Coverdell Eduation Savings Account

A tax advantaged account in which you can save a limited amount of funds to pay for eduction including grade school (in contrast to 529 plans that are restricted to college only). The contributions are limited to $2,000/year per child under age 18 and subjet to income limits on the donor. These plans sunset in 2010 unless Congress acts to extend them. Often these can be used in conjunction with a 529 plan and other plans.