When/should this account be opened?

It's best to open it as soon as possible so that you are prepared. Jobs can come out of nowhere when you least expect it, even for background work. Also, in CA anyway, proof of the Coogan Account, as well as the work permit, have been known to be required by some CDs at auditions. They are not required at all auditions, but it does happen. It would be ashame to loose out on an audition or job due to not being prepared.

Any suggestion? I hear aftra-sag credit untion is for CA and Actors Credit union in NY ???

I work both... do I have to open accounts in each state?

either will work for both states.

Here's a thread with more helpful info.

http://bbs.backstage.com/eve/forums/a/tpc/f/9611031/m/1...?r=51110379#51110379

Just to be really clear:

Either AFTRA-SAG FCU or Actors Federal Credit Union will be good places to open an account. They both offer BOTH types of Coogan accounts (NY = UTMA/UGMA accounts, unblocked; CA= Blocked Trust Account).

You only need one account, but if you are planning to work in both places, you need a California Coogan, since it is the most strict. California Coogans are acceptable in NY, but NY accounts are NOT acceptable by law in CA.

My advice? Call Actors Federal Credit Union and ask for a CA Coogan. They are actively seeking the Coogan business right now.
:-)
A

I currently have a student checking account and savings account with Bank Of America. And I have been told that they offer this kind of account...

Comments?

Many banks offer the blocked and unblocked trust accounts, but most banks are not well versed in the process or requirements. Actor's Federal Credit Union is well versed in Coogans. We opened Coogan accounts (blocked trusts) at AFCU just over a year ago for all 3 of our kids and it took less than 45 mins to get all 3 accounts up and running...no deposits, no hassle. They make the process very easy...you can even do it by mail. Or you can go in and open a single account in 20 minutes. You can open the account with a $0 balance...no deposit required. As henryshowbiz mentioned, CA Coogans are required for work in CA and they are acceptable for work done in NY. We opened CA Coogans for our kids because of the flexibility and I'm glad we did that...even if you live in NY (or elsewhere), there is a chance you could do a project for a CA production company. If you set up the CA Coogan, the deposits can be made into that account and you won't have to worry about keeping track of additional accounts or paperwork.

I open my daughters account also at Actor's Federal Credit Union in Manhattan NY and it was very easy.

The Current Coogan Law

After many years of advocating for more protections for child actors, Screen Actors Guild Young Performers Committee, National Policy and Planning Department and other industry groups were successful in closing many of the loopholes that made the original Coogan Law ineffective. 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. Since a minor cannot legally control their own money, California Law governs their earnings and creates a fiduciary relationship between the parent and the child. This change in California law also requires that 15% of all minors’ earnings must be set aside in a blocked trust account commonly known as a Coogan Account.



California

Parents in CA are required to open a “Coogan” Account and must be opened with a CA bank. A Coogan Account is a special blocked trust fund account found at a bank, credit union or brokerage firm.
New York

Parents in NY are required to open up an UTMA or UGMA compliant trust account. This account is similar to the “Coogan,” but does not differ regarding rules of withdrawal. The account may be opened with any bank, in any state, as long as it meets UTMA or UGMA requirements.
Louisiana and New Mexico

Parents in LA are required to open a Blocked Trust Account with any bank, in any state. Parents in New Mexico are required to open a blocked trust account only if their child earns more than $1000 per each employment contract.

Please visit the Labor Department’s website in each state for more detailed information.



Not all banks offer Coogan Trust Accounts, and even some that do still have employees are not familiar with the term “Coogan Account”. Sometimes explaining that you are opening up a blocked trust account for your minor child will clear up confusion.

Below you will find a partial list of banks, credit unions and brokerage firms that offer Coogan/Trust Accounts. Screen Actors Guild provides this list for information purposes only and does not endorse any particular institution. These financial institutions each have different requirements for opening accounts. Some require a first paycheck to open the account, some a minimum deposit and the interest rates vary. It is important to compare financial institutions and find the best one for you and your child.

* AFTRA/SAG Federal Credit Union
* Actors Federal Credit Union
* Bank of America
* Bank of the West
* City National Bank
* Downey Savings
* First Entertainment Credit Union
* Morgan Stanley
* Smith/Barney
* Union Bank of California
* Wachovia
* Wells Fargo

I just wanted to add that the UTMA account is not considered a blocked trust account and NY will not allow that as an account for work permits. Using the AFCU seems the best way to go as they don't charge to open nor do you need to put money in it to open and it is a truly blocked account.

quote:

Originally posted by momto2b2g:
I just wanted to add that the UTMA account is not considered a blocked trust account and NY will not allow that as an account for work permits. Using the AFCU seems the best way to go as they don't charge to open nor do you need to put money in it to open and it is a truly blocked account.

We have always used a UTMA account for my dd's work permits in NY. As far as I am aware, NY accounts are not required to be blocked as henryshowbiz was saying. At the time we opened it, the bank was not even aware of what a Coogan acct was, but I see our bank (Bank of America) is now listed in another post as a bank that offers Coogan accts.

When I renewed the kids work permits this month they told me we needed the blocked trust accounts, and the UTMA accounts were not sufficient. Luckily I had already opened them and coogan accounts as well. Was it a work permit or a model permit?

As per that list they have our bank too and when I tried to make it a blocked trust account they had no idea what I was talking about, I even explained the coogan, when they said ahhhh we can't do that.

As for needing it in NY, my one child did work in NY but the company paying was in CA and we had to have an official blocked acoount, so you never know when that might come up, even over here.

Ours was for a work permit. I renewed it in April but they didn't say anything to us at that time. I have since also opened a Coogan in CA. But the UTMA is what NY has on file since she got her first work permit in the beginning. I wonder if they have changed their policy now? I've never had to send any proof of the account since the first application, just the school record stuff every 6 months.

I'll have to look at the letter I got from them. I'm not home right now. I had to send an actual copy of the account for them to confirm it was blocked. Hmmm don't know if it's a change or not.

Also wanted to add, I had to renew all of them for May, so I wonder if it's just recent? I'll look on their site.