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My child did a few jobs but has lost interest in acting. Will the funds be escheated to the State if we don’t make future deposits to the Coogan account?

April 26, 2017acting child don’t escheated funds future jobs Lost State

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My child did a few jobs but has lost interest in acting. Will the funds be escheated to the State if we don’t make future deposits to the Coogan account?

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Until a child reaches age 18, the funds in a Coogan account will not be escheated (surrendered) to the State due to lack of activity. Once the child reaches the age of 18, however, Coogan accounts will be escheated to the State if the account is dormant for more than three years.