Podcast overview
In the Vault with KPMG podcast is excited to share part two of navigating Trump accounts within our OB3 Banking Insights series.
Following the initial IRS notice in December, the industry now has a clearer roadmap with the release of proposed regulations regarding "Trump accounts"—a new and specialized type of individual retirement account designed for minors. These rules establish critical operational and administrative responsibilities for financial institutions acting as trustees.
In this episode, Elizabeth L’Hommedieu, Principal in the KPMG Banking and Capital Markets Tax Practice, and Will Schein, Manager in the KPMG WNT Financial Institutions and Products group, review the mechanics of these new accounts, including:
- Trustee requirements: Understanding the automatic approval process for non-bank trustees and the mandatory written notification to the IRS
- The $1,000 pilot program: Breaking down the "special taxable year" mechanics that allow for the government-funded initial contribution
- Eligibility & oversight: Identifying which children qualify (born 2025–2028) and the trustee’s role in managing "responsible party" succession for these accounts
Listen now to learn about trustee responsibilities for Trump accounts
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