We often receive questions about how long
certain financial records should be retained.
The IRS, through Publication
552, offers some guidance with regard to record keeping for
individuals. Their recommendations are
based on the following deadlines:
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The idea is simple—get enough life
insurance to protect your family from the potentially devastating impact of a
death.
While the concept is
straight-forward, as with many components of financial planning, deciding on
the appropriate type and coverage level of life insurance is not quite that
easy.
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