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Posted by Gil Faver on August 31, 2008, 9:17 pm
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>> I was the executor of a Calif. estate for the years 1990 and 1991. The
>> estate was probated in Calif and closed in 1991. I've retained all
>> paperwork, bills, cancelled checks, Calif and Federal Estate income
>> taxes,
>> and so on.
>>
>> How long should I retain these records?
>>
>> I would like to shred the pile because by now these papers will have
> little
>> meaning to anybody, but I want to know if there are legal or tax
>> requirements, or if there are records I should retain indefinitely.
>>
>> Dick Peavey
>
> As the records may form the "cost basis" of the inherited assets by the
> beneficiaries, you should not dispose of them but instead divest them to
> the
> beneficiaries (if they don't already have them). The only thing you might
> want to keep is the IRS Closing Letter.
good point, but aren't the assets and their values listed in the estate tax
return? shouldn't that suffice?
If not, how will you distribute to a plurality of beneficiaries (shouldn't
that be legatees?) all this paperwork? Actually, it should be whittled down
to only that which is important to keep, but who is to do that task? Either
the ex-executor, or his delegate (perhaps a trusted one of the legatees?)
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