Coogan Accounts

Bobbi Barbera, Financial Advisor with Waddell & Reed, understands the entertainment business and knows first-hand about being a parent of a working child actor.  She can open your Coogan Account, and be a parent resource.  A Coogan Account is a blocked minor’s account for child actors, musicians, models, sports figures, and any other entertainment-related profession where a minor is paid to work.

Established under the Coogan Law, 15% of the child’s annual gross earnings are deposited into a Coogan Account in the name of the working child with the custodian acting as a fiduciary of the funds until the child reaches 18 years of age.  The parent is usually the custodian of the Coogan account for their child.

If the child resides in California or works in the state, a Coogan Account must be set up. There are a few other states that require an established Coogan Account too.

Typically 15% is sent directly to the Coogan Account from the billing or payroll department of the project.  However, it is important to note this is not always the case.  Sometimes the 15% is not withheld.  The custodian of the account, acting as the fiduciary for the child, is ultimately responsible for ensuring that the 15% is deposited to the working child’s Coogan Account.  To assist the fiduciary with their responsibility, Bobbi has a system she uses to help the custodian keep track of the deposits.

Bobbi thinks it's fitting that, as a financial advisor, she would have the uncommon focus on Coogan accounts.  She grew up in Culver City, CA, whose city motto is “The Heart of Screenland." MGM Studios’ backlots were only blocks away from her childhood home.  With family members who worked in entertainment, Bobbi has an understanding and familiarity with the industry.  She remembers childhood visits to the MGM back lots and being present for some of the shoots on those lots.

Bobbi’s daughter, Isabella, was a child commercial actor and the first Coogan Account Bobbi established nearly 20 years ago.