The State of California has created HOPE Trust Accounts for eligible children in foster care. Eligible participants are either: 1) A child who enters foster care before age 18, has been in foster care for 18 months, and reunification services have been terminated; 2) A child who enters foster care before age 18 and reunification services have been terminated; or 3) A child under age 18 when their parent or guardian died during the COVID disaster because of COVID and the household income qualified the child for MediCal.
Each HOPE Trust Account will get a one-time $3,000 deposit. The account holder can access the account at age 18, but must be withdrawn prior to their 27th birthday.
All eligible children will have access to financial planning and related services through age 30.
If the child reunifies with their parent or legal guardian, or the child is adopted or places in legal guardianship, the child remains eligible for their HOPE Trust Account.
Funds deposited and investment returns from a HOPE Trust Account are not income or assets for any means tested program.
After the initial withdrawal of HOPE funds, the distribution of funds is a lump sum, and the remaining balance is an asset. (ACIN I-19-26, May 1, 2026.) Note that after the initial withdrawal of HOPE funds, the distribution of funds is a lump sum, and the remaining balance is an asset. [Id.]