With the rising cost of higher education, my husband and I are feeling stressed about getting educational savings accounts open for our three kids. Looks like our options are either a 529 or a Coverdell account. The disadvantage to Coverdell is that it is a max contribution of $2,000 per kid per year, which might be an issue if a grandparent wanted to contribute more at some point. I also know that a Coverdell is in the child's name and therefore they can do with it as they wish when they turn 18. The 529 is in the parents' names and therefore we retain some control over how the money is used.
Any other pros and cons to these two types of accounts?