Q: My husband and I are trying to save for college for our two infant children. We both went to out-of-state schools. We have no idea where our kids will end up or if they will even go to college. What type of education account do you recommend? – K.A., Lake Mary

A: A 529 plan is a great way to save for college and graduate school. Regardless of where you live, it gives you the flexibility to pay for education-related expenses in any state while receiving tax-free growth. Also, if one of your children decides not to go to college, their 529 can be transferred to the other without any penalty or tax consequences. –  John M. West III

Q: In our will, we stated that our fully paid house will go to our two children. They can live there or sell and share 50-50. Do we still need a Lady Bird Deed? –  S.C., Longwood

A: If you execute an enhanced life estate deed, naming your two children as the “remainderman,” then your homestead will not need to be probated, saving your estate money. Remember that most asset accounts without a named beneficiary will have to go through probate upon your passing. – Helen Von Dolteren-Fournier 

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.