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Coverdell Education Savings Account Application Booklet  Form

Coverdell Education Savings Account Application Booklet Form

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we're here with corey weston senior vice president for bank of hawaii tackling your questions about saving for college corey we'll start with this from melanie who asks my friends keep telling me to set up a covered l account for my son who is nine years old can you briefly explain what a coverdell account is and why i should set one up it was formerly known as an education ira and a coverdale education savings account is used for by families to help save for their educational expenses it's tax deferred it's a trust or custody account so actually anyone who's under the age of 18 or a designated special needs beneficiary can have a coverdale okay so why should melanie set one up for her nine-year-old one of the best things about a coverdale account is that it can grow over time so a nine-year-old has the benefit of having that growth also it can be used for other than college you can use it for high school expenses you can use it for elementary school expenses it also is tax deferred an

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