See: 529 Plan.
A special savings vehicle meant to help parents save for their kids' educations. It's an account (which also goes by the name Coverdell Education Savings Account...or Coverdell ESA) where money can be put, with special tax breaks in place to protect the savings.
There are catches though. The money can only be used for education...but that definition is fairly broad, including both elementary and high school, as well as college and other alternatives, like vocational school. You can only contribute $2,000 a year to these plans. Also, the account must be liquidated once the beneficiary kid reaches 30, whether or not the money gets used for education.