Who can open a Trump Account
A Trump Account can be opened by a parent, legal guardian, or custodian for any child under age 18. The account holder — the adult who opens and controls it — must be at least 18 years old and a U.S. citizen or resident alien with a valid Social Security number or Individual Taxpayer Identification Number (ITIN). There is no income limit, no asset limit, and no requirement to be employed. The child does not need to have earned income or a Social Security number of their own, though most accounts will eventually require one.
You do not need to be the child's biological parent to open an account. Legal guardians appointed by a court, custodians named in a will or trust, and in some cases grandparents or other relatives acting as primary caregivers can open accounts. The key requirement is that you have legal authority to make financial decisions for the child. If you are unsure whether you have that authority, check your custody or guardianship documents, or contact the financial institution where you plan to open the account.
There is no deadline to open an account, and you can open one at any time during the child's life before they turn 18. Some families open accounts at birth; others open them years later. The earlier you open an account, the longer the money has to grow, but there is no penalty for opening one when the child is older.
Key Takeaways
- Any U.S. citizen or resident alien adult with a Social Security number or ITIN can open a Trump Account for a child under 18.
- Legal guardians, custodians, and other relatives with documented authority to make financial decisions for a child can open accounts, not only biological parents.
- There are no income limits, employment requirements, or asset limits for opening or contributing to a Trump Account.
- The child does not need their own Social Security number to open the account, though one will typically be required later.
- You can open an account at any time before the child turns 18; there is no age requirement for when to start.
What you need to open an account
To open a Trump Account, you will need to provide proof of your identity and citizenship or residency status. Most financial institutions will ask for a government-issued photo ID (such as a driver's license or passport) and your Social Security number or ITIN. You will also need the child's full legal name and date of birth. If the child does not yet have a Social Security number, you can often open the account using their date of birth and apply for a number later, though policies vary by institution.
You will need to provide the child's address, which is typically your address if the child lives with you. If you are a guardian or custodian but not the child's parent, you may need to bring documentation of your legal authority — such as a court order, guardianship papers, or a copy of the will or trust naming you as custodian. Call the financial institution ahead of time to ask what documents they require, as this varies.
Some institutions allow you to open an account online or by phone; others require an in-person visit. Ask whether you need to bring the child with you. Most do not require the child to be present at opening, especially for very young children.
Income and asset limits do not apply
Trump Accounts have no income limit for the account holder and no limit on how much money the child or family already has. You can open and fund an account whether you earn $20,000 a year or $200,000 a year. You can open an account even if the child receives other forms of support, such as Social Security benefits, welfare, or child support. The account does not count against means-tested benefits in the way some other savings accounts do, though you should check the specific rules for any benefit program the child receives.
There is also no limit on how much you can contribute to the account each year, though contributions may have tax implications depending on the amount and the relationship between the contributor and the child. Consult a tax professional if you plan to make large contributions.
Guardians and custodians who are not parents
If you are a grandparent, aunt, uncle, or other relative serving as the child's primary caregiver or legal guardian, you can open a Trump Account. The institution will want to see documentation that you have the legal right to make financial decisions for the child. This might be a guardianship order from a court, a custody agreement, or a document naming you as custodian in a will or trust.
If you have informal custody — for example, the child lives with you but there is no court order — ask the financial institution what they will accept. Some will open an account based on a notarized statement or a letter from the child's parent; others may require a formal guardianship. Do not assume you cannot open an account without a court order; call ahead and ask.
If you are a foster parent, the rules depend on your state and the specific foster care arrangement. Contact your state's child welfare agency or your foster care licensing worker to learn whether you can open an account and what documentation you will need.
When a child can take control of the account
As the account holder, you control the account until the child reaches the age of majority in your state — typically 18, though some states set it at 19 or 21. At that point, the account transfers to the child's control, and you no longer have authority over it. The child can then withdraw the money, change how it is invested, or close the account entirely.
Some account holders choose to discuss the account with the child before they reach the age of majority, so the transition is not a surprise. Others wait until the child is older to explain how the account works and what it was meant for. There is no requirement to tell the child about the account before they turn 18, but doing so can help them understand the purpose of the savings and make better decisions when they take control.
Special situations: Minors with their own income
If a child has earned income — from a job, modeling, acting, or other work — they can open their own Trump Account in some cases, though rules vary by state and institution. A child who is working may also be able to open a Roth IRA or other retirement account, which offers different tax benefits. If your child is earning income, consult a tax professional or financial advisor about which account type makes the most sense.
If a child receives Social Security benefits, such as Supplemental Security Income (SSI), a Trump Account may affect their benefit may be able to access. Check with your local Social Security office before opening an account if the child receives SSI or other means-tested benefits.
Frequently Asked Questions
Can I open a Trump Account if I am not a U.S. citizen?
You must be a U.S. citizen or resident alien with a valid Social Security number or ITIN. If you have an ITIN but are not a resident alien, policies vary by institution; call ahead to ask whether they will accept an ITIN alone.
Do I need to be employed to open an account?
No. There is no employment requirement. You can open an account whether you work full-time, part-time, are self-employed, or are not currently employed.
What if the child's other parent does not want me to open an account?
If you have legal custody or guardianship, you can open an account without the other parent's permission. If custody is shared and you are unsure whether you have the authority to open an account alone, check your custody agreement or contact a family law attorney.
Can I open a Trump Account for a grandchild if the parents are still alive?
Yes, if you have legal guardianship or custodial authority. If the parents are alive and have custody, you would typically need their permission. If you are helping to raise the child but do not have formal legal authority, ask the financial institution what documentation they will accept — some may allow a notarized statement from the parents.
What happens to the account if I die before the child turns 18?
The account becomes part of your estate and is handled according to your will or the laws of your state. Name a successor guardian or custodian in your will if you want a specific person to manage the account for the child. Without a named successor, a court may appoint someone, or the account may be frozen until a guardian is appointed.