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All Minors’ Trust Funds are insured under the Financial Services Regulatory Authority of Ontario. Should any account reach the $250,000 limit for such insurance, a second and any subsequent account required will be opened for the minor in to maintain a fully insured trust. This provides the Trustees (ACTRA PRS Board of Director) and the ...
Jun 13, 2022 · The ACTRA PRS Minors’ Trust holds 25 per cent of a child performer’s lifetime earnings over $5,000 until they turn 18. When the young performer turns 18, every dollar contributed to the trust, plus the interest accrued, is made available for the performer to withdraw. The Minors’ Trust is designed to protect and preserve the income earned ...
Apr 22, 2024 · In California, a minor under the age of 16 must have a parent or guardian within sight and sound. Minors who are 16 or 17 can be on set unaccompanied. In New York, minors under 16 must have a ...
- Joe Guerra
- Trust Fund Babies
- Choosing The Wrong Trustee
- Setting The Wrong Goals
- Designating The Wrong Beneficiary
- Not Reviewing The Trust Annually
- Forgetting About College Planning
- The Bottom Line
The term “trust fund baby” brings up images of privileged children who grew up having every material possession that money could buy. This may be true in some cases but it's far from the norm. Trust funds typically have nothing to do with providing an excessive amount of cash so that the young person can buy whatever they want. A trust fundis usual...
Choosing the right trustee is a key issue. You might think that your brother or sister would make great trustees because your children have a great relationship with their aunt or uncle. It might not be in their best interest to have financial control over your children’s assets, however. This is especially the case if the trust is set to turn over...
Most young adultsaren't responsible with money. Your children might technically become adults at age 18 but it's probably not in their best interests to gain full control over the money at that age. You get to decide what the money can be used for before the age of maturity when you're setting up the trust. Hospital bills, education, and weddings a...
You get to decide who your beneficiarywill be when you purchase a life insurance policy. You might want to name your trust rather than your children directly. Your estate will receive the assets unless you specifically designate the trust, not the trust fund you set up for your children.
You may have chosen a responsible family member to act as a trustee when you set up the trust fund but you've watched them slip into depression, or maybe get involved with drugs or alcohol or accumulate a criminal record over the last 10 years. Is this still who you still want to be in charge of your children’s finances? You'll want to review the t...
The most common trust funds for children are UGMA or UTMA accounts. They're generally very simple administratively. You simply have to add money to them regularly to make sure they're fully funded. But these types of accounts must be listed as assets that are owned by the minor when they apply for college financial aid. They may end up disqualify...
Most people want to make sure their family is taken care of when they're no longer able to provide for them. They can’t give the money to their minor children outright so they establish a trust fund on their behalf. These funds can help children through rough patches when they're formed correctly. They can be used to pay medical bills, fund college...
- Sean Bryant
ACTRA protects the unique interests of minors – a responsibility that your union has always taken seriously. ACTRA established Minors’ Trust so a portion of a minor performer’s earnings would be there for them when they reached the age of majority. ACTRA negotiated provisions in our Independent Production Agreement (beginning in 1999) and ...
That led to a high-profile lawsuit and prompted California to enact the first legislation to protect child performers. Known as the Coogan Act, it stipulates that 15% of a child performer’s earnings must remain in trust for them until the child reaches adulthood. 1. The Coogan Act provides that a trustee manages the funds set aside for the ...
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Jun 1, 2022 · It is now necessary for a minimum of 15% of a child actor’s earnings to be placed in a trust fund (no longer at the discretion of the judge). Additionally, the 15% must come from the child-actor’s gross income, not their net income, protecting it from being reduced by “management” or “secretarial” fees. Finally, the income earned by ...
