GENERAL QUESTIONS AND ANSWERS. What is a ▇▇▇▇▇▇▇▇▇ Education Savings Account (▇▇▇▇▇▇▇▇▇ ESA)? A1: A ▇▇▇▇▇▇▇▇▇ ESA is a trust or custodial account that is created or organized in the United States exclusively for the purpose of paying the qualified education expenses of the Designated Beneficiary of the account. The account must be designated as a ▇▇▇▇▇▇▇▇▇ ESA when it is created in order to be treated as a ▇▇▇▇▇▇▇▇▇ ESA for tax purposes.
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Sources: Coverdell Education Savings Account Application & Adoption Agreement, Coverdell Education Savings Account Custodial Agreement, Coverdell Education Savings Account Custodial Agreement