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What is a Coogan Account?

A "Coogan Trust Account" is a blocked trust account that is established at a

qualified financial institution in California that is insured at all times by either the

FDIC, SIPC or NCUSIF.

Under California law, whenever a minor renders artistic services, employers are

required to deposit 15% of gross earnings directly into the minor's "Coogan

(blocked trust) Account". The monies placed in trust cannot be touched by

anyone until the minor turns 18 or becomes legally emancipated.

Parents or Legal Guardians are required to establish a "Coogan Trust Account"

within seven business days after a minor's employment contract is signed, and to

provide the minor's employer with a copy of a trustee's statement (evidencing

proof of the account) within ten (10) business days after the start of employment.

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Q: What is a Jackie Coogan Bank Account?
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