How to Complete the New York LS-566 Child Performer Trust Account Form

The LS-566 child performer trust account form is a one-page verification that a New York child performer’s trust account exists and is ready to receive employer deposits. You don’t fill it out yourself. A representative at the bank or credit union holding the account completes and stamps it, and you then submit it with the permit application and to each employer within 15 days of the child’s first day on the job.¹

Open a Qualifying Account First

The form can’t be completed until the account exists. New York accepts four account types: a Uniform Transfers to Minors Act (UTMA) account, a Uniform Gifts to Minors Act (UGMA) account, a blocked “California Coogan” type account, or a blocked trust account.² It can be held at any bank, credit union, or brokerage in the country as long as it fits one of those categories and can receive employer transfers.

UTMA and UGMA custodial accounts are the most common choice because they’re widely available and the parent or guardian serves as custodian. Open the account before the child’s first paid job. If the child is working under a temporary permit, you get a 15-day grace period after employment begins to get the account established.³ Unpaid performances covered by an employer certificate of group eligibility don’t require a trust account at all.

One threshold to keep in mind for later: once the account balance reaches or exceeds $250,000, a trust company must be appointed as the new custodian, and you have to disclose that appointment to the Department of Labor at the child’s next permit renewal.³

Have the Bank Fill Out and Stamp the Form

Download the blank LS-566 from the New York State Department of Labor forms site (forms.labor.ny.gov) and bring it to the branch holding the account. A representative of the financial institution must complete and sign it.⁴

The bank fills in five fields:

The minor’s legal name as it appears on the account
The custodian’s name on the account, usually the parent or guardian
The financial institution’s name and address
The account type, marked by checkbox for UTMA, UGMA, Coogan, or Blocked Trust
The full account number the employer will deposit into

The representative then signs and dates the form and applies an official institution stamp, seal, or notary to authenticate the signature. Without that stamp or seal, the form is incomplete. Call the branch ahead of time to confirm someone authorized to stamp institutional documents will be available. Not every teller can do this, and some branches take a day or two to process the request.

Where and When to Submit It

The completed form goes to two places.

First, include it with the child’s initial permit application (Form LS-561) when you send the packet to the Department of Labor. LS-566 is listed as a required attachment for first-time applicants.⁴ If your bank produces its own documentation showing all of the same information the form asks for (account type, account number, institution name and address, custodian name, and the child’s name), you can substitute that bank document for LS-566 itself.

Second, give the form (or a copy) directly to the child’s employer within 15 days of the child’s first day of work on each job.¹ Every employer needs their own copy. If the child does a commercial for one company and a television appearance for another, both need the account details. Use a delivery method that produces proof of receipt, keep a clean copy of every signed form, and hold onto the records for at least three years.

What the Employer Does With the Form

Once the employer has the account information, the law requires them to withhold at least 15 percent of the child’s gross earnings and transfer that amount into the trust account.³ Fifteen percent is a floor. The custodian can instruct the employer in writing to transfer a higher percentage or a specific dollar amount. If someone other than the parent is custodian, the parent can ask that custodian to raise the transfer amount, and the custodian then tells the employer.

The withheld funds have to reach the trust account within 15 days after the end of the payroll period in which the child earned them.¹ If anything about the account changes later, whether a new bank, a new account number, or a new custodian, the parent or guardian is responsible for getting updated information to the employer before the next deposit is due.

What Happens if You Miss the 15-Day Deadline

If the employer doesn’t get the completed LS-566 (or equivalent account information) within 15 days, they can’t just pay the full amount to the parent. They’re still required to withhold the 15 percent, but the money instead goes to the New York State Comptroller, which holds it in a child performer holding fund.⁵ The funds sit there earning no interest for the child until someone claims them.

There’s a second cost. The Department of Labor will not renew a child performer permit if the trust account obligations haven’t been met.⁶ Missing the LS-566 requirement can block the child from continuing to work, not just delay their earnings.

To ask about funds already sent to the Comptroller, contact that office at 518-738-2627 or childperformers@osc.ny.gov. The mailing address is NYS Comptroller, 110 State Street, 9th Floor, Albany, NY 12236.²

1
Cornell Law Institute. 12 CRR-NY 186-3.5 – Child Performer Trust Account
2
Department of Labor. Child Performer Frequently Asked Questions
3
New York Codes, Rules and Regulations. 12 CRR-NY 186-3.5 – Child Performer Trust Account
4
New York State Department of Labor. Application for a Child Performer Permit
5
New York State Department of Labor. Child Performer Trust Accounts
6
New York State Senate. New York Consolidated Laws, Labor Law – LAB 151