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WebFinally, a software solution for small law firms that takes into account all of the trust accounting requirements of the State Bar and helps make sure you comply with them. Start a free 14-day trial today and see how easy 3-way reconciliations, generating reports and more can be with your trust accounts. In general, trusts serve one of two purposes, if not both: fund special care and protect family assets from being liquidated by creditors or in probate. For example, you might create a trust in order to limit the number of assets you have available in order to qualify for Medicaid. If you have a child with special … See more A living trust is a one of the many options for planning an estate. It allows a person to control their assets while they are still alive and then have it distributed to beneficiaries after … See more There are a few requirements in Texas when it comes to creating your trust. For example, there must be a stated purpose for the trust to prevent … See more Irrevocable trust cannot be changed once they are formed, making them useful for protecting assets. For example, some people put some of … See more If you have a child or other loved one with special needs, you know how expensive it can be to provide them with the right care. While gifting the person money may disqualify them for … See more WebMar 4, 2024 · Instead, it will first go into the trust account so that the attorney can deduct fees, third-party claims, and expenses. Before IOLTA came about in the early 1980s, trust accounts were to be put ... canadian singers named gordon