Coogan or Trust Account for minors
Minors need a blocked trust account in order to work in certain states. The law requires a trust account for working child performers, with 15% of the child’s gross earnings deposited into the trust account to be held for them until they reach a certain age. The types of acceptable accounts are UTMA / UGMA / COOGAN (not a simple savings account). You DO NOT need to be a member of an acting union to open a custodial account.
The easiest way to obtain a trust account is going to the Actors Federal Credit Union. Make sure when you go in person to open account that you bring all necessary identification and forms. A link to the application is below.
You can also check with your current bank to inquire about this type of account. Several parents have had luck creating an account with their credit union versus a big bank.
The easiest way to obtain a trust account is going to the Actors Federal Credit Union. Make sure when you go in person to open account that you bring all necessary identification and forms. A link to the application is below.
You can also check with your current bank to inquire about this type of account. Several parents have had luck creating an account with their credit union versus a big bank.