Weary of rain, feeling trapped inside staring at too many tax papers, I went on a rant. And, I got it wrong. Vanguard recommended a 529, not a 526 educational account. Guilty of basically ignoring these accounts, I misunderstood the letter I received. It seems the old ESA accounts, that I opened, will be taxed upon withdrawal only if the beneficiary has both types of accounts, the 529 and the ESA. In my own defense, the letter wasn't very clear and the companies will not speak to you if your social security number is not on the account, even if you generated the account and paid into it.
To make up for it I downloaded an online lecture on economics from The GREAT COURSES, a fantastic college level course taught by Harvard PH.D., who teaches at Carnegie Mellon University. His award winning research is supported by the National Science Foundation. Through my account, they allow me to share it by email with friends and family, but not on my blog.
However, I spoke with Kathleen Fournier from The Great Courses. She suggested that anyone can find this free course online by going to: http://www.teach12.com . The lecture you want is China_India_Branstetter. He talks about the future of the US with China and India predicted to be the next great economies. This learning company has marvelous stuff. I'm soooo glad I found them. You will be too.