By Stephanie Kippen
Since I began working at the Law Offices of Gregory S. Masler, egg donation and surrogacy arrangements have grown exponentially, and the California legislature has attempted to keep up with the growth of this industry. Amongst the laws enacted in California; egg donation and surrogacy agencies are prohibited from retaining funds from Intended Parents which will be used to pay the Intended Parents’ egg donors and surrogates. These funds must be maintained in an escrow account, which provide both security for egg donors and surrogates by ensuring monies are set aside for their fees and costs, and accountability to the Intended Parents’ agencies.
If Intended Parents need to establishment of an escrow account, we are ready to assist! We have worked with experienced accountants and bookkeepers to develop an efficient escrow management system which is administered by a dedicated team at our firm.
Here is brief a look at how our escrow management team works with Intended Parents and egg donation and surrogacy agencies.
When Intended Parents are ready to set up an escrow account, we discuss with them the procedures and processes for maintaining their monies. A payment plan is then formulated and documented in our firm’s escrow account management agreement, which details the amounts Intended Parents will deposit into the escrow account, and how payments will be disbursed from the account. The first deposit “opens” the escrow account, and we are all set to proceed!
When it is time for our firm make payments from the escrow account, which are based on the terms of contacts between Intended Parents and their egg donors and surrogate, and authorized by the egg donation and surrogacy agencies, we process the disbursements within 24 business hours. We are pleased to offer payment options, such as sending a check or via electronic transfer.
We encourage open and constant communication with the Intended Parents and are happy to assist with all inquiries. Also, our monthly updates and quarterly accounting reports provide accountability to the Intended Parents and their egg donation and surrogacy agencies.
If you are Intended Parents researching for escrow accounting options for your surrogacy or egg donation arrangement, please contact our office. We will be very happy to speak to you.
The information contained in this material is not intended to provide legal advice and is published for informational purposes only. It is not intended to create an attorney-client relationship between the author and the reader. The attorneys at the Law Office if Gregory S. Masler are licensed to practice law in the State of California and do not offer advice as to the laws of any other state. The reader should seek advice from counsel in the state(s) of their residence.