With ‘Trump Accounts,’ your baby could qualify for $1,000. Here’s what to know

By MORIAH BALINGIT

WASHINGTON (AP) — When the children of wealthy households leave the nest, they often benefit from their parents’ largesse in the form of a trust fund. Less affluent peers may receive nothing at all — or even be expected to support their families when they become adults.

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But what if all children, regardless of their family’s circumstances, could get a financial boost when they turn 18?

That’s the idea behind “Trump Accounts,” a lesser-known provision of President Donald Trump’s tax legislation. The bill, signed into law earlier this year, gives $1,000 to every newborn, so long as their parents open an account. That money is invested in the stock market by private firms, and the child can access the funds when they turn 18. The parents of older childre