The U.S. Department of the Treasury unveiled a policy initiative to expand financial education and access to Trump Accounts for eligible youth in foster care nationwide. As part of First Lady Melania Trump's "Fostering the Future" platform, the measure allows child welfare agencies of state, territorial and tribal governments that are the legal guardians of eligible children to open initial Trump Accounts for those children if they have a Social Security number and do not already have an account. To establish an account, agencies must follow state-specific procedures and submit Form 4547 as the formal election to create the initial account. The initiative also gives states flexibility to deposit federal survivor benefits into Trump Accounts, with those contributions counting toward the USD 5,000 annual contribution limit per account. The Internal Revenue Service Office of Governmental Liaison will work with states on implementation, while Treasury encouraged states to authorize child welfare agencies or their designees to establish and manage the accounts and to open them proactively for eligible youth.
U.S. Department of the Treasury2026-06-11
U.S. Department of the Treasury unveils foster care initiative expanding access to Trump Accounts and survivor benefit deposits
The U.S. Department of the Treasury unveiled an initiative to expand financial education and access to Trump Accounts for eligible youth in foster care. State, territorial and tribal child welfare agencies that are legal guardians of eligible children may open initial accounts, and states may deposit federal survivor benefits subject to the USD 5,000 annual contribution limit. The Internal Revenue Service Office of Governmental Liaison will provide guidance to states on implementation.