A Trump account is a custodial investment account for anyone under 18, similar to an IRA but opened in the child's name. No earned income required. Parents, grandparents, or the child can fund it, and the contributors' income doesn't affect the child's benefits.
Now, first, what is the Trump account? Let's break down the facts so that you have that baseline knowledge. Now, Trump account is a custodial style investment account created for young adults under age 18. Now, think of it like an IRA even. Now, this account is established in the child's name. The child does not need earned income to have it funded. Parents and grandparents can contribute to the account and their income doesn't matter either for the benefit of this child. Even the child themselves can put the money into this account. We want to be thinking about this for any person we love under the age of 18.
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