Jan Nelson, Trust OfficerWhat is My Net Worth?
You probably know what net worth means, but do you know what your net worth is? Knowing this number can help you get a better picture of your financial situation. Remember: this number represents one moment in time, as your financial health is always changing.
Simply stated, your net worth is the total of assets minus debts or liabilities. To find this number, use one of the countless online calculators or spreadsheets available. The downside of this method is you need to manually update the values. There are also apps for your phone or tablet, or software for your computer, that can track your net worth. You may even be able to link your accounts so the values are updated automatically.
Jan Nelson, Trust OfficerWhat Can Heartland Trust Company Do for You?
Here at Heartland Trust Company, we are proud of the great reputation we have built in the community over the last 30 years. We know that if we do business the right way, we will be here for a long time. Our mission statement says it all: “We provide a lifelong commitment to the well-being of those we serve.”
Our reputation is everything, and that is why we choose to adopt the fiduciary standard. This means we apply the industry’s highest financial, ethical, and legal standards to the services we provide for our clients. We always act in our client’s best interest, and we would not do it any other way. We do things our own way, and we do it to benefit our clients. And even though trust is our middle name, we do much more than that.
We started out as a trust company and we continue to provide these high levels of financial and ethical care that these special accounts require. We can serve as trustee, co-trustee, or agent for the trustee (usually for an individual named as trustee who would like assistance with responsibilities such as recordkeeping, asset management, and tax preparation). Types of trusts we administer include:
Revocable Living Trusts
Special Needs Trusts
Jan Nelson, Trust OfficerIs a Charitable Trust A Good Option for You
Philanthropy is a key to the success of our region. The financial generosity of donors combined with donations of time and talents directly enrich the lives of those in need. This indirectly enriches the lives of us all. If you would like to make a gift now that will benefit both you and the charitable organization of your choice, one of the options listed below might be right for you.
Would you like to make a substantial give to a favorite charity, but hesitate because you may need those assets to support you while you are living? If so, you may want to consider a charitable remainder trust. The trust will pay taxable income to you (and your beneficiaries, if desired) for life or a term of years. The balance of the trust is then transferred to charity. Highly appreciated assets are excellent for funding charitable trusts, as the trust does not pay capital gains tax if those assets are sold and the donor uses the appreciated fair market value to determine the amount of the charitable contribution. Establishing a charitable remainder trust creates a current federal charitable contribution itemized deduction. North Dakota residents may also qualify for the ND Tax Credit for Planned Gifts. There are a number of payout options for charitable trusts:
Jan Nelson, Trust Officer2018 Year-End Individual Tax Planning Guide
The end of the year is coming soon, which means it’s time to make any changes that might affect your 2018 taxes. The material below has been prepared for informational purposes only. All decisions regarding tax implications should be made in consultation with your independent tax advisor.
Maximize/Bunch Itemized Deductions
The standard deduction has increased to $12,000 for individuals/$24,000 for joint filers. Therefore, it may be advantageous to incur several years of charitable contributions, so that combined with other permitted itemized deductions, taxpayers may exceed the standard deduction.