Technically, any parent can open a Trump Account for their child. But only children born after Dec. 31, 2024, and before Jan.

This custodial account can be used to pay for anything once the beneficiary is considered an adult in their state. There are some considerations, though.

Gifts to children can come with tax strings. To keep your child's gift growing and avoid tax bills for yourself along the way, consider this long-term strategy.

UTMA bank accounts hold money that your child owns, and an adult is the custodian until the child becomes an adult. A portion of birthday money or gifts goes into the UTMA account.

UTMA bank accounts hold money that your child owns, and an adult is the custodian until the child becomes an adult. A portion of birthday money or gifts goes into the UTMA account.

We decided to not have 529 plans for our kids and instead set up UTMA accounts for them. They are more flexible and made more sense for us.

UTMA bank accounts hold money that your child owns, and an adult is the custodian until the child becomes an adult. A portion of birthday money or gifts goes into the UTMA account.