Brian Halverson – President

One of the most legendary expeditions was led by Sir Ernest Shackleton from 1914-1916. On a ship rightfully named Endurance, he led a journey known as the Imperial Trans-Antarctic Expedition. This expedition had no guarantee of returning home safely and promised an abundance of adventure in the unknown.

With a clear goal, a strong team, and a mighty ship, the crew of 28 set off for the Antarctic Circle.

Brian Halverson - PresidentEndurance
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Should You Pay Off Your Mortgage or Invest?

By Dustin Sobolik, CFP® – Investment Officer

One question I’m often asked by clients is what to do with excess savings. Should they invest it or pay extra on their mortgage? I’m going to frame this article with a simple question and a simple answer, followed by a much more complicated answer. Let’s boil this down to a few core considerations:

Dustin Sobolik - Investment OfficerShould You Pay Off Your Mortgage or Invest?
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401(k) Loans: How Do They Work?

By Jana Samek, Relationship Manager – Qualified Plans

Having access to a 401(k) plan through your workplace is a wonderful thing. Over half (56%) of US employers offer this employee benefit. If you have a 401(k) plan and face a financial emergency, there may be an option you are unaware of. You may be able to take a loan from your vested balance, depending on the provisions of your plan.


Keep in mind, the purpose of a 401(k) is to save for retirement. If you take money out of it now, you’ll risk not having enough money saved in retirement, especially if you don’t have any other savings put towards your retirement years. You may also incur stiff tax consequences and penalties for withdrawing before age 59½. Before taking a loan, the question you should ask yourself is will taking money from my 401(k) today jeopardize my financial security in the future?

Jana Samek, Relationship Manager – Retirement Services401(k) Loans: How Do They Work?
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HTC Team News & Honors Q4 2021

Jan Nelson again served on the YWCA Cass Clay Chocolate Fantasy planning committee. This event benefits the YWCA Emergency Shelter for women and children in need. Special thanks to the other volunteers from HTC: Ethan Linder, Jon Benson, Kari Skauge, Kevin Wangen, and Michelle Hoppe.


Heartland TrustHTC Team News & Honors Q4 2021
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Meet Lori Theis

Meet Lori Theis

Lori Theis is a compliance associate at Heartland Trust. She makes sure all reports are filed, boxes are checked, and everything is compliant with the regulations and standards HTC must follow.

Tell us about yourself.

I was born, raised, and still live in Moorhead, Minnesota. I have one son, Adam, who got married earlier this year. I am proud to say I am going to be a first time Grandma in February of 2022. I also have a dog; he is a beagle and his name is George. 

Heartland TrustMeet Lori Theis
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Choosing a Beneficiary for Your IRA or 401(k)

Adapted from Broadridge Investor Communication Services

Choosing a Beneficiary for Your IRA or 401(k)
Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn’t be the sole determining factor in naming your beneficiaries, ignoring the impact of taxes could lead you to make an incorrect choice.
In addition, if you’re married, beneficiary designations may affect the size of minimum required distributions to you from your IRAs and retirement plans while you’re alive.

Heartland TrustChoosing a Beneficiary for Your IRA or 401(k)
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As you read this quarter’s newsletter, you will notice many exciting changes going on at Heartland Trust. After 31 years leading the operations, compliance, and HR departments at Heartland, Sheryl Bernier has retired/significantly reduced her work hours and duties. 

Sheryl’s departure brings changes in the form of promotions and new hires. Our team is growing, and we are bringing on experienced and knowledgeable people who share the qualities and values that we hold up as important. And while not seeing Sheryl every day will be a hard change, we are grateful. Grateful for her three decades of leadership. Grateful that our other team members are growing with their careers. Grateful that we can bring in other experienced professionals who want to grow with Heartland. 

Brian Halverson - PresidentGrateful
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Comparing Compensation

If you’re considering a job change, salary is one important factor. But it’s also vital to look past the salary and study the total benefits package. Benefits offered by employers can vary greatly so take a look at the full picture. Here is a shortlist of the most common types of compensation.


Wages are the most straightforward portion of your compensation package (unless you work in sales, but those pay structures are beyond the scope of this article). The primary consideration beyond the actual dollar figure is whether you live in an area with a higher cost of living and/or higher taxes. It’s no secret to many of our clients that living in Minnesota versus North Dakota will jump your tax rate significantly, even if you’re on the lower end of the income spectrum. 


Dustin Sobolik - Investment OfficerComparing Compensation
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When Does an Estate Go Through Probate?

Whether you have a last will and testament or not, your estate may have to go through the probate process. Probate is the legal process to administer and settle the estate of an individual who has passed away. When a person dies, their estate consists of assets, both real and personal property, they own on their date of death. It also includes the decedent’s debts, final expenses, and unpaid taxes. Somebody needs to be in charge of an estate to settle the affairs on behalf of the decedent.

Missy Zarak, Trust OfficerWhen Does an Estate Go Through Probate?
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HTC Team News and Honors


Sheryl Bernier retired after 31 years at Heartland Trust Company. Sheryl was employee #2 at Heartland and with Steve Halverson created North Dakota’s first independent trust company. We will miss seeing her every day and wish her well on her new journey!

Heartland TrustHTC Team News and Honors
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