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16/04/2022 7:49 pm
Yes, Coogan accounts are familiar to southern Californians. I know some folks in the business, and we have discussed them.
Apparently, that original law was flawed and but many of the loopholes were closed over the years.
In January of 2000, California law affirmed that earnings by minors in the entertainment industry are the property of the minor, not their parents. Since a minor cannot legally control their own money, California Law governs their earnings and creates a fiduciary relationship between the parent and the child. This law also requires that 15% of all minors’ earnings must be set aside in a blocked trust account commonly known as a Coogan Account which must be opened with a California bank. In most instances, children must supply proof of a trust account prior to receiving a work permit. The parent is required to supply the Coogan account number to the employer.
By the time some of these individuals reach 18 years old, they have millions in the account.
17/04/2022 9:10 am
Selfishness knows no bounds sometimes. How such parents can stand themselves is beyond me....disgraceful.
David Green and David Green reacted