TRUMP Account
Trump Accounts cannot accept contributions before this date.
What is July 4, 2026?
This law, signed on July 4, 2025, extends and expands many TCJA individual tax cuts instead of allowing them to expire after 2025.
What is the One Big Beautiful Bill Act (OBBBA)?
Starting in 2026, high-income workers making more than $145,000 must make catch-up contributions in this tax format.
What is Roth?
SECURE Act 2.0 raised the RMD age to 73 currently and will raise it again to age 75 for those born this year or later
What is 1960 or later?
Once a policy becomes a MEC, all distributions are taxed using this method.
What is LIFO (last-in, first-out)?
The main reason to have a trust is this
What is to avoid Probate?
After age 18, Trump Accounts generally are treated like this familiar retirement plan
What is a traditional IRA?
Under the OBBBA, the maximum state and local tax (SALT) deduction cap was increased to this amount for tax years 2025–2029.
What is $40,000?
Beginning in 2026, non-itemizers may claim a new above-the-line charitable deduction capped at this amount for joint filers.
What is $2,000?
Beginning in 2024, this type of Roth account is no longer subject to lifetime RMDs for the original owner.
What are Roth 401(k) and Roth 403(b) accounts?
Life insurance used for tax-free income planning can backfire if this assumption fails over time.
What is projected policy performance?
The probate threshold that applies to real property in CA over this dollar amount.
What is $750,000
Contributions from individuals and employers may not exceed this annual limit per child (before inflation adjustments).
What is $5,000?
From 2025 through 2028, taxpayers can deduct up to this amount in interest on certain auto loans.
What is $10,000?
Starting in 2026, dependent care FSA contribution limits increase to this annual amount.
What is $7,500?
This class of beneficiaries is exempt from the 10-year rule and may still use life-expectancy payouts.
What are Eligible Designated Beneficiaries (EDBs)?
This permanent policy design intentionally minimizes death benefit to maximize tax-deferred accumulation under IRS limits.
What is life insurance for maximum cash accumulation (LIRP or minimum non-MEC death benefit)?
This type of POA allows for decisions to be made on your behalf in the event you are incapacitated
What is a Durable Power of Attorney?
The funds in Trump Accounts must be invested only in these types of vehicles.
What are low-cost index mutual funds or ETFs tracking U.S. equities?
Under OBBBA, qualifying tip income may be deducted up to this annual cap for federal income tax purposes.
What is $25,000?
DOUBLE JEOPARDY!
Host to read question after wager. do not reveal until answer given
Q: Because of the higher standard deductions those who are charitable inclined are encouraged to utilize this type of strategy.
A: What is bunching charitable contributions?
This type of income must exist for a beneficiary to receive a 529-to-Roth rollover.
What is earned income?
Adding LTC riders to life insurance policies often requires this additional underwriting.
What is health underwriting for morbidity risk?
A CRT provides present income, asset protection and provides addition tax benefits, but must be this type of trust
What is irrevocable?
This is the time window during which a child must be born to qualify for the federal seed contribution.
What is January 1, 2025–December 31, 2028?
The senior deduction is fully phased out once MAGI exceeds this upper limit for joint filers.
What is $250,000? *Note the phaseout begins at $150,000
From a planning standpoint, Roth conversions can reduce future eligibility for the senior deduction because they increase this figure.
What is MAGI?
Emergency distributions from qualified retirement accounts may be repaid within this timeframe.
What is three years?
This tax applies when premiums paid into an ILIT exceed the annual exclusion and no Crummey notice is used.
What is gift tax?
When probate courts assess fees, they will base the amount on this figure.
What is Gross (FMV) Value?