611 Druid Rd E • Suite 105 • Clearwater, FL 33756 • 727.441.9022
Meridian One Building • 4350 West Cypress Street • Suite 225 • Tampa, FL 33607 • 813.405.4846
KEEP? SHRED?
DOCUMENT RETENTION
V. Raymond Ferrara, CFP®,
Chair/CEO
ProVise Management Group, LLC is a financial planning and investment management firm registered with the Securities and Exchange Commission
and has been in business since 1986. As of 6/30/2021 we were managing approximately $1.8 billion for our individual, corporate, and not-for
profit clients. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment Advisory Services may
be offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS, or Provise Management Group, LLC. Kestra Financial’s Reg
BI disclosure information and Form CRS can be obtained at https://www.kestrafinancial.com/disclosures. ProVise’s Form CRS can be obtained at
https://www.provise.com/wp-content/uploads/2021/04/FormCRS_040121.pdf. The information herein is general and educational in nature and should
not be considered legal or tax advice. Tax laws and regulations are complex and are subject to change.
NOVEMBER/DECEMBER 2021 | TAMPA BAY MAGAZINE 39
In the world of digitalization not every
document should be digitized, but not
every document needs to be kept either.
Do you know what to shred or keep and
how and where to keep it? To help we
have put together a checklist for you.
A lot of what to keep or shred is
a personal choice, especially those
documents that are not necessary to keep.
Some of us just can’t throw anything
away and that is why digitizing lets you
declutter and still keep everything.
The rules vary as to what, when
and where to keep documents. As an
example, you generally should keep a
tax return and the supporting documents
for at least three years since this is the audit time period
unless you under reported your income by 25% or more,
then you will need them for at least six years. Of course,
there is not a statue of limitations for a fraudulent return.
Estate documents, including a will, living trust, power
of attorney, healthcare surrogate and living will should
always be kept in their original form. It is okay to make
copies, but originals are needed from time to time. As
an example, if using a power of attorney for a real estate
transaction many governmental agencies will require the
original. An original will is needed at the time of death
for probate.
Please keep these estate documents in a safe place like
a fireproof and waterproof safe. Do not store them in a
safety deposit box at the bank as the documents may be
needed to get into the box in the first place. Sometimes
your attorney will also store originals. If you have a Do Not
Resuscitate (DNR), it should be kept on the refrigerator.
You always want to keep originals
of your birth certificate, Social Security
and Medicare cards, marriage certificate,
prenuptial agreement, divorce papers,
citizenship card, current passport and
driver’s license to name a few. It never
hurts to make copies, but originals should
be kept.
When it comes to your stock, bonds,
and mutual fund statements it is best to
keep the current year’s statements, but
you can probably trash these if you get
a summary statement at the end of the
year. You should keep this for at least
three years with your tax records. If you
have any actual stock or bond certificates,
make a copy, but keep the originals in a safe place.
Real estate closing documents and mortgage documents
can be digitized, but you always want to keep the original
of the deed. Title to autos, boats, motor homes, etc. should
stay in original form.
Other records to consider are policies for life insurance,
annuities, health insurance, drug policy, disability income,
auto, homeowners, and personal liability (umbrella).
Further, what about military, education and employment
records?
The checklist that we have put together list all of these
and other records. It recommends the length of time you
have to keep them, whether to keep them in original or
digital form and suggest where to keep them. To get your
copy of our checklist either call our office at 727-441-9022
or email us at info@provise.com. We always offer a one
hour complimentary consultation in our Clearwater or
Tampa office.