There have been discussions of record retention for one's personal income tax, but I haven't found any for probated estates.
Dad (91) died in Jan 2015, and his widow (87) was his sole heir. I was the executor of his estate -- very straightforward. She died a few months later in Dec 2015, and I was executor of her estate, appointed in Jan 2016.
They were in Texas, so no state income or estate tax. The distribution of assets was pretty simple, and the probate of the estate took less than six months.
Her/their 2015 individual income tax return was filed in March 2016. Her estate's federal income tax return was filed in June 2016. There was no federal estate income tax -- estate was too small.
Their estate attorney and the accountant -- both excellent -- are now retired and closed their firms, so I can't contact them.
The only skeleton in the closet I know of is that my father took too little RMD in 2012, 2013 and 2014. He never adjusted up from his 2011 level. Oops. TIAA-CREF did not catch this. When I discovered this, i didn't tell anyone. She inherited his IRA and I immediately moved it to Vanguard, never mentioning the issue to anyone. I inherited the IRA in 2016.
I can't imagine anyone challenging the wills but who knows? A mysterious long-lost black-sheep weird third-cousin Waldo might appear, making a claim. Is there a time-limitation for challenging a will that I should be aware of viz record retention?
I have three banker's boxes of their joint financial records, his estate records, and her estate records (old tax returns, banks, insurance, Vanguard, Fidelity).
How long should I hold on to their personal financial records and the records from probating the estates in 2015/2016? Three years? Seven years? My storage space is very limited.
Thanks!
Dad (91) died in Jan 2015, and his widow (87) was his sole heir. I was the executor of his estate -- very straightforward. She died a few months later in Dec 2015, and I was executor of her estate, appointed in Jan 2016.
They were in Texas, so no state income or estate tax. The distribution of assets was pretty simple, and the probate of the estate took less than six months.
Her/their 2015 individual income tax return was filed in March 2016. Her estate's federal income tax return was filed in June 2016. There was no federal estate income tax -- estate was too small.
Their estate attorney and the accountant -- both excellent -- are now retired and closed their firms, so I can't contact them.
The only skeleton in the closet I know of is that my father took too little RMD in 2012, 2013 and 2014. He never adjusted up from his 2011 level. Oops. TIAA-CREF did not catch this. When I discovered this, i didn't tell anyone. She inherited his IRA and I immediately moved it to Vanguard, never mentioning the issue to anyone. I inherited the IRA in 2016.
I can't imagine anyone challenging the wills but who knows? A mysterious long-lost black-sheep weird third-cousin Waldo might appear, making a claim. Is there a time-limitation for challenging a will that I should be aware of viz record retention?
I have three banker's boxes of their joint financial records, his estate records, and her estate records (old tax returns, banks, insurance, Vanguard, Fidelity).
How long should I hold on to their personal financial records and the records from probating the estates in 2015/2016? Three years? Seven years? My storage space is very limited.
Thanks!
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