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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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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Meet Kari Skauge

Kari Skauge is the new kid on the block at Heartland Trust. She came onboard this quarter as our compliance officer. We are very glad to have her.

Tell us about yourself

I grew up in Hawley, Minnesota, and then attended the University of North Dakota where I earned a degree in business management. I started my career in the financial industry in 2013 and found my niche with compliance. Through our journey, my husband and I ended up building a home on the same farm where I grew up. I can honestly say, there is no place like home!

What do you like to do in your spare time?

I like to spend time with family playing pinochle and cribbage, traveling, ice fishing, snowmobiling, and skiing. My favorite chore is mowing the lawn – there is nothing more relaxing!

Heartland TrustMeet Kari Skauge
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Understanding Gift and Estate Taxes

Adapted from Broadridge Investor Communication Services

If you give away money or property during your life, those transfers may be subject to federal gift and estate tax and perhaps state gift tax. The money and property you own when you die (i.e., your estate) may also be subject to federal gift and estate tax and some form of the state death tax. These property transfers may also be subject to generation-skipping transfer taxes. You should understand all of these taxes, especially since the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (the 2001 Tax Act), the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act), the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), and the Tax Cuts and Jobs Act. The recent Tax Acts contain several changes that make estate planning much easier.

Background on federal gift and estate tax

Under pre-2001 Tax Act law, no federal gift and estate tax was imposed on the first $675,000 of combined transfers (those made during life and those made at death). The tax rate tables were unified into one — that is, the same rates applied to gifts made and property owned by persons who died in 2001. Like income tax rates, gift and estate tax rates were graduated. Under this unified system, the recipient of a lifetime gift received a carryover basis in the property received, while the recipient of a bequest, or gift made at death, got a step-up in basis (usually fair market value on the date of death of the person who made the bequest or gift).

The 2001 Tax Act, the 2010 Tax Act, the 2012 Tax Act, and the Tax Cuts and Jobs Act substantially changed this tax regime.

Heartland TrustUnderstanding Gift and Estate Taxes
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Meet Naomi Schempp

Naomi is a native of Garrison, North Dakota, and she has called Fargo home since 2002. She works on the trust side of HTC and has been a welcome addition to our team.

Tell us about yourself.

I received both an associate of science and an associate of arts degree from Williston State College. I continued my education and received a bachelor of arts degree in communications from North Dakota State University. Go Bison!

Heartland TrustMeet Naomi Schempp
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Wills: The Cornerstone of Your Estate Plan

Adapted from Broadridge Investor Communication Services

If you care about what happens to your money, home, and other property after you die, you need to do some estate planning. There are many tools you can use to achieve your estate planning goals, but a will is probably the most vital. Even if you are young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, in many states, your will is the only legal way you can name a guardian for them. Although a will does not have to be drafted by an attorney to be valid, seeking an attorney’s help can ensure that your will accomplishes what you intend.

Heartland TrustWills: The Cornerstone of Your Estate Plan
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HTC Team News and Honors

  • Dustin Sobolik recently earned his Certified Financial Planner (CFP) designation. Dustin completed a course of study that encompasses a variety of topics relating to financial planning, including estate planning, insurance, taxes, retirement accounts. The most important aspect of a CFP is that Dustin has a fiduciary duty, which means he must make decisions with his client’s best interest in mind. Congratulations, Dustin!
  • Heartland Trust Company employees recently collected several boxes of new children’s socks that were delivered to Early Einsteins Learning Center in Dilworth. Early Einsteins (part-owned by HTC’s Heather Jung, who is pictured kneeling in the center) was participating in a sock drive for Golden Drive Homeless Kids sponsored by the Dilworth Police Department. 
  • HTC employees also recently collected a box filled with old phones to donate to the Rape & Abuse Crisis Center (RACC) in Fargo. RACC is always looking for donations, including cell phones and chargers.
Heartland TrustHTC Team News and Honors
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Meet Ethan Linder

Meet Ethan Linder

Ethan is one of our newest employees, having joined the team less than five months ago. He is the administrative associate for Brian Halverson and Gary Hanson’s accounts. He assists them with keeping track of accounts and entering information into our database. 

Tell us about yourself.

I grew up in Esko, Minnesota, a small town outside of Duluth. I am the youngest of six children and we all live in or around Minnesota. I attended Concordia College and graduated the spring of 2020 with a business management major and an environmental studies minor. I currently live with my girlfriend and one of my brothers in Fargo. 

 

 

Heartland TrustMeet Ethan Linder
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