Trump Accounts, Taxes and Achieving Goals

What Are Trump Accounts

This is what we know so far. A 530A account, commonly referred to as Trump Accounts, can be opened for a child who is under the age of 18 and not turning 18 this year, a citizen of the United States and has a valid social security number. It was created by the One Big Beautiful Bill and is intended to give children a head start on their financial future. 

Who Can Contribute to Trump Accounts? Government, individuals, employers and charitable organizations. To jumpstart this program, the federal government has promised to contribute $1,000 (through the treasury) to each account for children born between January 1, 2025, and December 31, 2028.

• How much can be added each year? Up to $5,000 and unlike typical IRAs, the child does not have to have earned income.
• What are the investment options? U.S. publicly traded companies, either individually or through an index like the S&P 500, or a U.S. stock mutual fund.
• Who controls the account? A parent/guardian controls the account for the benefit of the child until the child turns 18.
• When can money be withdrawn from the account? Money can be withdrawn from the account in the year the child turns 18. However, the child is not required to withdraw the funds. They can let the account continue to compound for decades and it can be used as a headstart on retirement. If the child intends to keep it for retirement years, they will want to keep the account separate from other IRAs. Individuals will typically make after tax contributions which means only the earnings would be taxable.
• How can you open a Trump Account? You can open a trump account for your child by submitting IRS Form 4547 at any time. You can even do it when you file your taxes. You can also open the account on the portal, which is supposed to be open by July of 2026. You will not be able to make your first contribution (or receive $1,000 from the treasury) prior to July of 2026. 

This overview of Trump Accounts is just for informational purposes. Crosby Advisory Group does not manage or charge fees for Trump Accounts, but we are happy to provide interested clients with general guidance. If you have questions or want to discuss how Trump Accounts may fit in your portfolio, let’s schedule time to talk. Give the office a call to set up a time: 419-496-0770.

Tax Analysis for Efficient Investing

Crosby Advisory Group, LLC provides all clients complimentary access to tax planning software through Holistiplan. Holistiplan software scans your 1040 personal tax return and provides insight on things like:

• Available tax credits
• Qualified and ordinary dividend break down for tax consequence
• Mathematical calculations to decide if we should be deferring tax or setting accounts up to be distributed tax-free
• A list of deferred and tax-free options that are available to you based on your income
• Calculation of marginal and effective tax bracket
• Suggestions for lowering taxable income in future years

This software provides you with a customized report that you can share with your accountant or CPA. You can request our report by contacting our office or emailing me at ncrosby@crosbyadvisory.com.

Nate's Proven Steps to Achieving a Goal

This part of the newsletter is a personal opinion section that I wanted to share with you because we have a blank slate of a year ahead of us, and many of you have set goals for 2026. I often ask clients what they want to accomplish. Most people have goals. I get a little worried when I get a “nothing” response! Ever since I was a kid, I’ve always written down my goals. They have changed over the years and as I read through my old journals, I’d say that they have also matured. I used to enter the year with a list of 5 or more goals. Some of them I would achieve, some of them would get pushed into the future or would fall off my desire list altogether. Over time I learned that many of the goals I set actually weren’t that important to me, which was likely why I never realized them. 

I want to share with you my top criteria for achieving a goal:

1. Desire. If you have two goals, one that you have a white hot burning desire to achieve, and one that would be “kind of nice,” chances are you will achieve the burning desire goal 99% of the time. Why? Simple, it's extremely important to you. Desire is the starting point of any goal. Set in your mind that you will accomplish the goal by a specific date and that no other outcome is possible. Not I wish, not I hope, “I will obtain the goal by this date.”
2. Write it down. The car you drive, the house you live in, and down to the device you are reading this newsletter on was a desire in someone’s mind before it was real. Then it likely became a note or a sketch. Writing it down pushes it one step further in the accomplishment process. I write mine down every day and every night. I think about it on the way to work. Earl Nightingale said, “We become what we think about.” Emerson said, “The only thing that can grow is the thing you give energy to.” A big part of writing the goal down every day is to bring it back to the top of your mind. Decide that you want it and focus on it numerous times throughout the day. Train your mind to understand it is a top priority. I write my goals down in the present tense with gratitude. Let’s say my goal was to invest $60,000 this year. “I am thankful that I have my health, a family that supports me, that I have a business that challenges me, and that I am in control of my future. I am thankful that I am achieving my goal of saving $60,000 this year.” I’m writing it down every day which means I’m constantly looking for opportunities to push money into my investment accounts.” After I write it down, I take a moment to visualize myself achieving it, like a basketball player that sees the ball going through the net before he or she shoots. I see it happen in my mind every day and I think about how it will make me feel to achieve it.
3. Eliminate distractions. I recently watched an interview with Fernando Mendoza. He stated that he didn’t date because he knew it would take time away from improving as a quarterback. He intentionally lives 3 minutes (walking) from the workout facility. The only social media he has is LinkedIn and YouTube. He has YouTube so he can watch football. He has engineered his life to be an elite college quarterback. I thought, “this guy gets it.” He is tunnel visioned. He decided what he was going to do and set in his mind that no other outcome was possible. To ensure that, he eliminated as many distractions as he could. I personally believe most people have too many things they try to accomplish at one time. It takes a special person to have a white hot burning desire on many things. I discovered I’m not one of them. If you really have a goal that you want to accomplish. Narrow it down to one. Then go after it with everything you have.
4. Link it to something greater. How many people set a goal of losing weight on January 1st, and by February, they’ve fallen back to old habits? Most. Their goal of losing weight isn’t linked to something big enough. “I want to lose weight because I want to look more attractive,” may be real, but it’s too small. “I want to lose weight because I want to live to see my kids grow up and hold my grandchildren,” is much bigger. I often set my goals to my three daughters because while I may let myself down, I’ll never allow myself to let them down. “I’m going to save $60,000 this year.” Why? Because I want to be able to provide greater financial security to my wife and my three children. I want to lead by example, and I want to be able to provide opportunities to them that may be missed in the absence of financial security.” Then in my mind I may allow myself to take it to extremes. I may picture them out on the streets or unable to attend school. If you tell your mind something long enough, it will believe it, so I use it to my advantage. Michael Jordan would make up false stories about insults his competition made to him or his family. They never said it. But in Michael’s mind they did. He convinced himself they did, and he would use that fuel to accomplish his goal of winning. Miami could have laid a brick wall in front of the endzone in the college national championship game, but Mendoza would have found a way to break through or over it. No other outcome was possible. If you haven’t seen it, Google “Mendoza run against Miami.” It's beautiful to watch, unless you are a Miami fan. That’s what I want out of my “why,” something that I’d run though or over obstacles and excuses to complete.
5. Grab a partner. Accountability is huge. We can fool ourselves very easily. “I’m not going to save anything this week, but I’ll make it up next week.” If I didn’t have it this week what makes me think it will magically appear next week? However, if you have another human being to answer to, there is less of a chance you will make an excuse. Find a go-getter who has a goal of their own. Share your goals with each other and commit to making each other accountable in your pursuit. If you follow these steps, excuses, obstacles and circumstances have little hope of stopping you. Best of luck. But you don’t need luck, because once you have set your mind to it, no other outcome is possible. 

Give it a try and see how it goes for you. If you need some tips, feel free to reach out to me anytime.

Disclaimer: Crosby Advisory Group, LLC is a registered investment advisor. This newsletter is for general knowledge and is not intended to be individual investment advice. Investing involves risk including potential for loss. Understand all risk and fees before investing. NMD Insurance is affiliated with Crosby Advisory Group, LLC.