Christmas has come early for the Urban Pop prince Justin Bieber.
How and why?
Find out below…
The Association of Talent Agents has teamed up with its member agencies to locate former child stars who may not have been aware that they were owed money by the Actors Fund.
19,000 entertainers can expect to receive cheques sliced out of the Funds’ $1 million pie in the coming months.
One of them is Bieber, who enjoyed minor stardom as a child in Canada before he was discovered by Scooter Braun in 2007 and saw a portion of the money he made as a minor pulled out of his pay cheques and placed in a Coogan Account.
Don’t know what that is?
The law requires employers to set aside 15 percent of the minor’s wages in a blocked trust account, known as a Coogan Account. The minor performer must be named the beneficiary of a trust account and someone such as a parent, guardian or court appointed adult, is named the trustee.
The ‘Sorry‘ sensation was supposed to receive this money on his 18th birthday but didn’t.
This week, he has learned that he may be one of the 580 entertainers set to pocket around $5,000.
ATA executive director Karen Stuart explained:
The Actors Fund estimates that over 19,000 former/current young performers have accumulated deposits in the Unclaimed Coogan Trust. About 580 out of the 19,000 have funds between $1000 and $5000. This link can help you and your clients determine if money is unclaimed. The link also explains how your client can determine the amount of their unclaimed money and the procedure to follow to claim the money.
Once paid, his unclaimed cash will see him bolster his status as one of Pop’s highest earning stars.
For, he’s already worth a reported $200 million and pockets around $80 million per year.