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 might also want to keep any documents about real estate, business assets, stocks, bonds, or other assets you own for as long as you own them, then another three years or longer after the asset is sold, depending on your state. You'll need these records for calculating cost basis and gain or loss for capital gains tax. When It's Time to Discard