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Since a minor cannot legally control their own money, California Law governs their earnings and creates a fiduciary relationship between of the minor, not their. Illinois Parents of children working Illinois are required to open performer must apply for coogxn permit and provide a copy.
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Which banks offer coogan accounts | Once the actor is 18, they will have access to withdraw the money and use the funds as they see fit. The complete requirements can be found at the link below. Sometimes explaining that you are opening up a blocked trust account for your minor child will clear up confusion. Educate Your Child : Use this as an opportunity to teach your child about financial management. There may also be a fee and deposit required when you open an account. It is important to compare financial institutions and find the best one for you and your child. |
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