Howdy.
So not “Cougar” accounts, like my phone wanted to autocorrect because it knows how much I love to talk about cougars. Talking specifically about Coogan accounts, so here’s the question and I’m coming here because I can get a reliable answer faster on this board than anywhere in the world!
Family moves from overseas to New York City because youngest daughter is an aspiring actress. They have been told they need to open an account in the daughter’s name where she can be paid, but obviously needs to be some type of custodial account or a trust since daughter is a minor. In California, they would require a Coogan trust account. From what I’ve gathered, any other state a UTMA/UGMA account would be fine. They reside in New York, but she will likely work in California some. Not live there, but work there some. Not much, but possible.
Since they do not live in CA, can this all be accomplished by just depositing all income in a UTMA account? They can establish a trust for the Coogan account if needed, but would like to avoid that hassle if it’s not really needed.
Give me knowledge, AY. You are so good at this.
So not “Cougar” accounts, like my phone wanted to autocorrect because it knows how much I love to talk about cougars. Talking specifically about Coogan accounts, so here’s the question and I’m coming here because I can get a reliable answer faster on this board than anywhere in the world!
Family moves from overseas to New York City because youngest daughter is an aspiring actress. They have been told they need to open an account in the daughter’s name where she can be paid, but obviously needs to be some type of custodial account or a trust since daughter is a minor. In California, they would require a Coogan trust account. From what I’ve gathered, any other state a UTMA/UGMA account would be fine. They reside in New York, but she will likely work in California some. Not live there, but work there some. Not much, but possible.
Since they do not live in CA, can this all be accomplished by just depositing all income in a UTMA account? They can establish a trust for the Coogan account if needed, but would like to avoid that hassle if it’s not really needed.
Give me knowledge, AY. You are so good at this.
