When my client settles with an insurance company in an automobile accident, the insurance company will forward a check and release for my client’s signature. This is done before a notary. Additionally, there will be a closing statement to instruct the disbursement of the funds between the client, my office and any healthcare providers who have outstanding balances.
Once the check is signed, it is deposited in a trust account which is monitored by the Florida Bar. The check must remain in the trust account for seven to ten days.
Once the check has cleared, a final disbursement is given to the client. These funds at closing are tax- free because they are not earned income.
Many times our clients are not able to come to the office to sign the appropriate documents. This is why my office is helpful in the fact that we are able to come to you and make the closing process easier. I feel this is another personal aspect of my office which makes it more client- friendly than the large advertisers on television.