In President Donald Trump's "One Big Beautiful Bill Act," the federal government introduced a new way to invest for children’s futures: the Trump Account. If you didn't sign up for an account when filing your taxes this year, you can now open and fund one through TrumpAccounts.gov, whose sign-up process went live on July 4, 2026. However, you might be wondering: How does it work? And is it a superior replacement for existing investment vehicles?
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Medicaid and Supplemental Security income (SSI) are two different “needs based” federal programs, said Catherine Romania, an estate planning attorney with Witman Stadtmauer in Florham Park. Needs based means that there are both income and asset caps that you cannot exceed in order to qualify. Medicaid covers health insurance and SSI provides monthly payments to individuals with disabilities or who are 65 or older. “Absent special circumstances, benefits stop if at the end of the month an individual’s income or assets exceed the limitation,” she said. “Therefore, if money is received by gift or inheritance, it must be spent down immediately so that by the end of the month the income and asset tests are once again met.” Keep reading for additional details and exceptions.
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