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?
A Coogan Account is a special blocked trust account required for child performers to protect a portion of their earnings. Under California law, at least 15% of a minor’s gross income must be deposited into this account, where it is safely held until the child turns 18 or becomes legally emancipated.
These accounts are legally mandated to make sure that children working in entertainment, such as acting, modeling, or digital content creation, retain a portion of their earnings for their future.
Why Is It Called a Coogan Account?
The term comes from child actor Jackie Coogan, who earned millions in the 1920s and 1930s but discovered as an adult that most of his money had been spent by his parents.
This led to the creation of the California Child Actor’s Bill (Coogan Law), which established financial protections for minors working in entertainment.
How Does a Coogan Account Work?
A Coogan Account functions as a restricted trust account with specific legal protections:
- Minimum deposit requirement: 15% of gross earnings
- Access restrictions: Funds are locked until age 18 (or emancipation)
- Ownership: The child is the sole beneficiary
- Account control: Managed by a parent/guardian but cannot be used for regular expenses
Employers (studios, agencies, or brands) are typically responsible for ensuring that funds are properly deposited.
Who Needs a Coogan Account?
A Coogan Account is typically required if your child:
- Works in film, television, or commercials
- Participates in modeling or voice-over work
- Earns income through social media influencing or digital content creation
- Is employed in entertainment under California child labor laws
Even outside California, some contracts and states require similar protections.
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 make sure 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.
How to Open a Coogan Account
Opening a Coogan Account at First Entertainment Credit Union is a straightforward process when you have the right documents ready:
1. Check Eligibility
- Child must live or work in Los Angeles County
- Account opened by a parent or legal guardian
2. Gather Documents
You’ll need:
- Parent/guardian photo ID
- Child’s birth certificate and Social Security number
- Proof of work (audition, contract, or pay stub within 30 days)
3. Open the Account
- Call (888) 800-3328 or schedule an appointment
How First Entertainment Can Help
With over 50 years serving the entertainment community in Los Angeles, First Entertainment understands the unique financial needs of young performers and their families.
Our Coogan Youth Account is designed is designed to provide secure, compliant savings with industry expertise you can trust.
Opening a Coogan Account isn’t just about meeting a requirement, it’s about protecting your child’s earnings and giving them a strong financial start. Whether your child is just beginning or already working, this step helps keep their future earnings are safeguarded.
Explore our Youth Savings Account page to learn more about how First Entertainment can support your family’s journey.
FAQs About Coogan Accounts
1. What percentage of earnings goes into a Coogan Account?
At least 15% of the child’s gross earnings must be deposited by law in California.
2. Can parents withdraw money from a Coogan Account?
No. Funds are blocked and cannot be accessed until the child turns 18 or is legally emancipated, except under rare court-approved circumstances.
3. Do all states require Coogan Accounts?
No. Coogan Accounts are primarily required in California, but other states may have similar laws or contract requirements.
4. Does my child need a Coogan Account for social media income?
In many cases, yes, especially if contracts or California labor laws apply to influencer earnings.
5. What happens to the money when the child turns 18?
The funds are released to the child, who gains full control of the account.
6. Can more than 15% be deposited?
Yes. Families can contribute additional funds beyond the legal minimum.
