What Is a Coogan Account?

Jackie Coogan Wikipedia

Shortly after our arrival in L.A., I was told I needed to set up a Coogan account  for my daughter.

I did not know what a Coogan account was, why I needed one for my daughter, how it would work, or what to look for when setting up this sort of account.

Since I knew so little about a Coogan account, when I called banks to inquire about it, I struggled to explain what I needed.

Our family was maintaining two households at that time, one in South Carolina and one in Burbank, and that was a big drain on our finances. So what was most important to me then was to minimize the up-front cost in setting up the account.

So, I asked only two questions. First, I asked:

• Do you have Coogan accounts?
  

And if the answer to that question was yes, I asked:

• How much money is required to open the account?

So I opened the account at the place requiring the smallest initial deposit, but was this the wisest choice?  This was important, but there were other things I should have thought about as well.

If your child is just getting started in showbiz, you may be wondering, “What is a Coogan account?” and “Why do I need a Coogan account for my young actor or model?”

Continue reading for answers to these questions and other information related to setting up a Coogan account. Read more »