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 […]
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!
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 […]
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 […]
Confirmation
Spring is a wonderful time of year. Snow melts, flowers bloom, docks, and boats are placed in the water. This is the time of year when we see the cold bareness of winter transition into the long warm days of summer. With the season come key moments that signal the end of winter: tax season, […]
Planning for Physicians: Managing Contributions Between a 401(k), 457(b)
As many of our readers likely know, the Federal government provides strong incentives for saving for retirement and other financial goals. You can break these down into three broad categories: tax deductibility (on contributions), tax-free distributions (i.e. withdrawals), and tax deferral (on growth). Many physicians can increase their tax deductions and benefit from tax deferral […]
Retirement Plan Restatement
Every six years the Internal Revenue Service (IRS) requires certain qualified retirement plans to be fully amended and restated to comply with law changes. The Cycle 3 Defined Contribution (DC) Plan Restatement period began on August 1, 2020, and plan sponsors of defined contributions plans (401(k), profit-sharing, and money purchase pension plans) will have until […]
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 […]
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 […]
Onward
We have all been confronted with challenges over the past 10 months. Whether we needed to find a new way to complete a familiar task or wrestled internally with some difficult questions, this pandemic has affected all aspects of our lives. In response, we’ve had little choice but to move onward. While finding a way […]
