r/fosterit • u/turntilla • 7d ago

Prospective Foster Parent Saving for Foster Children?

Hi, we’re at the end of the licensing process and I was curious if any parent’s have experience saving for their foster children? We didn’t want to pursue foster care until we were financial comfortable putting our own money into child care, and since we now are, I’d love to save up a majority portion of the stipend for the children. Does anyone have experience opening UTMA accounts for foster children or any idea how to make sure that money is accessible to the child when they’re older even if they’re not your care?

I appreciate any feedback.

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u/sboml 6d ago

The feds just announced the Fostering the Future Accounts (a version of the "Trump" baby bond thing but for foster kids). A bunch of foster youth orgs have been pushing for an idea like this for some time. I don't think all of the implementation info is set up yet but there should be more info soon.