You must have a Coogan Account or (Blocked Trust Account) set up for any minor to work in the entertainment business. Here is some information to help you:
As of January 1, 2000 it is mandatory to get a savings account specifically for a child’s career in the entertainment field. It used to be more relaxed within the industry, but a few bad apples made it necessary to change the law to be more stringent. Now it is mandatory for a production company for a TV show, commercials, or other paying jobs to pay 15% of your child’s money directly to the specified account for the child. The type of account is called a “Blocked Trust Account”, or commonly referred to in the industry as a “Coogan Account”. (Don’t let anyone set up a money market or another kind of account for you.) Some parents have recently told me that they had a difficult time themselves finding a bank to set this account up. They found it relatively easy and well known by this special branch of B of A. You can set your account up anywhere that you like, this is just a suggestion that may help you, your bank or credit union may service you as well.
Bank of America Attention: Coogan Dept. 345 N. Brand Av. 2nd Floor Glendale, CA 91203
Phone: 1-800-765-6161 1-818-502-8824 Attention: Glenda
Wells Fargo Bank Swall Branch 8901 Pico Blvd Los Angeles, CA 90035 Phone: 310-550-2915
Wells Fargo Bank Court Blocked Accounts P6103-05A PO Box 3908 Portland, OR 97208-3908 Phone: 503-721-5368
For Financial assistance in understanding your Child’s Coogan Account, Your Child’s College Savings Plans, Retirement Plans, Re-Financing, and Life Insurance.
Kevin O’Brien Primerica Financial Services
A member of CitiGroup
Make sure and tell him that you are a new client of his brother.