Through volunteerism and Bell’s Pay It Forward program, Bell Investments team members are committed to giving back to their community. Read how some of our employees make a difference for the causes that are important to them – plus get charitable giving tips to help you effectively support the charities or nonprofits that matter to you.
Burck, CFP®, CLU, ChFC VP/Wealth Advisor
Growing up, Andrew Holte had a unique perspective on what it means to give back.
Andrew’s parents were missionaries who often moved between Minnesota and Mexico when Andrew was young. In Mexico, they would hand out food, clothing, and Bibles to people in need.
“I got to see a side of life that a lot of Minnesota kids don’t get to see,” said Andrew, a Bell Investments wealth advisor in Alexandria, Minn. “It changed my mindset on what a want and need is.”
Those experiences helped inform Andrew’s approach to giving back over the years.
Today, he serves as the board chair for the Alexandria Fellowship of Christian Athletes and volunteers on the board of the Alexandria Area Youth Basketball Association. He also helped to start the area’s first Walk to End Alzheimer’s annual fundraiser and volunteers with other local events throughout the year.
That commitment to his community is something he shares with many others on the Bell Investments team. Through volunteerism, board service, and giving back through Bell Bank’s Pay It Forward program, Bell Investments helps support the communities where employees live and work.
In Fargo, Wealth Advisor Keith Burck serves on the finance committee of the Peace Officer/Jail Chaplains Association, which offers chaplain visits, compassionate visits, worship services, and post-release support for people incarcerated in the Cass
County Jail. Keith previously served on the organization’s board for nine years, and he has also helped lead courses that give men and women resources to transition from jail back into society.
“I’ve seen firsthand the positive impact on our community when men and women are able to successfully reenter society after their incarceration,” Keith said.
In Wahpeton, N.D., Client Service Associate Amy Cookman regularly volunteers as a lunch buddy during the school year, meeting with and mentoring an assigned student twice a month. Amy has also been involved with Make-aWish of North Dakota for 10 years, and Make-a-Wish of Minnesota for four years, volunteering, fundraising, and helping to grant wishes and create life-changing moments for children with critical illnesses.
“It’s amazing to see how much a wish can help a child forget about what they’re going through, even just for a little while,” Amy said. “No matter how big or small, it means the world to them.”
In addition to their volunteer efforts, Bell Investments team members also give back through Bell’s Pay It Forward program, which gives employees funds for donating to individuals, families, and organizations in need. Since it began in 2008, the Pay It Forward program has empowered $30 million in employee grassroots giving across the country.
In Wahpeton, Amy has used her Pay It Forward funds to help families with
Holte VP/Wealth Advisor
medical expenses, purchasing household items for families after devastating house fires, supporting local charities, and much more. In the 11 years that she’s been with Bell, Amy has donated $13,000 through the program back to her local community.
Andrew has also donated his funds to a wide range of causes, including one year to help support the cost of fixing student Chromebooks at an Alexandria elementary school so kids didn’t have to pay the cost themselves.
“It’s changing lives when you’re able to put thousands of dollars back into the community to people who need it the most,” he said.
Keith, meanwhile, has taken Pay It Forward a step further. Several years ago, he and his wife decided to follow Bell’s example and give each of their three children the equivalent of employee Pay It Forward funds to give back however they wanted.
“It gives them an opportunity to share in giving back,” Keith said. “It’s rewarding to see the joy they get from giving away money to people and causes that matter to them.”
Are you making charitable donations at year's end? If so, you should know about some of the financial "fine print" involved, as the right moves could potentially bring more of a benefit to both you and your chosen charity.
Keep in mind, this article is for informational purposes only and is not a replacement for real-life advice. Make sure to consult your tax, legal, or accounting professionals before modifying your charitable gifting strategy.
How can you maximize the impact of your gifts? First, consider giving to a qualified charity with 501(c)(3) nonprofit status. Also, Charity Navigator, Charity Watch, and Give Well have websites that offer information to help you evaluate a charity and learn about how effectively it utilizes donations. If you are considering a large donation, it is often wise to ask the charity involved how it will use your gift.
If you're still working, you may want to check with your employer. Some companies match charitable contributions made by their employees, an oftenoverlooked opportunity to give back.
To deduct charitable donations, you must itemize them on IRS Schedule A. So, you'll need to log each donation you make. Ideally, the charity will provide you with a form to document proof of your
contribution. If the charity does not have such a form handy (and some do not), a receipt, a credit or debit card statement, a bank statement, or a canceled check can work. The IRS may want to know three things: the name of the charity, the gifted amount, and the date of your gift.1
Remember, itemized deductions may only have tax benefits when they exceed the standard income tax deduction, so be sure to check on the standard deduction amount for your tax filing year.
Many charities welcome non-cash donations. In fact, donating an appreciated asset can be a tax-savvy move. You may wish to explore a gift of highly appreciated securities. Selling securities can lead to a taxable event, so as an alternative, you or a financial professional can write a letter of instruction to a bank or brokerage, which can facilitate authorizing a transfer of shares to a charity.
This transfer can accomplish three things:
• You can manage paying the tax you would normally pay upon selling the shares.
• You may be able to take a current-year tax deduction for the full fair market value of the shares.
• The charity gets the full value of the shares, not their after-tax net value. This can be a winning strategy all around.1
Do you have a life insurance policy? If you make an irrevocable gift of that policy to a qualified charity, you can get a currentyear income tax deduction. If you keep paying the policy premiums, each payment may become a deductible charitable donation. (Deduction limits can apply.) If you pay premiums for at least three years after the gift, that could reduce the size of your taxable estate. The death benefit may be transferred out of your taxable estate, in any case.2
You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments. Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications.
Whatever your situation, getting advice from a tax or financial professional can help you give wisely as the year comes to a close. We're here to help find a strategy that works for your situation.
1. IRS.gov, 2023
2. Investopedia.com, March 2, 2023
At Bell Investments, a dedicated team works behind the scenes every day to manage and service your accounts. Meet the client service associate team – your point of contact when you have questions or need assistance.
Any time you call or visit Bell Investments, you’ll speak with a member of the client service associate team. They’ll work with you to understand and help with your requests, or connect you with your wealth advisor or consultant when needed.
“We do a little bit of everything,” said Caroline Narveson, client service associate team lead. “When you call in and need assistance, we’ll work with your advisor to help make the changes you need on your account and do all the work on the backend. We help keep an eye on your account to make sure everything is running smoothly.”
Through every interaction with clients, whether in person or over the phone, the team aims to provide excellent service, and in doing so has built strong relationships over the years.
“In a way, we’re there for every major milestone in life,” Caroline said. “If you’re getting married, or sending kids off to school, for example, those are events that affect your account that we help you handle. We’ve gotten to be on a first-name basis with many clients.”
It’s that commitment to clients that sets the team – and Bell Investments – apart, Caroline said.
“When you have a question about your investments or about your account, you can call us and know you’ll reach a real person,” she added. “We’ll be there for you.”
We do a little bit of everything. When you call in and need assistance, we’ll work with your advisor to help make the changes you need on your account and do all the work on the backend. We help keep an eye on your account to make sure everything is running smoothly.
—
David Cole VP/Wealth Consultant
Nick Peterson VP/Wealth Advisor
As a parent or grandparent, you may have diligently saved money in a 529 account to help fund your child's or grandchild's college education. But what happens if they decide college isn't the right path for them? It's a valid question that many families are facing as more and more people choose alternatives to traditional fouryear colleges.
It's a more common situation than you might think. Fewer students are going to college, and the expenses continue to climb. American undergraduate enrollment rates peaked in 2010 and have steadily declined since. During the same period, college costs have risen over 12 percent.1,2,3,4
If your child or grandchild decides against college, here are some things to consider.
First and foremost, it's important to remember that having a 529 account – a college savings plan that allows individuals to save for college on a tax-advantaged basis – doesn't mean that the funds are reserved only for a four-year college education. Several choices are available for using the money saved in the account.
One option is to use the funds for a two-year program, such as those for an associate's degree or at a trade school. Many vocational schools offer programs that can lead to careers that don't require a four-year degree. When you use the funds in a 529 account for these programs, you are still investing in your child's or grandchild's future and providing them with skills that may help them succeed.5
There are other uses for 529 accounts as well. The rules for 529 accounts allow paying up to $10,000 per year in tuition expenses at elementary, middle, or secondary schools with 529 assets.
Swanson, CRC® VP/Wealth Advisor
Bale VP/Wealth Advisor
Furthermore, a lifetime maximum of up to $10,000 of 529 assets can repay existing student loans. Or if your student doesn't use the 529 plan, it could be used by a different beneficiary instead. This means that you can transfer the funds to another family member who may be preparing to attend college, or you might even use the funds for your education if you decide to return to school.5
The truth is that for some young adults, college does not offer what they need. A person who aspires to enter a creative field might find more value in a vocational school or pursue their chosen field through smaller classes or institutes of learning. While most universities and colleges offer these courses, the cost involved could be a problem, as might the requirement to take courses beyond the student's chosen field to earn a full degree.
As you are guiding and advising the student in your life through these complicated decisions, it's important to remember that a 529 account offers you a great deal of versatility and is designed with these variables in mind. By understanding how the account functions and working with a financial professional, you will find that a 529 plan offers many potential opportunities.
1. Education Data Initiative, August 13, 2023
2. Pew Research Center, October 3, 2023
3. World Economic Forum, January 19, 2023
4. Deloitte Insights, May 17, 2023
5. Schwab.com, May 5, 2022 Prior
Greg Johnson VP/Wealth Consultant
ChFC® VP/Wealth Advisor
Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are eight things about retirement that might surprise you.
1
Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 and then lowered it to age 65.1
2
Every day between now and the end of the next decade, another 10,000 baby boomers are expected to turn 65. That’s roughly one person every eight seconds.2
3
The 65-and-older population is one of the fastest-growing demographics in the United States. In 2022, there were 58 million Americans aged 65 and older. That number is expected to increase to 82 million by 2050.3
4
Ernest Ackerman was the first person to receive a Social Security benefit. In March 1937, the Cleveland streetcar motorman received a one-time, lump-sum payment of 17¢. Ackerman worked one day under Social
Security. He earned $5 for the day and paid a nickel in payroll taxes. His lump-sum payout was equal to 3.5% of his wages.4
5
Seventy-three percent of retirees say they are confident about having enough money to live comfortably throughout their retirement years.5
6
The monthly median cost of an assisted living facility is nearly $5,000, and seven out of ten people will require extended care in their lifetime.2
7
Sixty-four percent of retirees depend on Social Security as a major source of their income. The average monthly Social Security retirement benefit as of January 2024 was $1,907.6
8
Centenarians – there are 108,000 of them as of 2024. By 2053, this number is expected to increase to 513,000.7
These stats and trends point to one conclusion: The 65-and-older age group is expected to become larger and more influential in the future. Have you made arrangements for health care? Are you comfortable with your investment decisions? If you are unsure about your decisions, maybe it’s time to develop a solid strategy for the future.
1. SSA.gov, 2024
2. Genworth.com, 2024
3. PRB.org, 2024
4. Social Security Administration, 2024
5. EBRI.org, 2023
6. SSA.gov, 2024
7. PewResearch.org, January 9, 2024
John Kuhn VP/Wealth Advisor
Montgomery, CFP® VP/Wealth Advisor
Have you ever had one of those months?
The water heater stops heating, the dishwasher stops washing, and your family ends up on a first-name basis with the nurse at urgent care. Then, as you’re driving to work, you see smoke coming from under your hood.
Bad things happen to the best of us, and sometimes it seems like they come in waves. That’s when an emergency cash fund can come in handy.
How large should an emergency fund be? There is no “one-size-fits-all” answer. The ideal amount may depend on your financial situation and lifestyle. For example, if you own a home or have dependents, you may be more likely to face financial emergencies. And if a job loss affects your income, you may need emergency funds for months.
VP/Wealth Advisor
If saving several months of income seems unreasonable, don’t despair. Start with a more modest goal, such as saving $1,000, and build your savings a bit at a time. Consider setting up automatic monthly transfers into the fund. Once your savings begin to build, you may be tempted to use the money in the account for something other than an emergency. Try to avoid that. Instead, budget and prepare separately for bigger expenses you know are coming.
Many people open traditional savings accounts to hold emergency funds. They typically offer modest rates of return. The Federal Deposit Insurance Corporation (FDIC)
VP/Wealth Advisor
insures bank accounts for up to $250,000 per depositor, per institution, in principal and interest.
Others turn to money market accounts or money market funds in emergencies. While money market accounts are savings accounts, money market funds are considered low-risk securities. Money market funds are not backed by any government institution, which means they can lose money. Depending on your particular goals and the amount you have saved, some combination of lower-risk investments may be your best choice.
The only thing you can know about unexpected expenses is that they’re coming. Having an emergency fund may help to alleviate the stress and worry that can come with them. If you lack emergency savings now, consider taking steps to create a cushion for the future.
s How Bell Investments Gives Back to Our Communities
s Make an Impact with Year-End Charitable Giving
s Meet the Client Service Associate Team
s What to Do If Your Kids Decide against College
s 8 Facts about Retirement
s What to Know about Building an Emergency Fund
This summer, the Bell Investments team in Fargo moved into our new home in Bell Tower. Located at 520 Main Avenue in downtown Fargo, the new location is just one block south of the previous Bell Investments office. Bell Tower has brought more than 300 additional Bell team members to downtown, and represents Bell Bank’s investment in our employees and the Fargo community. Visit bell.bank/news to learn more about Bell Tower.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG
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