Ben Henry-Moreland
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Trump Accounts don't 'rule' child investments, advisor says: How your options compare
Starting on July 4, Trump Accounts will offer parents a new option to save and invest for their children's future. It joins the ranks of other types of investment accounts you can already open on behalf of a minor. Rather than consider a Trump Account, also known as a 530A account, as the "one kids' account to rule them all," they are "a tool in the savings toolbox with a specific purpose," said Ben Henry-Moreland, a certified financial planner with advisor platform Kitces.com.
Trump Accounts create a 'legal backdoor' for Roth IRA wealth, tax attorney says
Families have signed up nearly 6 million children for Trump Accounts, set to launch next month. For some, claiming the initial grants — worth up to $1,000 — is the draw. But even kids who aren't eligible for the "free money" can leverage the accounts with a strategy typically used by older investors to kickstart future tax-free growth.