As trustee to a child performer, you have financial responsibilities that may seem daunting. You are required to open a Coogan Account, but how you manage those investments and the rest of your child's finances becomes a labor of love. How do you know you are making the right decisions for your child's future? How can you ensure you're meeting your responsibilities under the CA Family Code? And, how do you balance these responsibilities against parenting and managing your child's career?

Since California law mandates that a child performer must have a Coogan Account to set aside 15% of his or her earnings, let's start here and keep it simple. Complete the Coogan Account application, provide a copy of a current drivers license or passport for each trustee on the account, and include a copy of the child's birth certificate (your child must have a social security number to open this account). AFTRA-SAG Federal Credit Union offers three convenient options families needing to open a new Coogan Account: in person at a branch, via mail, or online.

We have an industry-knowledgeable staff and a nationally recognized Coogan expert on hand to answer all your questions. By choosing AFTRA-SAG Federal Credit Union for your Coogan needs you choose knowledge - and knowledge is power. AFTRA-SAG allows you to meet your tracking requirements under CA Family Code, open the account in one day, and will immediately issue a Statement of Trustee. The Union is FREE from monthly service charges, requires no opening deposit, and provides images of all Coogan Account Deposits. The account also pays competitive dividends.

Lisa in Santa Clarita asks: I already have a Coogan Account at another financial institution, but the staff seems unable to answer my questions and we're getting nailed with monthly charges. Is it possible to transfer a Coogan Account?

Dear Lisa,

It is not only possible but also legal and extremely easy to transfer a Coogan Account. First let's open a new Coogan Account. We will provide you with a transfer letter to facilitate the transfer from your current institution. We will then help you notify employers how to direct funds to your new Coogan Account. I advise you to keep the old account open for a time to ensure effective notification takes place and there are no delays in check processing. We would love to have your business so please contact our Coogan Desk for immediate assistance.

Please call Donna at the AFTRA-SAG Federal Credit Union, 818-562-3494, for more information on how to set up a Coogan Account.