SECURE Act Passed; Stretch IRAs Facing Elimination

Adapted from Broadridge Investor Communication Solutions

On December 20, 2019, a $1.4 trillion spending package was enacted that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade.

While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans. The elimination of the “stretch IRA’” could cause far-reaching change to many financial and estate plans. Individuals will likely want to revisit their estate-planning strategies to prevent their heirs from potentially facing unexpectedly high tax bills.

All provisions took effect on or after January 1, 2020, unless otherwise noted.

Heartland TrustSECURE Act Passed; Stretch IRAs Facing Elimination
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Celebrating 30 Years

Heartland Trust Company turns 30 this year. As we celebrate this milestone, we’ll include a feature on one of our old locations in each quarterly newsletter. 

Steve Halverson, chairman of the board and former president, was approved for a charter by the North Dakota Department of Financial Institutions in August 1989 to start an independent trust company. Office space for the upstart trust company was found in the same building as Busy Bubbles Car Wash & Laundromat at 2102 12th Street North in Fargo. Steve’s father, Hans Halverson, owned the building and let Steve use the space for several months while he was getting everything ready. The charter was officially granted on January 18, 1990. Doors officially opened for Heartland Trust Company on January 23, 1990, and as Steve likes to add, “the door didn’t open, and the phone didn’t ring.”

 

Heartland TrustCelebrating 30 Years
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Meet Missy Zarak

Meet Missy Zarak

Missy is an administrative associate working in the personal trust area. She provides excellent service to clients with trust, agency, and IRA accounts. She has over 30 years of experience in the trust business and has served many clients over the years in various roles.

Tell us about yourself.

I was born and raised in Dickinson, North Dakota, in a large family as one of 12 children. Following graduation at Trinity High School, I finished college at Minnesota State University in Moorhead, Minnesota, and graduated with a bachelor of science degree in legal assistant studies. 

 

 

I commute every day from Wahpeton, North Dakota, where I live with my husband, Mark. We have four children who are now all adults: Cole, Cody, Carson, and Carleigh. I have been promoted from mother to grandmother status and I’m now called “Ma Ga” by two beautiful granddaughters. Spending time with my growing family is one of my greatest pleasures.

Heartland TrustMeet Missy Zarak
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HTC Team News

In December, the Heartland Trust team made tie-blankets to donate to the YWCA.

Dropping off blankets at the YWCA (Pictured L to R: Gary Hanson, Jan Nelson, Mary Fridgen, Renee Hobbs, Lori Theis, and Erin Prochnow of the YWCA)

Heartland TrustHTC Team News
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Meet Mary Fridgen

Meet Mary Fridgen.
Mary is the newest member of our team. She is an administrative associate who handles the receptionist duties. She is the energetic voice you’ll probably hear if you call us. We can already tell she’s a great fit for our team.

Tell us about yourself.
I grew up just outside the small town of Wheaton, Minnesota, on my parents’ farm. I have three sisters and one brother who have blessed me with the honor of being an aunt to four nieces and five nephews who are AMAZING. After high school, I moved to Moorhead and attended M State, graduating with an AAS in administrative assisting. I currently live in Fargo with my boyfriend Augi, and I’m so excited to see what this great opportunity at HTC has in store for me.

 

Heartland TrustMeet Mary Fridgen
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HTC Team News and Honors

Brian Halverson, President, seen below with the Association of Trust Organizations (ATO) board of directors at the annual conference in Denver, CO. Halverson was this year’s Chair of the three-day conference that brings together trust industry professionals from around the country and nationally recognized speakers to discuss vital topics, trends, and issue facing the trust industry. Halverson is also an ATO board member and the Chair of its Next Generation Network.

Heartland TrustHTC Team News and Honors
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Meet Jill McAndrew

Jill McAndrew of Heartland Trust in Fargo NDJill is an Operations Associate at Heartland Trust Company, handling the day-to-day tasks for the Operations team. Her optimistic outlook and upbeat personality make her a great coworker!

Tell us about yourself.

First, I have a confession. I am a terrible cook and the cupcake recipe below is from my mom. There is almost zero chance I could bake them successfully, but I can verify that they are delicious!

I have a daughter who will graduate high school next year, so I have one last year stocked full of school activities. As sad as I am for her to grow up, I can’t wait to see what path she chooses next. I volunteer with the Arthritis Foundation and facilitate a connect group for those with all types of arthritis and rheumatic diseases here in the Fargo-Moorhead area. It is such a rewarding experience to help people and be part of their arthritis journey.

Heartland TrustMeet Jill McAndrew
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HTC Team News and Honors

  • Paula Stebner (VP, Trust Officer) and Jon Benson (VP, Trust Officer) tended our booth at the Great Plains Land Expo presented by Pifer’s Auction & Realty in June. They discussed how Heartland Trust can assist with land ownership issues. They also met former Minnesota Viking Chad Greenway, who was the keynote speaker at the event.
picture of Kevin Pifer, Jon, Chad Greenway, and Paula

Picture of Kevin Pifer, Jon Benson, Chad Greenway, and Paula Stebner.

Heartland TrustHTC Team News and Honors
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Meet Dustin Sobolik

Dustin is the Investment Officer at Heartland Trust Company. He oversees investment research, meets with analysts, and does much of the financial planning for our clients.

Tell us about yourself.

I’m a north Fargo native and attended Minnesota State University Moorhead from 2007 to 2011. I guide discussions in our Investment Committee and have a mild obsession with statistics and analytics. Aside from working with clients, a large portion of my role revolves around conducting research and meeting with outside analysts.

What do you like to do in your spare time?

Heartland TrustMeet Dustin Sobolik
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HTC Team News and Honors

  • Brian Halverson, President, currently serves on the Board of Directors at the Plains Art Museum in Fargo.
  • Brian also recently presented to the Financial Management Association (FMA) group at Minnesota State University Moorhead. FMA is a student organization that helps aspiring professionals with networking and skill development for financial careers.
Heartland TrustHTC Team News and Honors
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