Setting up a Coogan Account | Guide My Finances

Q: What is a Coogan Account?

A Coogan Account is a blocked trust account designed to protect a portion of a child actor’s earnings until they reach adulthood. Certain states require Coogan Accounts for minors working in the entertainment industry.

Q: Why is a Coogan Account required?

Coogan Accounts are required in certain states to help ensure that a percentage of a child entertainer’s earnings is preserved and protected for the child’s future use.

Q: How much money must be placed into a Coogan Account?

In California and certain other states, employers are generally required to deposit 15% of a child actor’s gross earnings into a Coogan Account.

Q: Can parents withdraw money from a Coogan Account?

No. Coogan Accounts are blocked trust accounts, and parents or guardians are generally restricted from accessing the funds before the child reaches adulthood.

Q: When can a child access their Coogan Account funds?

In most cases, the child gains access to the funds in the Coogan Account when they turn 18 years old.

Q: Can Coogan Account funds be invested?

Yes. Depending on the account structure and financial goals, Coogan Account funds may be invested to help support long-term financial growth and future financial stability.

Q: Why is financial planning important for child actors?

Financial planning can help child actors and their families manage earnings responsibly, reduce unnecessary financial risk, plan for future educational or career goals, and create long-term financial strategies.

Q: What states require Coogan Accounts?

States including California, New York, Louisiana, and New Mexico have laws requiring Coogan Accounts for child entertainers under certain circumstances.

Q: Why work with a financial planner for a Coogan Account?

Working with a financial planner can help families understand investment options, financial planning strategies, and long-term wealth management considerations related to Coogan Accounts and child actor earnings.

Q: Why work with a Coogan Account financial planner in San Diego & Carlsbad?

Guide My Finances helps families throughout San Diego and Carlsbad create personalized financial strategies designed to protect and manage Coogan Account assets while supporting long-term financial goals for child entertainers.

Request Appointment

To schedule an appointment to discuss your Divorce Financial Planning:

Request Appointment

Coogan Account Financial Planning in San Diego & Carlsbad

Guide My Finances provides Coogan Account financial planning services designed to help child actors and their families protect earnings, manage investments, and create long-term financial strategies for future financial stability. Our fiduciary advisors help families understand Coogan Account requirements, investment options, and financial planning considerations for child entertainers.

What Is a Coogan Account?

A Coogan Account is a blocked trust account required for child actors in certain states to help protect a portion of their earnings until they reach adulthood. These accounts are designed to preserve funds earned by minors working in the entertainment industry.

®Protect your Child Star’s Earnings with a Coogan Account

If you are the parent of a child actor in California, New York, Louisiana or New Mexico, you are required to transfer 15% of your child’s earnings to a blocked trust account, also referred to as a Coogan account. Known as the part of the California Child Actors Bill signed into law in 1939, a Coogan account protects money earned and accumulated under a contract as legal property of the minor child. The parents remain the trustees of the account with the child as the beneficiary until they turn 18 but are restricted from accessing these funds for any reason. Once the actor is 18, they will have access to withdraw the money and use the funds as they see fit.

Why Is Financial Planning Important for Coogan Accounts?

Strategic financial planning for Coogan Accounts can help families manage investments, support long-term financial growth, educate young entertainers about financial responsibility, and create strategies designed around future financial goals.

While many banks offer the option to establish a Coogan account, it may be more challenging to find options for how and where to invest these funds. Depending on the age of your child and their financial needs and objectives, it may be beneficial to work with an experienced financial planner. At Guide My Finances®, we work with your child to educate them about financial management and act as the investment advisor to build and execute an appropriate Coogan investment strategy to enable the funds to grow over time. Our experienced team of registered advisors can help guide you in setting up this specific type of trust account.

If you are interested in creating a Coogan Trust Account for your child or have other financial questions, contact us for more information.

How Can Coogan Account Planning Support Your Child’s Financial Future?

Coogan Account planning can help families create long-term financial strategies designed to preserve earnings, manage investment growth, and support future educational, career, and financial goals for child entertainers. Personalized financial guidance can also help young actors better understand financial management and long-term wealth planning.

Frequently Asked Coogan Account Questions

Coogan Accounts often raise important questions about legal requirements, investments, withdrawals, and financial planning for child actors and entertainers. Below are answers to some of the most common Coogan Account questions families ask when planning for their child’s financial future.

        
                            
                    
                    
                        
                            A Coogan Account is a blocked trust account designed to protect a portion of a child actor’s earnings until they reach adulthood. Certain states require Coogan Accounts for minors working in the entertainment industry.
                        
                    
                
                            
                    
                    
                        
                            Coogan Accounts are required in certain states to help ensure that a percentage of a child entertainer’s earnings is preserved and protected for the child’s future use.
                        
                    
                
                            
                    
                    
                        
                            In California and certain other states, employers are generally required to deposit 15% of a child actor’s gross earnings into a Coogan Account.
                        
                    
                
                            
                    
                    
                        
                            No. Coogan Accounts are blocked trust accounts, and parents or guardians are generally restricted from accessing the funds before the child reaches adulthood.
                        
                    
                
                            
                    
                    
                        
                            In most cases, the child gains access to the funds in the Coogan Account when they turn 18 years old.
                        
                    
                
                            
                    
                    
                        
                            Yes. Depending on the account structure and financial goals, Coogan Account funds may be invested to help support long-term financial growth and future financial stability.
                        
                    
                
                            
                    
                    
                        
                            Financial planning can help child actors and their families manage earnings responsibly, reduce unnecessary financial risk, plan for future educational or career goals, and create long-term financial strategies.
                        
                    
                
                            
                    
                    
                        
                            States including California, New York, Louisiana, and New Mexico have laws requiring Coogan Accounts for child entertainers under certain circumstances.
                        
                    
                
                            
                    
                    
                        
                            Working with a financial planner can help families understand investment options, financial planning strategies, and long-term wealth management considerations related to Coogan Accounts and child actor earnings.
                        
                    
                
                            
                    
                    
                        
                            Guide My Finances helps families throughout San Diego and Carlsbad create personalized financial strategies designed to protect and manage Coogan Account assets while supporting long-term financial goals for child entertainers.

Personalized Coogan Account Planning Designed Around Your Child’s Future

Guide My Finances provides personalized Coogan Account financial planning services designed to help child actors and their families protect earnings, manage investments, and support long-term financial stability. From understanding Coogan Account requirements and investment strategies to creating long-term wealth planning goals, our fiduciary advisors help families build customized financial strategies tailored to their child’s future.