Think You Missed the Window for a Trump Account? You Probably Haven’t

Jul 12, 2026 | Uncategorized

This Might Be Worth a Few Minutes If…

  • You have a grandchild, child, niece, or nephew born on or since January 1, 2025
  • You have a grandchild or child under 18, even if they were born outside that window
  • You’ve heard about a “$1,000 from the government” and want to know if it’s real and how to claim it

 

Key Points

  • Eligibility window for the $1,000 deposit: your grandchild must be born on or after January 1, 2025, before the window closes at the end of 2028
  • No automatic enrollment: you must elect to receive the $1,000 deposit, typically via IRS Form 4547
  • No tax-season deadline: you can file anytime, separate from a tax return, and open the account anytime before your grandchild turns 18
  • Annual family contribution limit: $5,000 combined across everyone who contributes, separate from the $1,000 seed deposit
  • Employer contributions: capped at $2,500/year and count toward the $5,000 limit, not in addition to it
  • Accounts go live July 4, 2026
  • Who can file for the $1,000: generally whoever claims the child as a tax dependent that year – usually a parent

If you’ve heard about the new Trump Accounts and assumed there’s a tax-season deadline you already missed, you haven’t. These new savings accounts for kids began accepting contributions on July 4, 2026, but you can open one anytime before your grandchild turns 18.

The real cost of waiting is losing time for the money to grow.

 

What you’re actually looking at

A Trump Account is a new type of savings account for kids under 18. It works something like a traditional IRA, but it’s built around your grandchild’s early years rather than a working adult’s career. Money goes in, it’s invested, and it grows without being taxed each year. Your grandchild gains full access once they turn 18, at which point the account starts following standard IRA rules.

The accounts officially go live on July 4, 2026. That date is set by law, not by a bank’s processing calendar, so don’t expect a delay just because it falls on a weekend and a federal holiday. If you’re just hearing about this now, you have time. There’s no hidden cutoff you’ve already walked past.

 

The $1,000 starting deposit

If your grandchild was born on or since January 1, 2025 (and before the window closes at the end of 2028) the federal government will make a one-time $1,000 contribution to their account. This isn’t automatic. You, or your grandchild’s parent, has to elect to receive it, typically by filing IRS Form 4547. You can do this with a tax return, or separately through the trumpaccounts.gov website once it’s available.

This is the detail most people get wrong: they assume if their grandchild qualifies, the money just shows up. It doesn’t. If your grandchild was born in that window and nobody’s filed anything yet, that’s the one concrete thing worth doing.

 

One thing worth saying clearly: this is usually a parent’s election, not yours

The $1,000 deposit specifically has to be claimed by whoever expects to claim your grandchild as a dependent on their taxes that year — in almost every case, that’s a parent, not a grandparent. If you’re a grandparent reading this, you likely can’t file the election yourself unless you’re the one claiming your grandchild as a dependent.

That doesn’t make this any less worth doing. It just means the most useful thing you can do is make sure it happens — not necessarily be the one who files it. Mention it to your grandchild’s parents if you’re not sure it’s been done. Offer to help cover the cost of opening the account or contributing to it once it’s open. A lot of these $1,000 deposits will go unclaimed simply because nobody got around to the form, and a grandparent asking the question is often what moves it from “we should look into that” to actually done.

 

How the contribution limits work

Beyond the $1,000 government deposit, you and other family members can contribute up to $5,000 total per year to your grandchild’s account, combined across everyone who contributes. If you put in $3,000, your grandchild’s parents can add up to $2,000 more that same year before hitting the cap.

An employer can also contribute, up to $2,500 a year, but that amount counts toward the same $5,000 limit rather than sitting on top of it. The $1,000 federal seed deposit is the only contribution that doesn’t count against your annual cap.

 

Where the money goes, and what you can’t do with it

While your grandchild is under 18, the account can only be invested in low-cost index funds tracking the broader U.S. stock market. You can’t choose a specific sector or industry fund, and you can’t pick individual stocks. That’s intentional. The rules are built to keep things simple during the years before your grandchild can make their own decisions about the account.

You can’t withdraw money at all during this period, with very limited exceptions. Once your grandchild turns 18, that changes. The account can be rolled into a traditional IRA, converted to a Roth IRA, or left as is, and a much wider range of investment options opens up.

 

Who can open the account, and where

Right now, every Trump Account opens through the U.S. Treasury first. Raymond James and other custodians aren’t yet able to open these accounts directly, though that’s expected to change as the program matures. Once your grandchild’s account exists at Treasury, you’ll be able to move the full balance to a different custodian later through a standard transfer process. You can’t split a transfer between two custodians. It has to move as a whole.

 

The real timeline, in plain terms

You can open an account and elect the $1,000 deposit anytime until your grandchild turns 18. If you wait, you lose growth time. A dollar invested at birth has eighteen years to compound. A dollar invested at fifteen has three.

If you have a grandchild who was born on or since January 1, 2025, you have a real, concrete reason to act sooner rather than later, and it has nothing to do with a deadline you might have missed.

If you’re not sure whether this has been handled for your grandchild, or you’re trying to figure out who in the family should take it on, that’s a quick conversation, not a complicated one. Reach out and we’ll help you sort out who needs to do what.

Not a Cornerstone client?

If you’re not sure whether a Trump Account makes sense for your family’s financial plan, we can help you look at the account in context, compare it with the planning you’re already doing, and sort through next steps.

Contact our office to schedule a conversation:

Email: cfsteam@mycfsgroup.com

In Sioux Falls: 605-357-8553

In Huron: 605-352-9490

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Spring Clean Your Finances: A Practical Checklist

Apr 7, 2026 | Retirement Planning

Spring is in the air and it’s the perfect time to clean out your closets AND organize your finances. A financial spring cleaning helps you take stock of where you are, make smart updates, and set a clear course for the rest of the year. This checklist will walk you through simple yet essential steps to review your savings, rebalance your retirement accounts, update your documents, and much more.

We’ve put together a financial spring-cleaning checklist to help you get started. We’re here to assist you every step of the way so reach out if you have any questions.

 

Why Use a Financial Spring-Cleaning Checklist?

Just as you would use a checklist for travel or home projects, a financial checklist ensures that nothing important gets overlooked. Spring is an ideal time to pause, reevaluate, and realign your financial goals. Whether you’re preparing for retirement or simply want more peace of mind, these steps can help you stay on track.

 

Step-by-Step Financial Spring-Cleaning Checklist 

 

Maximize Your IRA Contributions

If you have an IRA, contribute the maximum amount to take advantage of tax benefits and long-term growth. For the 2026 tax year:

  • The contribution limit is $7,000 if you’re under 50.
  • If you’re 50 or older, you can contribute up to $8,600.

 

Review and Rebalance Your 401(k)

Revisit your retirement account and check your 401(k) performance to ensure it’s aligned with your current goals. (If you’re a Cornerstone client, we work closely with you to review and rebalance your 401(k) to help ensure your retirement plan stays on track.)

  • Are you contributing enough to get the full employer match?
  • Is your asset allocation still appropriate?
  • Does your investment strategymatch your risk tolerance?
  • Do you need to rebalance to maintain diversification?

 

Evaluate Your Investment Portfolio

If you’re a Cornerstone client, you know that investments aren’t “set it and forget it” – it’s one of the things we review during your regular strategy sessions.

If you’re not a Cornerstone client, to assess your investment portfolio we recommend asking yourself the following:

  • Are my returns helping me move closer to retirement or other financial milestones?
  • Do my investments match my risk tolerance and reflect my stage of life?
  • Are my returns in line with expectations?

Analyze Your Cash Flow and Monthly Expenses

Understanding where your money is going is a key step to organizing your financing and getting clarity.

  • Recurring monthly expenses—which ones can you cut or reduce?
  • Review large, long-term financial commitments like mortgage or tuition. Are there ways to adjust for greater savings?
  • Extra cash flow—how can you allocate it toward retirement or investments?

Not sure how to estimate what you’re expenses will be in retirement? Read 5 Steps to Estimate Retirement Income Needs

Use Your Tax Refund Wisely

If you’re receiving a tax refund, decide how to use it strategically:

  • Pay down debt to save on interest payments.
  • Boost your emergency fund or retirement savings.
  • Invest in areas that align with your long-term goals.

Organize Your Estate Planning Documents

Having your estate documents in order is a true act of love for your family. Ensuring your will, power of attorney, and medical directives are up-to-date and accessible goes a long way to reduce stress during challenging times.

  • Will and estate plan
  • Power of attorney
  • Advance medical directives
  • Letters of instructions
  • Other critical documents

AND Read In Case of Emergency: Organize Your Vital Info

Download our free Essential Information Organizer, a fillable guide to help you gather and store everything in one place.


Review Insurance Coverage

(If you’re a Cornerstone client, we regularly during your insurance coverage during your strategy session as one of the five essential areas of comprehensive financial planning.)

Life is full of surprises, and having adequate insurance coverage can provide a safety net. Make sure your policies reflect your current needs:

  • Does your life insurance align with your family’s current needs?
  • Are you adequately covered by disability and/or long-term care insurance?
  • Do your home and auto policies provide sufficient protection?

Check Your Credit Report for Errors and Fraud

Regularly checking your credit report helps you catch errors or signs of identity theft early. Check for:

  • Look for unfamiliar accounts or inquiries—these may indicate identity theft.
  • Be careful of hard inquiries—businesses checking your credit for loan applications (these can impact your score for up to two years).

Learn more about identity theft in these resources:

Reevaluate Your Financial Goals

Financial priorities shift over time, so take a moment to:

  • Identify new goals based on life changes, write them down.
  • Reassess older goals – are they still relevant? How can you move them forward?
  • Adjust your savings and investment plan accordingly.

Starting with Organized Finances

Spring cleaning your finances may not be the most exciting task, but it’s one of the most rewarding. Just like living in a clean and organized home feels great, having your finances in order brings clarity and confidence.

By taking a few practical steps each spring, you position yourself for a more secure and stress-free financial future. Our team is here to guide you every step of the way.

Here’s to a fresh start and a prosperous future—happy spring cleaning!

 

Complimentary Client Shredding

The Month of May in Both Offices:

M-Th   8am – 5pm

Fri        8am – 3pm

As a value-added service for our clients, you’re always welcome to bring in paper documents for shredding – no appointment needed. It’s one of the many ways we aim to make managing your financial life easier.

We also place secure shred bins in our lobbies during May and October, making those ideal times to clear out larger quantities.

What can be shredded:

√ Paper documents (paper clips and staples are okay)

× No binder clips, three-ring binders, CDs, DVDs, or other electronic media.

Download How Long to Keep Paperwork

Not a Cornerstone Client?

Let’s build a plan that fits your goals—schedule a strategy session with our team today!

Sioux Falls: 605-357-8553

Huron: 605-352-9490

Email cfsteam@mycfsgroup.com

The information contained in this material does not purport to be a complete description of the securities, markets, or developments referred to in this material. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Past performance may not be indicative of future results. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

CSP #769688-2 Exp. 4.8.27

The Family Meeting: Key to Protecting What Matters Most

Dec 31, 2025 | Estate Planning

If you think about family wealth, you might focus on tangible assets like investments or property. However, some of the most valuable aspects of a family’s legacy are intangible— things like traditions, shared values, and family history. These intangible elements, combined with material wealth, help define the legacy you’ll pass on to future generations. Ensuring that this legacy aligns with your personal goals and wishes is essential.

Preparing your children or other heirs for a successful financial future is key to ensuring that wealth continues to grow and benefit your family for generations. Equally important is creating a space for open, transparent conversations with your heirs, beneficiaries, or Power of Attorney, so they are equipped to make informed decisions should you become incapacitated. Estate planning isn’t just about preparing for what happens after you’re gone; it’s also about ensuring your affairs are managed according to your wishes if you can no longer do so yourself.

Holding a family meeting that includes your financial advisors can be a powerful way to help safeguard your family’s future. These meetings help ensure that your loved ones avoid unnecessary confusion and stress when it comes to managing the financial affairs of an incapacitated or deceased family member. While these conversations can be difficult, the alternative—leaving beneficiaries to navigate complex plans and assets without clear guidance—can be far more painful.

At Cornerstone Financial Solutions, we facilitate many family meetings for clients each year and have extensive experience in ensuring they are productive and meaningful. Introducing your heirs to your advisors also helps put faces to names and provides comfort, knowing there will be support in managing your estate when the time comes. With multiple generations of advisors on our team, we’ll be here for your family today and in the future.

We can host these meetings in our office, or we can arrange secure virtual sessions for families spread across the country. Whether or not you choose to include us in the conversation, we’re happy to provide the resources and space you need. There is no cost or obligation involved—only the confidence that comes with planning for the future.

Not a Cornerstone client?

If you’re ready to take the next step, we can help guide you through every step of the process. Contact us to plan a conversation that ensures clarity, confidence, and peace of mind for generations to come.

Contact us today at 605-351-8553 or cfsteam@mycfsgroup.com if you’d like to schedule an introductory strategy session.

CSP #635767-2 Exp.10.22.26

Any opinions are those of Cornerstone Financial Solutions, Inc. and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herin will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Past performance is not indicative of future results.