I am NOT a financial advisor, but I think I might be able to help you. The Education IRA can be funded at more than $500, however you don't get a tax deduction on the overage. I believe that you can put out $500 per person in different accounts and then be able to deduct $500 X however many.
Lastly, you have direct control over it. If your son or daughter turn out to be no good, you can skip them and give it to their kids, if they are no good, you can give it to their kids, etc. Also, if none of them are any good, you can use it for yourself for higher ed. The control is yours.
This is the way the Ed. IRA has been explained to me.
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