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.
For example, keep property records as long as they are needed to figure the basis of the property. For notices issued prior to August 1, 2011: FTB has 8 years after a taxpayer files a return to mail a proposed deficiency assessment. Therefore, tax documentation should be kept for at least 8 years.