What does Coogan Account mean?
Coogan Account refers to a special trust account set up for child actors or performers in the United States, required by law to ensure that a portion of the child’s earnings is saved until they reach adulthood. Named after child actor Jackie Coogan, whose earnings were misappropriated by his parents, the Coogan Law mandates that a percentage of the minor’s income is placed into this account, protecting them from financial exploitation. The account is locked until the child turns 18, at which point they gain full access to the funds.
Example:A child actor’s Coogan account holds 15% of their earnings from a TV show, ensuring that the money is saved for their future.
Example: Parents of a young model open a Coogan account to comply with California law, ensuring that part of their child’s earnings is protected.
Did You Know?
The Coogan Law was enacted in 1939 after Jackie Coogan’s parents spent nearly all of his earnings, leading to legal changes that protect child performers today!
