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If you’re a parent — or considering becoming one — you likely understand that it’s a pricey prospect. Consider: The annual cost of raising a child in Illinois is an estimated $23,821 — nearly $430,000 over 18 years — according to a 2024 SmartAsset study . Saving and investing for these children is a good thing, and something many parents are already doing through existing options such as 529 college savings plans.

They now have another option in the form of the newly created so-called Trump Accounts .

Part of President Donald Trump’s “One Big Beautiful Bill Act,” the accounts are designed to promote saving for a child’s future. The program permits total annual contributions of up to $5,000 per child. What’s drawing the most attentio

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