Financial Planner

Answer: D - Coverdell Education Savings Accounts is also known as education IRA’s. If beneficiary does not attend college, the beneficiary can be changed to a member of the beneficiary’s family if under the age of 30. This type of savings plan is used for undergraduate and graduate-level expenses. Parent or guardian establishes the account and can elect to maintain control over the account for education purposes. Any withdrawals from the Coverdell are paid to the beneficiary and are not refunded to the parent or other person who establishes the account.