IS YOUR FINANCIAL DRAWER TOO CROWDED? IT’S TIME TO GO THROUGH YOUR DOCUMENTS!
WHY ARE YOU RECEIVING THIS NEWSLETTER? As this newsletter hits your mailbox, you may be surprised to hear from us! While we mainly see you in our office, we wanted to give you another resource as you venture through the world of estate planning. As a Premiere Legacy Plan member, you get access to content that will help you as you create or update your estate plan. From answering frequently asked questions and highlighting common misconceptions to detailing the ways you can reap all the benefits your estate plan offers, this newsletter is a must-read! You will also learn more about different people on our team and what motivates them to deliver the best service possible every day. Thank you for joining us and reading our newsletter! We’re so excited for what’s to come!
We all have that designated drawer or cabinet in our home that stores our financial documents. But sometimes, this area can become crowded with outdated documents, making it difficult to find what you need. What if your financial power of attorney or beneficiary needs to review some of your financial statements? Would they be able to access these documents easily? While some financial documents should be kept, others can be shredded and tossed. But how do you know which statements to keep? Here’s an easy guide to help you determine which documents should stay in your designated drawer and which ones can be tossed. WHAT DOCUMENTS SHOULD YOU KEEP FOR AT LEAST 1 YEAR? When filing taxes, you may need additional documents to help move the process along. For example, you may need your pay stubs, credit card statements, utility bills, quarterly investment statements, and receipts. Keeping these documents for at least one year or until you file your taxes is best. You can get rid of medical bills or invoices unless you have an ongoing settlement claim you’re trying to finalize. WHAT DOCUMENTS SHOULD YOU KEEP FOR AT LEAST 3 YEARS? It’s best to keep all IRS-related records for at least three years or more just in case you are audited. Therefore, securely
store your W-2s, 1099s, annual investment statements, and receipts for charitable contributions as well as records of mortgage interest payments and retirement plan contributions. WHAT DOCUMENTS SHOULD YOU KEEP FOR AT LEAST 6 YEARS? While the IRS’s statute of limitations for auditing is three years, they can go back up to six years under certain conditions. Therefore, it’s best to keep all your tax records, documents regarding the purchase of a home, and records of expenses when buying or selling your home (such as remodels and renovations). However, there are certain situations that would require you to store your financial documents for an extended period. Because everyone’s situation is different, we recommend connecting with a financial advisor. Fortunately, when you work with Morris Hall for all your estate planning needs, you also get a complimentary consultation with Clark Street Financial. They can help with your personal and business financial planning and management, including integrated financial planning for estate strategies, review, analysis and management of all types of investment accounts, life insurance as a financial planning tool and for death benefit purposes, annuities, and more. Don’t hesitate to contact us or our friends at Clark Street Financial 480.344.8200 with any questions or concerns.
Ginger Pork Stir-Fry
Looking for a healthy stir-fry that has all of the delicious flavors and none of the heavy ingredients? This one might be perfect for you!
INGREDIENTS • 1 tbsp cornstarch • 1 cup orange juice • 2 tbsp soy sauce
• 1 small onion, sliced • 1/4 lb fresh snow peas • 1/2 sweet red pepper, julienned • Cooked rice • Green onion, chopped (optional) • Sesame seeds (optional)
• 2 cloves garlic, minced • 1/4 tsp ground ginger • 1 lb pork tenderloin, cut into thin strips • 2 tbsp canola oil
DIRECTIONS
1. In a small bowl, whisk cornstarch, orange juice, soy sauce, garlic, and ginger until smooth; set aside. 2. In a large skillet over medium-high heat, stir-fry pork in oil until lightly browned, about 4–5 minutes. Remove pork and add onion, peas, and red pepper. Cook until crisp-tender, about 3–5 minutes. 3. Stir in orange juice mixture and pork. Bring to a boil, and then cook until thickened, about 2 minutes. Serve over rice. Garnish with green onion and sesame seeds, if desired.
Inspired by TasteOfHome.com
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