How should I invest money for my children's college?

My children are 9 and 11 yrs old. I now have a lot of "extra income" to start a college fund, but do not know how to invest it. I live in Michigan.

If you are saving for college expenses, you should take advantage of federal tax breaks aimed at families saving and paying for college. These include the following:

Qualified Tuition Programs (529 plans)鈥擡arnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs.

Coverdell Education Savings Accounts鈥?Earnings grow tax-deferred and distributions are tax-free when used for qualified post-secondary education costs. May also be withdrawn tax-free for primary and secondary school expenses.

However, don't invest more in these than you chlld will need for college. There are tax penalties for non-educational withdrawals. Additional funds should be invested in a UGMA or UTMA.

For more information read this link, where most of this information comes from:

http://www.savingforcollege.com/

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Create a trust fund for each child to access when they are old enough to go to college.