Bill's Fireside Articles
Trump Accounts
Trump accounts opened for contributions on July 4, 2026. If you have children or grandchildren born between January 1, 2025, and December 31, 2028, you have probably heard about the one-time $1,000 from the federal government and the headlines about balances growing into seven figures by retirement. Most of that is real. Two things the headlines leave out are worth your attention.
First, this is a retirement account, not a college fund. The money does not unlock until the year the child turns 18, and pulling it out early for the wrong purpose triggers income tax plus a 10% penalty. If your goal is college, a 529 plan usually still wins.
Second, the IRS sets a strict order for who may legally open an account: the child's legal guardian, then a parent, then an adult sibling, and only then a grandparent. A grandparent may not be permitted to open the account at all if a parent is available. That rule is not printed on the form, and the form will not stop anyone from signing incorrectly.
Before you open anything, let us look at whether a Trump account fits your goals, who has the authority to open it, and how it works alongside any 529 you already have. That is a quick conversation and an easy one to get right at the start.
Copyright © 2026, Ed Slott and Company, LLC. Reprinted with permission. Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.
Kobe and Jack
Two great men, both masters of their own game and at opposite ends of life, leave us with an important lesson - know the value of not missing the chance of telling others why they are important and why we care.
Advice on Avoiding Scams and Fraud During Tax Season
With advancing electronic conveniences and technology all around us, the bad guys are thinking harder and smarter of ways to induce us to part with our private information so we can part with our money in their direction.
Sunset of Stretch (SOS)
July, 2019
In addition to the “stretch” possibly going away, the trade-off currently in the House bill is to remove the government-inflicted confusion of the 70½ rule. Many of us would welcome a more straightforward rule for the required beginning date (RBD) to begin our mandatory distributions from retirement accounts. Currently the thinking is to change the RBD to a more sensible number of age 72.
Special Report on Special Needs: An Update for Families and Their Loved Ones
October 2019
As we and our society strive for increased quality of life for our special needs loved ones, additional tools have been made available to us. With the right combination of advisor, attorney and CPA, some of the millions of families dealing with these real-life challenges may have an easier time helping their special needs loved one enjoy their lives and opportunities in new and optimal ways.
HSAs Are Worth A Close Look
July, 2021
No such debate exists as far as I am aware about Health Savings Accounts (HSA’s). They have always been an attractive solution to many of our clients and there are now dynamics afoot that may make them even more so.