Trump Accounts: Long-Term Savings Planning Considerations for Families

For families focused on long‑term wealth planning, Trump Accounts, a newly introduced federal children’s savings program, now offer tax-advantaged long-term savings opportunities for children under the age of 18 including certain initial funding allocations that may provide a starting balance without out-of-pocket contributions. While the federal program is now active and accepting applications, additional administrative guidance may continue to be released as implementation progresses.

Trump Account Eligibility Guidelines

All U.S. children under 18 with a valid Social Security number may qualify to participate. Parents or legal guardians are responsible for opening and managing the account. Eligibility details are published on the federal enrollment website and may continue to be updated as the program develops.

Contribution Rules and Funding Opportunities

Program information indicates that families, friends, and employers may be permitted to contribute up to $5,000 per child annually. In addition to these contributions, certain children may qualify for initial funding. Children born between January 1, 2025 and December 31, 2028, may receive a $1,000 government contribution. In certain cases, children under age 10 in households with income at or below $150,000 may also qualify for a $250 contribution. These allocations are separate from annual contribution limits and may provide an early foundation for long-term savings.

Qualified Uses and Access to Funds

Funds may be eligible for withdrawal beginning at age 18 for qualified purposes such as education, a first‑time home purchase, or starting a business. Rules regarding qualified uses and tax treatment will depend on ongoing federal guidance.

Opening and Managing a Trump Account

Accounts may be opened using IRS Form 4547, which is now available, or through the federal enrollment website at TrumpAccounts.gov. Families should review the official instructions provided through these channels to ensure they understand the program requirements and application steps.

The information provided here summarizes currently available descriptions of the program and is subject to change pending official federal guidance.

How We Help

AAFCPAs provides comprehensive individual and family tax solutions designed to help high net worth clients preserve and grow wealth, optimize tax outcomes, and plan for the future with confidence. Working closely with a coordinated team of tax advisors, estate planning attorneys, and wealth managers, we develop strategies tailored to each client’s circumstances, including tax planning, investment optimization, estate and gift planning, and cross-border compliance. Our approach addresses complex financial situations, from minimizing tax liabilities on income, investments, and business transactions to structuring charitable giving, trusts, and family wealth transfers.  

AAF Wealth Management, a Registered Investment Advisor (RIA), helps clients benefit from integrated financial planning and investment strategies aligned with their risk tolerance and long-term goals. We prioritize transparency, ethical standards, and collaboration across disciplines, helping clients navigate tax compliance, protect assets, and make informed decisions that support their financial health today and in the future.

These insights were contributed by Daniel Seaman, CPA, Tax Partner.

Questions? Reach out to our author directly or your AAFCPAs’ partner.

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*Tax services are provided by AAFCPAs. Investment advisory services are offered through AAF Wealth Management, a registered investment advisor. This content is intended for informational purposes only and should not be construed as personalized investment, tax, or legal advice. AAF Wealth Management recommends that individuals consult with a qualified advisor regarding their unique circumstances before making financial decisions.