A new type of individual retirement account for minors is now law. The 2025 reconciliation act (P.L. 119-21) created what it calls Trump Accounts—traditional IRAs structured specifically for children under 18, with a distinct set of rules that govern the account until the beneficiary reaches adulthood. Accounts can be opened starting July 4, 2026. An authorized individual—a parent, legal guardian, grandparent, or adult sibling—may open one on behalf of a child.