Trump Savings Accounts: What Parents Should Know

Trump Savings Accounts are a new savings and investment opportunity for eligible children created under federal law. Depending on a child's age and eligibility, families may qualify for a federal seed contribution, and additional contributions can be made by parents, family members, and even employers.

These accounts can be an excellent planning tool for some families, but the rules regarding eligibility, contributions, taxes, and withdrawals are complex. They also present unique planning considerations for children with disabilities, particularly when SSI or Medicaid eligibility may be involved.

For more information about how the program works, visit the official Trump Accounts website below. If you have questions about whether a Trump Savings Account fits into your estate plan or how it may affect a loved one with special needs, we'd be happy to discuss your family's circumstances.

Official Resources:
• Trump Accounts: Official Trump Accounts website
• IRS Form 4547: IRS Form 4547 and Instructions