Trump Accounts. You are a foreign national on a work visa in the U.S., or you're a U.S. expat outside the U.S. Can you use the Trump account?

We discuss the newly introduced Trump accounts, designed to provide financial support for children born after December 2024. We explore the account's features, including the initial government contribution, investment options, and withdrawal restrictions.

We also compare them to other investment vehicles, address potential concerns, and highlight the importance of understanding the implications for financial aid and long-term planning, especially when you are here on a non-immigrant visa.

Chapters

• 00:00 Introduction to Trump Accounts

• 02:47 Understanding the Basics of Trump Accounts

• 06:03 Investment Options and Restrictions

• 08:57 Distribution Rules and College Savings

• 12:13 Comparing Trump Accounts with Other Investment Options

• 15:07 Attractions and Concerns of Trump Accounts

• 18:04 Final Thoughts and Conclusion

Episode Links and Resources

• Ep 20: What Is English For "Custodial Accounts?

• Ep 17: Busting College Funding Myths For First Gen Kids

• Trump Accounts Give The Next Gen A Jump Start

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Grab  "the Comprehensive Checklist for Foreign Nationals on Work Visas Leaving the U.S." currently on sale, to celebrate our 50th episode.

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Do you understand the importance of conducting a mid-year financial check-in, especially for those with cross-border financial needs?

We cover various topics, including tax strategies, estate planning, insurance assessments, and preparations for college and travel that can be reviewed over the summer. We emphasize the importance of proactive financial management during the summer months, ensuring listeners are well-prepared for the remainder of the year.


Takeaways  -  Things you can do mid-year as part of your summer financial check-up

• Engaging with tax advisors in the summer is likely to yield better results.

• Charitable giving can provide tax deductions during the summer.

• Tax loss harvesting is a strategy to reduce taxable income.

• Estate planning is crucial before traveling overseas.

• College-bound kids need financial and medical powers of attorney. 

• Insurance policies should be reviewed regularly for savings.

• Emergency funds should be assessed and adjusted as needed.

• Consult with immigration lawyers for visa holders.

• Review and adjust financial plans.    

Chapters

• 00:00 Mid-Year Financial Check-In

• 12:08 Estate Planning Essentials

• 19:45 Insurance and Risk Management

• 23:57 Preparing for College and Travel

• 25:54 Final Thoughts and Summer Financial Tips

Episode Links & Resources

• Are you Tax-compliant With Your Overseas Assets? - Free Guide - Scroll to the bottom of the page.

• Tax-Loss Harvesting: How To Boost Your Portfolio Gains.

• Ten Tips On How To Pick A Tax Preparer

If you'd like to work with us on your finances or taxes, check out the process