request our paymaster services where both Sender and Receiver are not involved. No matter where in the world your business needs may take you, our dedicated Houston paymaster attorneys are ready to assist you. INTERNATIONAL ESTATE AND ASSET PROTECTION PLANNI. IOLTA accounts are also used to facilitate the transfer of funds between other parties and Clients. These types of accounts are usually established for a Client to receive funds. As a licensed attorney, the Paymaster is subject to large penalties and serious licensing consequences if any funds are misappropriated. These are monitored by the California State Bar and provide an additional measure of security for handling large sums of money.

We handle paymaster services for various commodities, such as: Anytime you need an experienced and reputable third party to handle your goods, do not hesitate to enlist our services. Funds deposited into a CFSA are held by the Firm on behalf of the Client, Funds are “owned” by the Client but not deposited into a Client-controlled bank account, Funds transfers (withdrawals from the CFSA) are managed and authorized by the Firm on behalf of the Client, Interest is accrued and earned in the CFSA, Interest is reported to the IRS as Client’s interest via a 1099-INT, Funds / Transactions within the CFSA are “the Clients” but managed by the Firm. INQUIRE ABOUT ATTORNEY ESCROW OR PAYMASTER SERVICES▸, home | about | client focus | practice areas | client resources | general inquiry | join our team, (619) 800-0529 | Solutions(at)PanakosLaw.com | (c) Panakos Law, APC555 West Beech St., Ste. Interest on Lawyers Trust Accounts (“IOLTA”) essentially are an attorney’s version of an escrow account. The use of attorney paymaster services can provide an added layer of security and protection in large transactions, particularly ones involving foreign buyers or sellers. Funds are held “in trust” within an IOLTA and are technically the Client’s funds until earned or transferred back to the Client (generally speaking). Attorney Paymaster and Escrow Services providing secure transaction in trust account.

To request a consultation with our firm, please fill out our simple online form. Every state, along with the District of Columbia and the Virgin Islands, operates an IOLTA program. When Attorney Paymaster Services Make Sense. Escrow Attorney | Paymaster Services What is Escrow. Inbound Example: A Client sells their business and in consideration of a fully executed Asset Purchase Agreement the buyer deposits funds into the Firm’s IOLTA account (instead of directly into the Client’s bank account). The advantage of an escrow protects both parties by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the neutral escrow agent. Paymasters do not have to be attorneys. The terms of the agreement state that a neutral 3rd party (defined by “escrow”) will be used to facilitate the transfer of funds. In such a case, Panakos Law will act as a neutral Paymaster and facilitate the transfer of $8M between the parties as per the terms of the transaction (whereby both parties agree to the release of the funds). Use of the Firm’s IOLTA account specific to a Client’s transaction (as opposed to the Client’s account), The Firm can both accept and distribute funds on behalf of the Client as per the Client’s direction, Funds deposit to the Firm’s general client trust account (IOLTA) and “credited” as the Client’s funds, Funds held in escrow do not earn interest (technically interest is accrued but is directly deposited with the State Bar by the bank), The Firm is not neutral and acts in the best interest of Client, Funds are transferred/released as per Client directives. A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer's own money.

Attorney paymasters are used in a variety of situations including: real estate transactions, oil/gas, gold, steel.

We are here to answer your questions. Call us today for more information. Escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. Bottom Line: Attorney’s IOLTA accounts are a form of escrow but are not the same as an “escrow account” as the attorney responsible for the IOLTA is not usually a neutral 3rd party as duty is to the engaged Client. In such a scenario, the Firm is offering the use of its IOLTA account as a financial tool to facilitate a funds transfer between another party and the Firm’s Client. IOLTA’s are also a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. By working with our Houston paymaster attorneys, you can gain valuable insight into how to best manage international deals, transactions, and services. Primary Example: Two parties working with their own counsel have agreed to a large transaction involving the purchase of 2 million widgets for $8M. As licensed professionals and officers of the court, attorneys are held to higher standards, thereby making them a legitimate alternative to licensed “escrow agents” and online services that are not structured to escrow larger transactions. To use our paymaster services, we would need: These funds, together with state and federal appropriations as well as private grants and donations, enable nonprofit legal aid providers to help low-income people with civil legal matters such as landlord/tenant issues, child custody disputes and advocacy for those with disabilities. Bentley Legal Trust provides paymaster services to clients involved in a wide variety of transactions. An escrow is a contractual arrangement in which a neutral third party receives and disburses money for the primary transacting parties e.g., buyer and seller. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. Our services consider organizations, companies, people both at the national and global stage. Funds are deposited to one of the Firm’s general client IOLTA account (as opposed to a Client-specific account). While the promise of a big payout for relatively minimal work may be enticing, attorneys should think twice before marketing and acting as a paymaster. The attorney paymaster is a neutral third that is NOT involved in the transaction.

Primary example: Private Securities Offering by a Client of the Firm and the offering carries a minimum total investment amount. Key elements of Panakos Paymaster services include but are not limited to: The Firm as Paymaster has a limited duty to act as a neutral “transferrer of funds”, An Escrow Attorney is not an attorney for either party, A specific IOLTA account is established to support the Firm’s necessity to act as a neutral 3rd party, Neither party in the transaction is formally represented by the Firm as relates to the structure of the transaction, nor the enforcement of the terms of the transaction, A disclosure is made to both parties confirming the Firm is acting as a neutral and does not “represent” either of the parties, The Firm must adhere to strict anti-money laundering laws set forth by the Financial Action Task Force (FATF), IRS Form W-9 must be completed by all parties in the transaction, All such transactions must be compliant with federal authorities including the U.S. Treasury Department and the Department of Homeland Security, A comprehensive and detailed “intake” process is followed whereby the Firm collects information to confirm the parties are authorized to participate in the transaction, Fees as Paymaster include a small initial administrative fee and a tiered gross transaction fee. The attorney verifies the payment. To find out more about our paymaster services, please reach out to our Firm by calling (832) 390-2398 to schedule an appointment with one of our attorneys. Essentially, when there are large sums of money involved, an attorney paymaster should be used. Panakos Law, APC is a business-focused law firm that provides legal advice and dispute resolution services to emerging companies, privately-held corporations and their shareholders and investors. From immigration to corporate law, we have the expertise to represent you. Funds raised by the Client are deposited to the CFSA but are not released to the Client until the minimal threshold has been met. 500 | San Diego, CA 92101legal disclaimer | attorney advertising. Seller gives the Paymaster its banking information. Terms of the Agreement are followed by the Parties - Funds are held by the Paymaster as per the terms of the agreement as the Buyer and Seller verify or inspect as defined. In these scenarios, the Firm will work with the Client and our our business banking team to establish a Client Funds Sub-Account or CFSA within the Firm’s existing banking accounts. Escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system. Our Law Firm acts as a neutral third-party to make sure that your monies are safely and securely disbursed. As a component of our wealth security benefits, The Hanson Group offers unparalleled Paymaster, Escrow and Commission Dispersal Services to people, partnerships, and organizations, both residential and global. THERE IS NO WAY to execute or accept a mandate which is not covered by due diligence! By working with our Houston paymaster attorneys, you can gain valuable insight into how to best manage international deals, transactions, and services. As Paymaster, Bentley Legal Trust handles the incoming funds, and then disburses the funds according to either an IMFPA or other fee disbursement agreement. The Firm has an ethical duty to the client engaged and not any other party and as such these transactions are not considered to be a form of “escrow”. Both parties agree to the terms of the legally drafted escrow agreement (without counsel by the Paymaster). Escrow helps make transactions more secure by keeping the payment in a secure account which is only released when all of the terms of an agreement are met. Our paymaster services are ideal for handling transactions internationally, as a paymaster typically serves as a neutral third party who mediates a variety of business related tasks.

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