NorthPointe Wealth Management
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NorthPointe Wealth Management is an independent team of wealth management professionals dedicated to providing personalized financial guidance and education to help individuals and businesses pursue their financial goals. With a proactive approach, we work closely with our clients to develop customized investment strategies that address their unique circumstances and objectives. Our core values of
Trump Accounts are going live on July 4. A few questions are worth considering:
➡️ Our baby is 18 months old. Do we qualify for the $1,000?
Yes. Every U.S. citizen baby born since January 1, 2025, qualifies for a one-time $1,000 federal contribution.
➡️ Is there an income maximum?
No. Eligibility is based on the child's citizenship and birth date, not family income.
➡️ Our child is 7. Did we miss it?
Not entirely. Any U.S. citizen under 18 can have an account opened. The federal $1,000 payment applies only to children born in 2025 through 2028, but everything else still applies.
➡️ Can grandparents contribute?
Yes. Up to $5,000 per year combined across parents, grandparents, family, and the child themselves.
➡️ What is the catch?
State tax conformity varies; California, for example, does not currently conform.
Whether to contribute, how much, and how to coordinate it with what you already have are all worth talking through. Our team is here for that.
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105 Central Avenue E Suite A
Saint Michael, MN
55376
