Unless you have an extension, tomorrow is the deadline to file your 2012 taxes. Have you filed? If not, you have one more day to finish!
Once you have finished with filing your taxes, remember to keep your records and keep them organized in case you need them in the future. We recommend keeping vital records for approximately seven years. While in the majority of cases tax records are not needed beyond four years, there are some cases in which seven years worth of records would be required, so we recommend keeping them for that length just to be safe.
Make sure your documents, including tax records, are well organized. This recommendation is for the benefit of yourself as well as your future beneficiaries. During your lifetime, circumstances will arise where you will have to find vital documents, keeping an organized system will allow you to do so quickly and easily. This will also benefit your beneficiaries after you have passed away by providing them with the documents necessary to help them properly administer your estate. There are many documents needed and many legal procedures that must be followed after a death. By having your files in order you can ensure that the process goes more smoothly for them.
While you are taking the time to organize your tax records, we recommend going through all your essential files. If you have old deeds, statements, former retirement plans or other documents that are no longer valid, shred them so that they don’t confuse your beneficiaries. Most documents can be thrown out after seven years. However, this of course does not include documents such as your birth certificate, social security card, any current deeds, marriage license, estate planning documents…etc. This process will get rid of documents that are no longer valid and that would only serve to confuse your beneficiaries when they have to sort through your information.
For more information or to schedule a free consultation with an attorney, contact us at 888.222.1328.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.