Ask the Expert: Using contingency funds

Consider using part of your emergency fund if you make a big purchase. INSIDE SPORTS, PAGE 5

Q: I have to buy a new air conditioner. I have an emergency fund, an IRA and a home equity line of credit. How should I pay for this purchase? — L.A., Orlando

A: Consider using part of your emergency fund. And remember to check with the Orlando Utilities Commission for any rebates being offered as well as providing the information to your tax preparer in case there are energy tax credits for which you would qualify. — Dennis Nolte

Q: My wife and I have one daughter. We want to ensure that our assets are distributed in a specific way to our family and charities when we pass. How do we ensure our assets are protected at our deaths and that our beneficiaries can’t spend everything all at once? — C.E., Maitland

A: I would find an estate planning attorney to walk you through getting a Revocable Living Trust to ensure your assets are distributed the way that you want. Also, the assets avoid probate and are protected from creditors in the event your beneficiaries are sued. — John West III

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.