New Delhi, July 22 -- Trump Accounts are here and they offer some significant advantages. For young parents, they can be a great way to kick-start their children's nest egg. Children born between 2025 and 2028 are usually eligible to receive a one-time $1,000 seed deposit from the government.

These accounts have features that are somewhat similar to a traditional IRA. Technically, they are a type of traditional IRA! However, there is no tax break for contributing to the accounts. Contributions are usually made with after-tax dollars and then sheltered from taxes during the growth period, which ends in the year the child turns 18.

There is a maximum contribution of $5,000 a year to these accounts and contributions can be made by parents ...