Educational IRAs - LRMs or Opinion Letter Procedure

[Guest Amy Erlbacher Anderson]

I have a client who wants an opinion letter for its prototype Educational IRA document; however, I can not find where any LRMs have been issued nor where the IRS has said they will start accepting requests for opinion letters. Any news?

[Guest AEA]

Just curious if anyone has heard anything recently - I realize that they are now Coverdale Savings Accounts, but still heard nothing re prototype language.

Anyone?

[Guest ERISA_kid]

To the best of my knowledge, there is no IRS approval process existing or contemplated for Coverdell ESAs, which means no LRMs. If your client insists on receiving a favorable opinion letter, perhaps you can request one from a reputable law firm specializing in tax. While this is not a perfect substitute to a determination letter from the Service, at least it's something that says that your plan meets the requirements of Section 530.