| Term | Meaning |
|---|---|
| One Grand Account | New federal account for kids born on or after January 1, 2025. Growth is tax‑deferred. |
| 529 Plan | State‑sponsored account for education expenses with tax advantages. |
| UTMA | Uniform Transfers to Minors Act — a custodial account for minors. |
| Tax‑deferred | Taxes are paid later, usually when money is withdrawn. |
| Compounding | Growth that earns more growth over time. |
| Rollover | Moving funds from one account to another within tax rules. |