Advice from Nashville's Financial Guru Dave Ramsey
Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
10/12/2004
Can you start an ESA for a child who is
not born?
Dear Dave,
Is it possible to start an ESA (Education Savings Account) for a child who is not yet born?
Clay
Louisville, Ky.
Dear Clay,
No. They must already have been born because they need to have a social security number for you to open an account in their name. However, you could
go ahead and have the social security application filled out - everything except the name and the sex, to make sure that ultrasound was right. Then
all you have to do is send that paperwork off and you'll get the social security number right back. You can have that all done easily within the
first year. In the meantime, if anyone wants to give you gifts for the ESA before the account is open, you can just hold that money in your account and
deposit it when you open the ESA.
Dave
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