For families of young entertainment professionals, a Coogan Account is more than a legal requirement…it’s a smart way to protect your child’s earnings and prepare their future.
If your child is starting to work in entertainment, whether through acting, modeling, or social media, you may have heard someone mention a “Coogan Account.” While it might sound like another industry formality, it’s actually a powerful tool for protecting your child’s financial future and in many instances, a legal requirement to protect your child’s assets.
What Is a Coogan Account?
The law that mandated the creation of Coogan Accounts was enacted in response to a well-known case from the 1930s. Child actor, Jackie Coogan, earned millions starring in silent films, but when he reached adulthood, he found that most of his money had been spent by his parents. That situation led to the creation of the California Child Actor’s Bill, also known as the Coogan Law, which requires 15% of a child performer’s earnings be deposited into this type of trust account. These funds cannot be accessed until the beneficiary (minor) reaches 18 years old or is emancipated.
Why a Coogan Account Matters
The entertainment world can be exciting but it’s also fast-paced, unpredictable, and sometimes overwhelming. For families, it’s easy to get caught up in the whirlwind of auditions, contracts, and bookings and financial planning for the child can easily become an afterthought.
A Coogan Account helps ensure that your child has money saved for the future. Whether that future includes college, launching a business, or simply having a financial cushion at 18, it’s about giving your child options.
With more young people entering the industry through digital platforms, the need for financial safeguards is growing. It’s not just about traditional acting anymore, it’s about protecting kids across all kinds of creative work.
How First Entertainment Can Help
As a credit union serving the entertainment community in Los Angeles for over 50 years, we understand the financial needs of performers and their families. Our Coogan Youth Account is designed to give your family the trusted support you’d expect from a financial institution with deep roots in the industry.
Opening a Coogan Account isn’t just about meeting a requirement, it’s about building a foundation of trust, protection, and long-term possibility. Whether your child is just starting out or already booking jobs, taking this step today means they’ll have more choices for tomorrow.
Explore our Youth Savings Account page to learn more about Coogan Accounts and how First Entertainment can support your family’s journey.
