who is the trustee on a coogan account

58 16 As soon as they’ve passed you the account details, the law requires that you provide the parents with a receipt agreeing that you did, in fact, receive them. Remember, in this regard, their job is far more stressful than yours. (e) Upon application by the trustee or trustees to the financial institution or company in which the trust is held, the trust funds shall be handled by the financial institution or company in one or more of the following methods: How can we help? With entertainment payroll companies like Wrapbook, you can easily divide up your payments into a Coogan account by identifying your minors when setting up your project. This account is similar to the “Coogan,” but does not differ regarding rules of withdrawal. Entertainment payroll companies deal with Coogan Accounts all the time. For that reason, you may prefer to make the deposits on a paycheck to paycheck basis, in step with your regular payroll. trailer These amounts shall be held in trust, in an account or other savings plan, and preserved for the benefit of the minor in accordance with Section 6753. 0000001868 00000 n Payroll companies, like Wrapbook, have designate any actors under the age of 18 when you digitally onboard them onto your production. As a result, in 1939, the Coogan Law was put into effect, presumably to protect future young actors from finding themselves in the same terrible situation that Jackie Coogan was left in. Please visit the Labor Department’s website in each state for more detailed information. (C) The Actors' Fund of America shall notify each beneficiary of his or her entitlement to the funds that it holds for the beneficiary, within 60 days after the date on which its records indicate that the beneficiary has attained 18 years of age or the date on which it received notice that the minor has been emancipated, by sending that notice to the last known address that it has for the beneficiary, or to the beneficiary's parent or guardian, where it has no specific separate address for the beneficiary. (b)(1) Notwithstanding any other statute, in an order approving a minor's contract of a type described in Section 6750, the court shall require that 15 percent of the minor's gross earnings pursuant to the contract be set aside by the minor's employer, except an employer of a minor for services as an extra, background performer, or in a similar capacity, as described in paragraph(3) of subdivision(b) of Section 6750. It wasn’t until his 21st birthday after the death of his father and the dwindling of his film career that Jackie realized he was left with none of the earnings he had work so hard for as a child. (5) When making the initial deposit of funds, the minor's employer shall provide written notification to the financial institution or company that the funds are subject to Section 6753. The Coogan Account got its name from actor Jackie Coogan, who was a child actor probably best known for his adult role as “Uncle Fester,” in The Addams Family television series. At present, Coogan Accounts (a.k.a Blocked Trust Accounts and Trust Accounts) are required by the State of California, New York, Louisiana and New Mexico. After all, a producer doesn’t have to ask, “Can a Coogan Account be closed?” or “Who is the trustee on a Coogan Account?”. Parents in New Mexico are required to open a blocked trust account only if their child earns more than $1000 per each employment contract. (2) A contract pursuant to which a minor agrees to purchase, or otherwise secure, sell, lease, license, or otherwise dispose of literary, musical, or dramatic properties, or use of a person's likeness, voice recording, performance, or story of or incidents in his or her life, either tangible or intangible, or any rights therein for use in motion pictures, television, the production of sound recordings in any format now known or hereafter devised, the legitimate or living stage, or otherwise in the entertainment field. Get the best resources for producers delivered to your mailbox. Call, chat with a rep, get answers to FAQs or send us an email. However, these trusts don’t differ from a Coogan Account in their regulations around withdrawal and can be opened at any bank in any state, provided they meet the UTMA or UGMA requirements. The trustee or trustees shall attach to the written statement a true and accurate photocopy of any information received from the financial institution confirming the creation of the account, such as an account agreement, account terms, passbook, or other similar writings. Because the opening of a Coogan Account is a prerequisite for adherence to other child actor laws (i.e. The legacy of Jackie Coogan, actor and comedian, is felt most prominently not in his performances, but in the attention he called to his own exploitation, in his daring to challenge his own parent in a court of law. If you are also wondering what a Coogan Account is, it’s a blocked trust account. 0000002993 00000 n In January 1, 2000, changes in California law affirmed that earnings by minors in the entertainment industry are the property of the minor, not their parents. In California, the nonprofit The Actors’ Fund of America (rather than the state) holds a child’s 15% earnings share if parents do not open a Coogan Account. Now, the responsibility is on the producer’s shoulders. (h) All funds received by The Actors' Fund of America pursuant to this section shall be exempt from the application of the Unclaimed Property Law(Title 10(commencing with Section 1300) of Part 3 of the Code of Civil Procedure), including, but not limited to, Section 1510 of the Code of Civil Procedure. New York. (7) The court shall have continuing jurisdiction over the trust established pursuant to the order and may at any time, upon petition of the parent or legal guardian, the minor, through his or her guardian ad litem, or the trustee or trustees, on good cause shown, order that the trust be amended or terminated, notwithstanding the provisions of the declaration of trust.An order amending or terminating a trust may be made only after reasonable notice to the beneficiary and, if the beneficiary is then a minor, to the parent or guardian, if any, and to the trustee or trustees of the funds with opportunity for all parties to appear and be heard. endstream endobj 73 0 obj<>/W[1 1 1]/Type/XRef/Index[9 49]>>stream The parent is the Trustee. After receiving those documents, The Actors' Fund of America shall deposit or disburse the funds as directed by the trustee's statement, and in accordance with Section 6753, within 15 business days.When making that deposit or disbursal of the funds, The Actors' Fund of America shall provide notice to the financial institution that the funds are subject to Section 6753, and shall thereafter have no further obligation or duty to monitor or account for the funds. xÚbbbf`b``Ê À. 15% of the minor’s gross wages are required to be withheld by the employer and deposited into the Coogan account within 15 days of employment. These amounts shall be held in trust, in an account or other savings plan, and preserved for the benefit of the minor in accordance with Section 6753. Upon reaching the age of 18 years, the beneficiary may withdraw the funds on deposit in trust only after providing a certified copy of the beneficiary's birth certificate to the financial institution where the trust is located. If your production team is handling payroll directly, then you’ll have to make any and all deposits into the Coogan Account yourself. 0000002379 00000 n A Coogan Account or Coogan Bank Account is actually a kind of Trust (thus, why it’s frequently also referred to as a Coogan Blocked Trust Account or a Coogan Trust Account). Under California law at the time, the earnings of the minor belonged solely to the parent. (c)(1) Notwithstanding any other statute, for any minor's contract of a type described in Section 6750 that is not being submitted for approval by the court pursuant to Section 6751, or for which the court has issued a final order denying approval, 15 percent of the minor's gross earnings pursuant to the contract shall be set aside by the minor's employer, except an employer of a minor for services as an extra, background performer, or in a similar capacity, as described in paragraph(3) of subdivision(b) of Section 6750. Once you have the child actor’s Coogan Account information, you’re going to use it to deposit the required 15% of their gross earnings. It’s that simple. Born in 1914, Jackie Coogan was discovered at a vaudeville show when he was only five years old by none other than Charlie Chaplin. This account is a court-administered trust fund designed to protect the earnings of child actors, athletes and other child performers until they become adults. Once the account has been established, the parent must provide each employer with the account information for each job the child secures. Hit us up at success@wrapbook.com. Wrapbook and its authors are not responsible for decisions made based on the information covered in this article. The parent may be a trustee on the account, but withdrawals cannot be made on the account until the minor reaches the age of eighteen. (2) The Actors' Fund of America shall have the right to transfer funds from the master account, or from a beneficiary's segregated account to its general account in an amount equal to the beneficiary' s balance.The Actors' Fund of America shall have the right to use those funds transferred to its general account to provide programs and services for young performers.This use of the funds does not limit or alter The Actors' Fund of America' s obligation to disburse the set - aside funds to the beneficiary, or the beneficiary's parent, guardian, trustee, or estate pursuant to this chapter. 0000003355 00000 n 0000000016 00000 n Call, chat with a rep, get answers to FAQs or send us an email. %PDF-1.4 %âãÏÓ Subsequently, you, as a producer, will be unable to employ them. This paragraph does not apply to an employer of a minor for services as an extra, background performer, or in a similar capacity, as described in paragraph(3) of subdivision(b) of Section 6750. It’s important to note that not all states require a child actor to maintain an open Coogan Account. 6752. The Coogan Law is short for the Jackie Coogan Law, and it’s named in honor of John Leslie Coogan, actor and comedian extraordinaire whose talent made him one of the first child stars in film history. Parents in NY are required to open up an UTMA or UGMA compliant trust account. Coogan Accounts ensure that child actors and athletes receive this portion of their earnings when they reach majority age, currently 18 or become legally emancipated. xref A producer doesn’t have to do the legwork to figure out whether a Wells Fargo Coogan Account, Chase Coogan Account, or ACFU Coogan Account is going to drain their child’s earnings over time with exorbitant fees. No withdrawals are … As if getting a production off the ground weren’t already challenging enough, working with kids adds the complications of stage parents, studio teachers, and outdated child labor regulations to your already staggering workload. Coogan’s parents purportedly spent all of his childhood earnings on a lavish lifestyle. (C) The Actors' Fund of America shall disburse the set-aside funds to the estate of a deceased beneficiary after receiving appropriate documentation evidencing the death of the beneficiary and the claimant's authority to collect those funds on behalf of the beneficiary.

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