Charlemagne (c.742-814), also known as Karl and Charles the Great, was a medieval emperor who ruled much of Western Europe from 768 to 814. In 771, Charlemagne became king of the Franks, a Germanic tribe in present-day Belgium, France, Luxembourg, the Netherlands and western Germany. He embarked on a mission to unite all Germanic peoples into one kingdom, and convert his subjects to Christianity.
Subject to the income limitation described below, anyone can contribute to a Coverdell account for a particular child. Parents, grandparents, aunts and uncles â even a friend of the family can set one up. The child can even contribute to his or her own Coverdell account.
Once the money is in a custodianship, the contribution is coming from the child, and the income limits don't matter unless the child has over $95,000 of income. You would fill out the Coverdell account forms as custodian for your child's assets. If you take this approach, you should set up the Coverdell account to prohibit a change in beneficiary.