Colors of the Rainbow and Their Meanings. The rainbow is a beautiful natural phenomenon; knowing the significance of each of the colors of the rainbow makes it even more beautiful. While Nature or God has created this glorious natural phenomenon; philosophers have given a meaning to its colors.
Minimum Length of Time. Keep the records and papers for any settled estate for at least seven years, if an estate tax return was filed. That is the Internal Revenue Service recommendation for any financial transactions. Under IRS rules, that is the end of the statute of limitations for any kind of auditing.
You should keep most tax-related documents for a minimum of three years, but it's recommended that you keep them for seven years. If you've gone paperless, then your bank will generally store your statements for seven years, but check to see what your bank's policy is on maintaining its customers' records.