Originally part of President Donald Trump's "Big Beautiful Bill," financial advisors say so-called "Trump Accounts," could provide a big boost to Connecticut families saving for college.

"For general purposes, I would say this is an account everyone should be considering for their children," said Emily Boothroyd, a partner and wealth manager at Wilton-based Merit Financial Advisors.

Sign-ups for the accounts will be through the IRS, and start this summer.

Children born between 2025 and 2028 will get $1,000 from the federal government for the accounts, which are then put into investment funds, and cannot be taken out until the child turns 18, which is also when they will be taxed.

"That's what we're referring to as free money," said Boothroyd. "It's a fantastic opportunity for a lot of people who qualify to begin that springboard for savings."

On Wednesday, Greenwich billionaire Ray Dalio and his wife, Barbara, announced even more of a springboard (https://www.daliophilanthropies.org/2025/12/17/dalios-connecticut-trump-account/), saying they would donate another $250 to the account of every child in Connecticut under the age of 10 who lives in a Zip Code where the median income is under $150,000.

"(The account) also encourages the entire family to thinking more about financial stewardship and savings, and feeling as though some of these goals are attainable for them," Boothroyd said.

Families can also put up to $5,000 of their own money into the accounts every year, but Boothroyd says she is waiting until the government releases more information about the logistics of the accounts this summer before deciding whether or not to recommend that.

"For right now, I'm mentally earmarking the cash that I will be using to fund this account," she said. "I'm not necessarily saying, 'OK, we're definitely doing this,' but I'm thinking about planning to invest in this account."

Even for families who do not plan to invest any of their own money, Boothroyd says the account is still worthwhile to get that initial money, and then let the interest it accrues grow it.

"It could be substantially more, especially over the course of 18 years if you have a young one, so regardless of how much you plan to put in, this should be part of your financial checklist if you have kids," said Boothroyd.

Since the accounts can be rolled over into IRAs when the child turns 18, Boothroyd also says they are useful even without any of the free money, and can be used to help get an early start on retirement, as a supplement to 529 accounts.

The website for the accounts is already up and running (also put under Ns and Ls https://trumpaccounts.gov/), so Boothroyd recommends families start doing their research now.