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!

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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!

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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!

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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.

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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.
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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. 

 

 

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Balancing Work and Family

Adapted from Broadridge Investor Communication Services

At one time, the typical American family looked like this: a breadwinner father who commuted a short distance to work and earned a very good living, and a stay-at-home mother who took care of the kids and family home with aplomb. Life seemed easy and manageable, with plenty of time for family meals, parent relaxation, and important life lesson discussions, and little in the way of work or technological distractions.

Today, things are different. There are many more two-parent, dual-income families and single-parent households, along with increased work expectations, longer commutes, and a 24/7 mindset. The result is often a more harried existence for today’s parents as they try to balance their work commitments and family obligations – a juggle that is one of the major issues people face during their working years. 

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HTC Team News and Honors

Two new employees have joined our team. 

In September, Ethan Linder came aboard as an administrative associate on the personal account side. Ethan is a recent graduate of Concordia College where he obtained a bachelor’s degree in business administration and management and a minor in environmental studies. In his spare time, he enjoys going to the movies, playing hockey, and watching sports.

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Meet Steve Halverson


Steve is the founder of Heartland Trust Company. After working in the trust industry for a regional bank for 18 years, he went off on his own and started North Dakota’s first independent trust company. Thirty years later, he is the CEO and chairman of the board. The company has grown from two people to 25, with over $600 million in assets under management. Steve is very active in the community, spending many years with various local service organizations. He is currently a member of the board for the FMWF Chamber, and an International Director for the Sons of Norway.

What do you like to do in your spare time?
When I’m not at the office, it’s all about family. My wife and I try and spend as much time as we can with the grandkids.

Heartland TrustMeet Steve Halverson
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