The best option for minors is our Coverdell Education Savings account. You need to open this account on behalf of your child before they turn 18. Anyone in the family, including the child, may contribute to the account. Unlike an IRA, the contributions don’t need to be from earned income.
Your child can then make tax-free withdrawals on the account to use for qualified education expenses at K-12 schools, college, vocational schools, and more. Qualified expenses include tuition, books, and other supplies.