Key takeawaysTrump Accounts, 529 plans, Roth IRAs, and custodial accounts each serve a different purpose. Roth IRAs offer tax-free growth potential and tax-free withdrawals in retirement, but only children with earned income can contribute. Grandparents giving flexible financial gifts: Consider a custodial account, 529 plan, or Trump Account. Consider a custodial account, 529 plan, or Trump Account. Trump Accounts: Contributions are capped at $5,000 per year per child, and the child can have only one account.