How do I open a Coogan account?

This can be opened with any bank in any state. To open a Coogan Account, you typically need your child’s Social Security number, birth certificate and proof of your identity. There may also be a fee and deposit required when you open an account. You may be able to establish the account in person, by fax or by mail.

What banks offer a Coogan account?

COOGAN TRUST ACCOUNTS

• SAG-AFTRA Federal Credit Union.
• Actors Federal Credit Union.
• Bank of the West.
• City National Bank.
• First Entertainment Credit Union.
• Morgan Stanley/Smith Barney.
• Union Bank of California.
• Wells Fargo.

How do I withdraw money from my Coogan account?

15% of the minor’s income from the business is set aside in the account by direct deposit from the employer or agent. The parent or guardian is made trustee of the account until the child turns 18 years old, at which time the child must present a certified copy of their birth certificate in order to withdraw the funds.

Is a UTMA account a Coogan account?

Coogan accounts are specific to the entertainment industry and not provided by every banking institution. Some states also accept alternative types of trust accounts, such as UTMA, UGMA and Blocked Trust Accounts. Once the account is open, the bank can issue a letter of proof that the trust is established.

Do child actors get their money?

Most child actors, unless they are told otherwise, will expect that the money they earn is theirs to keep and that it will be available to them when they come of age. Unfortunately for child actors, there are only laws like the Coogan law in FOUR states in the country: California, New York, New Mexico, and Louisiana.

Why is it called a Coogan account?

“Coogan Account” is named after John Leslie “Jackie” Coogan, Jr. He was discovered at age seven by Charlie Chaplin and Coogan was cast as Chaplin’s sidekick in the classic film “The Kid” (1921).

How do child stars get paid?

Standard commissions can include 10% to an agent, 10-15% for a manager, maybe 5% to a lawyer, and possibly 5% to a business manager. Then maybe 18% to 40% to TAXES. Yes, child actors who earn income have to pay taxes like the rest of us. And possibly another 15% funneled into a Coogan account.

How long can child actors be on set?

Child actor labor laws allow a seventeen-year-old to work between six and eight hours on set, but they also prohibit a six-month-old from working more than twenty minutes under any circumstances.

Who is the richest kid actor in the world?

45 Richest Child Stars of All Time

• Alyssa Milano: $10 Million.
• Sean Astin: $10 Million.
• Dakota Fanning: $12 Million.
• Anna Paquin: $14 Million.
• Christina Ricci: $18 Million.
• Eliza Dushku: $20 Million.
• Elijah Wood: $20 Million.
• Judy Garland (Deceased): $20 Million.

Do actors still get paid for old movies?

When shows are syndicated, redistributed, released on DVD, purchased by a streaming service or otherwise used beyond what the actors were originally paid for, those actors get residual checks called royalties.

How do child actors protect their money?

Most child actors, unless they are told otherwise, will expect that the money they earn is theirs to keep and that it will be available to them when they come of age. Kids in other states have no legal protection at all for their earnings—even the small 15% that a Coogan account shelters.

How long can child actors work in a day?

When to open a first entertainment Coogan account?

A Coogan Account insures that child actors and athletes (and other young performers) receive this portion of their earnings when they reach majority age of 18. Safely insured, a First Entertainment Coogan Account is easily set up to directly accept these funds.

Do you have to be a union member to open a Coogan account?

The Trustee may transfer funds to an equivalent account before that time. We do not require the minor to have a union affiliation to open a Coogan account. One a Coogan account is opened, the child’s immediate family (e.g., parents & siblings) also become eligible for credit union membership.

Where can I find first Entertainment credit union rates?

One of the benefits of being a member of First Entertainment Credit Union is our higher returns on savings and lower loan rates. Click on the links below to see our current rates for a variety of products. You’ll also find a listing of our low fees. To find rates by telephone, call 888-800-3328 during business hours.

Where can I get a Coogan account in ca?

Parents in CA are required to open a “Coogan” Account and must be opened with a CA bank. A Coogan Account is a special blocked trust fund account found at a bank, credit union or brokerage firm.

https://www.youtube.com/watch?v=kyq8sJ9baTA