No. the money must go to the children's account. They can be established for the children and the parents named as trustees/custodians under that states gift to minors act. Depending on what these accounts earn and the ages of the kids, the kiddie tax may come into play. Not knowing how the money will be invested makes it impossible to determine beforehand whether or not the tax will apply. see this tax topic
https://www.irs.gov/taxtopics/tc553
