A: For such a short period of time, a money market account is your best choice.
Q: If I cancel my life insurance because I no longer need the coverage and recieve back less cash that I have paid in premiums, can I deduct the loss?
A: No, because this occured in a tax deferred accumulation account within your life insurance policy.
Q: At age 70 1/2 do I have to withdraw funds monthly from my retirement account?
A: The April 1st after age 70 1/2 is when withdrawals must start. The mandatory distribution is an annual amount that needs to be withdrawn in any method you feel comfortable with: monthly, quarterly, semi-annual or annual.
Q: I have an unemployed Niece, can I make an IRA contribution for her?
A: The only way to make an IRA contribution for someone who is unemployed is to do it for a spouse.
Q: I am 73, living in Florida. Is having a will enough to avoid probate?
A: Just the opposite is true. A will invites probate, which is the proof that a will is valid and that its terms are being carried out.