Note that the Education IRA has a maximum ceiling. The ceiling per child is $2,000. 529 plans are also similar to the Education IRA but have a much higher ceiling.
Ask your parents and in-laws to open an Education IRA for their grandchildren. Each child can have have more than one Education IRA's. However, each child can only have a total of $2,000 added to her Education IRA each year.
Check your income. If your joint income is over $190,000 or individual income over $95,000, the allowable amount gets smaller and is phased out at $110,000 single and $220,000 married.
Use the money for any kind of tuition. Only the Coverdale Education IRA can be used for elementary, high school, and college tuition. If you maximize the Education IRA, the money will grow tax free, allowing it to grow faster, but is taxed when removed.