There are many positive things that you can look at when you sign up for some Coverdell Education Savings Accounts.  First of all, your Lifetime Learning credits are allowed to be claimed in the same year that you take your tax exempt distributions. This is also true for the HOPE credits as well. Also, you can keep making contributions for your particular account until the tax returns are due (which is usually around April 15). As you can see, there are many positive things that come along with this kind of account. However, you should read all about it before you make any choices, to make sure you are doing what’s best for you.