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.
Here are guidelines on what you need to keep, and for how long. 1  Estate-planning documents: will, power of attorney, advance health-caredirective (living will) and health-care proxy. Store them in a safe-deposit box,but don't put them there and forget it. 2  Tax returns: Keep state and federal tax returns and supportingdocuments for seven years.