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Coogan Account: Minor can withdraw funds upon reaching age of 18, becomes emancipated, or a court order is received. Note: The trustees transaction authority ceases upon the minor attaining the age of 18 or becomes emancipated.
COOGAN TRUST ACCOUNTS SAG-AFTRA Federal Credit Union. Actors Federal Credit Union. Bank of the West. City National Bank. First Entertainment Credit Union. Morgan Stanley/Smith Barney. Union Bank of California. Wells Fargo.
No, funds cannot be withdrawn from a Coogan account until the minor turns 18 years old.
In a Trust Account, the minor is the Beneficiary, and the parent/guardian is the Trustee. There can be no withdrawals until the minor reaches the age of majority (usually 18 years of age but as mandated by law per state). The Trustee may transfer funds to an equivalent account before that time.
Known as the Coogan Act, it stipulates that 15% of a child performers earnings must remain in trust for them until the child reaches adulthood. The Coogan Act provides that a trustee manages the funds set aside for the child in ance with strict investment guidelines.
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Were the Coogan experts. Let us help. These earnings are the legal property of the minor and monies placed in trust cannot be touched by anyone until the minor turns 18 or becomes legally emancipated.
Protect your Child Stars Earnings with a Coogan Account The parents remain the trustees of the account with the child as the beneficiary until they turn 18 but are restricted from accessing these funds for any reason.

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