What Should You Keep?
Now that tax time has passed, what to do with that foot-high stack of last year’s statements? And how about those “vital documents” you had drafted, only to throw them in your bottom desk drawer?While you may be tempted to box everything up and condemn it to a basement shelf, you know better. Consider the following means of neatly and securely organizing essential papers—and lessening the chances of your last will and testament being sold at your next garage sale along with that perfect set of National Geographic magazines.
Category #1: Keep It Forever
Documents in this group include birth and death certificates, marriage licenses and divorce decrees, vehicle titles, the deed to your home, and your Social Security card. They’re best stored in a fireproof box.
Category #2: Put a Time Stamp on It
These documents are difficult—if not impossible—to recreate. Chief among them: your last seven years of state and federal tax returns, plus their supporting documents. Lest this portion of your papers balloon out of control, make it a rule to always let go of those Year 8 documents as you make room for the current set. Headed for the shredder this season: 2003.
Other papers in this category include receipts for major purchases (especially those under warranty) and home improvement records, which you’ll need when you sell your house. It’s also wise to hold on to annual brokerage and retirement account statements for at least the past three years.
Category #3: Shred It Now
Good news: utility bills, credit card statements and even monthly bank statements are great shredder fodder once paid or reconciled (unless you’re tracking home-office expenses or other tax-related transactions). In addition, shred credit card offers and any other mail containing personal information.
Though a paperless household is still really the stuff of science fiction, these categories can at least get your files out of sight and into logical order.
To help you get your household records in order, ask us for a complimentary Family Records Organizer. The three-ring binder can help you and your family gather and store important documents, including account statements, tax information, insurance policies, legal documents and other records.
Courtesy of
Joe Kelly
Financial Advisor
MorganStanley SmithBarney
250 S. Park Avenue
Suite 500
Winter Park, FL 32789
407 740-4972
Oakmont Village is a new 25-acre luxury senior living community in the heart of prestigious Lake Mary, Florida. Ideally located for ease and convenience, Oakmonte Village is within easy reach of many local Orlando amenities such as parks, walking trails, lakes, and more.
Oakmonte Village offers resort style living and freedom from home maintenance. Residents at Oakmonte enjoy amenities such as card and game rooms, fitness center, movie theatre, on-site banking, gift shop, pharmacy, outdoor swimming pool, full-service concierge and a diverse array of culturally rich programming. Oakmonte’s active lifestyle is supported by concierge physician services, rehabilitative and home care services as well as a continuum of care through our soon-to-open assisted living and memory care community. All without any entrance fees.
For more information call 407.732.5800 or visit our website at www.oakmontevillage.com
Orlando Senior Living | Oakmonte Village April 23, 2010
