Illinois Baby Bond Trust provides $5,000 to eligible newborns for qualified expenses upon reaching 18.
The Illinois Baby Bond Trust Act establishes a trust fund to provide $5,000 to newborns whose births were covered by the Illinois Medical Assistance Program. The State Treasurer manages the fund, investing the moneys to achieve objectives. Upon the beneficiary's 18th birthday, if they are a state resident, they can use the funds for qualified expenses, including education, homeownership, business ownership, and investments. If the beneficiary is not a resident or deceased by 18, the funds return to the trust.
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