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The Coogan Law: Securing the finances of your child starBY: Guest User | Category: Finance | Submitted: 2010-02-24 19:44:45
Jackie Coogan, a child star in silent films around the 1920s, may be more famous now for the impact that he had on California legislation than for his numerous acting roles. Coogan earned millions of dollars before he turned of age, yet he only received a small fraction of this money due to his parents' use of the money that he earned. All in all, Coogan received only half of the nearly $250,000 left of the money that he made while acting. This situation prompted new legislation to protect child actors from similar abuse of their careers. The Coogan Act (also known as the Coogan Bill or the California Child Actors Bill) was initiated in 1939, but has been revised multiple times since then. The current version of this legislation safeguards a portion of your child's income in a blocked trust account. The best time to get a Coogan Account for your child is when he/she books a job. However, for some people it will be better to get one set up as soon as your child starts auditioning. While you won't need the account unless your child gets a job and actually makes money, you may find that his/her shoot day ends up being sooner than you have the chance to set up a Coogan Account. When choosing which bank or financial institution to set up the Coogan Account with, take into account the reputation of the bank, whether there is an initial deposit required (and how much it is), and the interest rate the money will be making. Once you set up the account, you can't withdraw the funds (hence the 'blocked' part of a blocked trust account), so you will want to be reasonably assured that the bank is the best one for your child's interests. When setting up the Coogan account with your bank of choice, make sure to receive the following information from the bank representative. Ideally, this information should be printed on the bank's letterhead, but because of security issues, you may need to settle for a letter printed on plain paper with a business card attached and the signature of the bank representative. In addition to the signature, make sure that the letter includes: Your child's social security number; The Coogan Account number and routing number; The date the Coogan Account was set up; The name, full street address, and phone number of the bank branch at which the account was opened; and The specification that it is a blocked trust account. Once you have this letter, make a few different copies. Keep the original at home with your files, give your child's agent a copy, and keep numerous copies on hand so that you have them ready to bring to auditions or shoots. Ideally, these copies should be kept with your child's work permit copies. Make sure that you have multiple copies of these available on the day of the shoot or audition so that you can freely give them to the Director, child welfare personnel, or other necessary parties. But you need to be careful not to just hand these out to anyone; even if your child hasn't made any money yet, you don't want to put him/her at risk of identity theft by distributing his/her personal information too widely. Article Source: http://www.writearticles.org/ About Author / Additional Info: Comments on this article: (0 comments so far)
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