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4
votes
1answer
328 views

529 Plans vs Coverdell ESA

I was recently introduced to ESAs (did not know they even existed), and am trying to decide if I want to open an ESA or a 529 account. I was attracted to the ESA initially because it looks like you ...
5
votes
1answer
235 views

Can my sister open a Coverdell ESA for my son?

My son is, naturally, claimed as a dependent on my tax returns. My question is: Can my sister open a Coverdell Education Savings Account (an education IRA) for my son (her nephew)? I am aware that ...
5
votes
1answer
1k views

Can I convert my 529 college savings plan to a Coverdell ESA?

Can I convert my 529 college savings plan to a Coverdell ESA, or am I stuck with my 529 plan?
9
votes
4answers
446 views

How should I save for college if I have 10 years and a lump sum of money?

I have roughly 10 years until my kids go to college. How should I save for them if I have a lump sum of money (say $10K for discussion). I ask because I've heard good things about an ESA (I think ...
5
votes
2answers
182 views

Does a child own an Education IRA (Coverdell Education Savings Account) upon turning 18?

If I am custodian for an Education IRA (Coverdell Education Savings Account). What happens when the child turns 18 (age of majority)? Do they get control or does it remain with the custodian? My ...