It is important that the money in your child’s Coogan account earn at the best possible rate. It is also important that banks not deduct fees from your child’s Coogan account. If your child’s account is not growing, then it is time to transfer that account to another financial institution. Fees Can Deplete Your Child’s Coogan …
Tag Archive: Coogan Account
Mar 11
How Much Money Must Be Deposited Into a Coogan Account from a Child’s Earnings?
It is required by law in California and New York that a percentage of a child’s entertainment industry earnings be deposited into a Coogan Account, a.k.a. a Coogan Blocked Trust Account. In California, only 10 days after getting an entertainment work permit, you must have also opened this special Coogan account specifically for that …
Feb 18
Can a Bank Deduct Fees from a Coogan Blocked Trust Account?
Understanding exactly what a Coogan blocked trust account is and how it works is no easy feat for a parent of a child actor or model. Many employees at banks are just about as clueless about Coogan accounts as you probably are, and some are even more so. In fact, finding the information you …
Feb 18
What Is a Coogan Blocked Trust Account? (Showbiz Term of the Day)
What Is a Coogan Blocked Trust Account? For those with children interested in the entertainment industry, it is very important to understand what a Coogan Blocked Trust Account is. As soon as you get a California entertainment work permit (see “Do You Need an Entertainment Work Permit for Your Child Actor?“) for your child, you …
Mar 23
What Is a Coogan Account?
Shortly after our arrival in L.A., I was told I needed to set up a Coogan account for my daughter. I did not know what a Coogan account was, why I needed one for my daughter, how it would work, or what to look for when setting up this sort of account. Since I …
