I have a Roth IRA already so I'm trying to absorb all the pros/cons of using that as well.Not sure what you mean by "use it" but definitely fully fund Roths(to your eligibility) for you and your wife first. It's like the Certs of account(2 purposes in one). If you have ample funds for retirement, using this for college is a possibility.About Coverdells - this is my opinion having watched this from the beginning. It could easily go back to the lower limit. However, if you put $2K in this year and can only put $500 in going forward, there's really no harm no foul. The money is there. I always liked the flexibility in investing and I was happy with mine at Scottrade($500 min, I think).Depending on your state, you should check out the state tax advantages of a 529 plan as well.These are all tools in the toolbox and what works best for you depends on your financial plans, your goals and your other assets. If you go here - http://fairmark.com/ - there's a Kids/College section I recommend reading - look down the left hand side for the links.
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