Jackie Coogan, the famous child actor robbed by his mother of his career earnings, had inspired the Coogan Law that protects child actor’s earnings from threatening parties.
- Coogan Accounts are required for all child actors throughout the United States enforced by the Coogan Law of 1939
- The Coogan Law was established to protect child entertainer’s earnings until they are of age
- Certain states have different rules when it comes to Coogan Accounts, but Kiss Trust provides solutions for all Coogan Account needs
Coogan: The Name That Changed It All
The Person Behind The Name
Jackie Coogan starred in Charlie Chaplin’s famous flick called The Kid. From there, Coogan went on to become a very famous child entertainer but he’s best known in the entertainment business for his role in the TV show, The Addams Family. Off the screen, the term Coogan connotes something completely different.
Jackie Coogan Loses Everything
During the 1930s, the child’s earnings remained in their parent’s possession. When Jackie Coogan turned 21 after his father had passed, he wanted to withdraw some of his accumulated career earnings. Unfortunately, Jackie’s parents had depleted the value of his account and he was left with nothing. After being faced with an insurmountable challenge and a lack of money, his only choice was to sue his mother and manager for the lost earnings. The result of this lawsuit would result in one of the most influential laws passed for child entertainers: The Coogan Law.
Coogan Law: How It Changed Child Entertainment
In 1939, the Coogan Law was passed as a result of Jackie Coogan’s lawsuit against his mother and manager and it forever changed how child entertainers would accumulate wealth. Here are 4 ways the Coogan Law changed child entertainment:
What Is A Coogan Trust (or Account)?
The Many Names of Coogan Trusts
Coogan Accounts, Trust Accounts, Blocked Trust Accounts, and Coogan Trusts all refer to the account in which a child actor’s wealth is kept by a trusted institution until the child becomes of age to receive his or her assets accumulated throughout their acting career as a child. The reason for the Coogan Law is to protect child actors from potentially harmful parties, who could take advantage of their earnings, illustrated best by the Coogan case.
Establishing a Coogan Account
These types of trusts are fairly simple to establish and are required if a child is earning income through acting. Financial institutions focus on providing services for Coogan Accounts, while Kiss Trust brings affordability, security, and simplicity to such accounts. Setting up a Coogan Trust for soon-to-be child stars to beginner child actors is quick and easy using Kiss Trust’s patented all-inclusive trust solutions. Our trust documents fulfill the needs of families with child entertainers throughout the United States, wherever your child’s career takes you.
Kiss Trust Ends Coogan Trust Services
A decision made by Eastern Point Trust Company, the provider of Kiss Trust, stopped offering Coogan Trust services to retail clients. As of April 2017, Coogan Trusts will no longer be a product available to new customers. As such, existing clients with Coogan Trusts held with EPTC will not be affected.
Revised: 01 June 2017