With new tax legislation now signed into law, and with the Great Wealth Transfer between generations starting to take place, wealth planning has never been more essential. In this issue of Bell Wealth, hear from our experts about why now is the time for you and your family to prepare for the future.
For American households, 2025 has witnessed its ups and downs. From the economic uncertainty of tariffs to the recent passage of President Trump’s One Big Beautiful Bill Act (OBBBA), today’s shifting financial landscape significantly impacts our lives.
Whether you are trying to prepare for retirement amidst unpredictable and complex conditions or are working to develop and implement your family’s estate plan, wealth planning has become more important than ever, says Stephanie Strand, Bell Bank Wealth Management’s wealth and fiduciary manager.
“The most important advice we can offer right now is the importance of planning – and planning early,” she says.
TAX CHANGES
The OBBBA legislation, signed by President Trump on the Fourth of July, makes permanent the lower individual income tax rates enacted by the 2017 Tax Cuts and Jobs Act (TCJA) that would otherwise have expired at the end of 2025. The law also permanently extends the TCJA’s higher gift and estate tax exemption and generation-skipping transfer (GST) tax exemption, even increasing the exemption to $15 million per individual effective January 1, 2026.
That means, starting next year, married couples can protect up to $30 million from federal gift, estate and GST taxes.
“The extension of the gift, estate and GST tax exemptions provides some clarity for estate planning purposes,” Stephanie says. “If you have a large taxable estate, your advisor can work with you to identify gifting or transferring strategies that may be appropriate for your situation.”
The OBBBA also introduces several new provisions, both permanent and
temporary, ranging from tax exemptions for overtime pay and tips to a new $6,000 deduction for taxpayers aged 65 and older.
With so many changes, it can be challenging to understand every aspect of the new law, so reach out to your advisor soon if you have questions about how it may impact you.
“Do not wait to contact us if you have questions about your tax, estate or retirement planning,” Stephanie says. “Even if you are still 10 years from retirement, you should be making sure you have things in order so that you are not surprised by financial events when you retire.”
FAMILY WEALTH CHANGES
Beyond those tax changes, families also are going through a critical period that emphasizes the importance of wealth planning. Generation X – typically defined as those born between 1965 and 1980 – finds itself caring for aging Baby Boomer parents while also trying to save enough to put the next generation through college.
At the same time, those aging Baby Boomers have begun to pass their wealth on to their children and grandchildren. The U.S. is currently in the middle of the largest wealth transfer in history – which we discuss later in this newsletter – with more than $100 trillion at stake over the next several decades.
With so many overlapping financial demands, proper planning is essential to make sure family wealth is passed on successfully to future generations.
“What I tell clients is, it’s not just planning for yourself or for your spouse that matters right now,” Stephanie says. “It also is very important to plan for your beneficiaries, such as your children and grandchildren.”
GET TO KNOW STEPHANIE STRAND
CTFA | SVP/Wealth & Fiduciary Division Manager
In 1992, Stephanie Strand started her career as an administrative assistant with Community First National Bank in Fargo, working in a 14-story office tower downtown.
Three decades later, that office tower has become Bell Bank’s corporate headquarters, and Stephanie is right back working in the same building where her career began.
“I have come full circle,” she jokes. “I will start and end my career in the exact same building.”
After two years with Community First, Stephanie moved to Northern Capital Trust, where she worked as a trust officer and wealth and fiduciary advisor. In 2003, Northern Capital was acquired by Bell Bank.
Last fall, Stephanie was promoted to manager of Bell’s wealth and fiduciary team.
Over the years, Stephanie has enjoyed the relationships she has built by working closely with her clients.
“The connection with the clients and their families, that has been the most rewarding part of my career,” she says.
Stephanie is from Hawley, Minnesota and currently lives in West Fargo.
Meg Martin, CEPA | VP/Senior Wealth & Fiduciary Advisor
THE GREAT WEALTH TRANSFER HAS STARTED – IS YOUR FAMILY READY?
According to estimates from research firm Cerulli, as much as $124 trillion will change hands through 2048, with younger generations, such as Gen X and Millennials, receiving inheritances from their Baby Boomer parents or grandparents.
With so much wealth set to pass among generations, it is crucial for everyone to be prepared for what’s to come. Whether you are starting to think about giving your wealth away, or are receiving an inheritance soon, here are several factors to consider and information on how we can help you through the process.
PREPARING TO GIVE YOUR WEALTH AWAY
For older generations starting to think about how you will transfer your assets – regardless of your level of wealth – one of the first steps should be establishing your goals. There are many questions to consider at this early stage, including:
• How will your assets be distributed –to family? Friends? Charity? A mix of different beneficiaries?
• If your assets are distributed to family, how many family members will you involve? For example, will you make
gifts to both your children and grandchildren? Will any of their gifts be left in trust?
• How will you handle your nonfinancial assets, such as your vehicles, homes, collectibles or other items?
Once you have thought through the logistical questions of how you will transfer your wealth, you will want to make sure that your estate plan, including items like your will and the beneficiaries on your accounts, reflects those wishes. Up-to-date (and consistent) wills and beneficiary designations help to make sure your assets will be distributed as you intend, and without any complications or chance
of your assets being held up in probate, a court process where a judge oversees what actions should be taken by your personal representative.
Communicating your plans and goals with your loved ones is important to minimize or eliminate confusion about what you intend to do with your wealth. In addition to preventing any surprises, it prepares your loved ones to receive an inheritance, putting them in a position to be successful stewards of your wealth. Giving your loved ones time to reflect and ask questions also puts them in a better position to succeed.
While the topics of wealth and death may be difficult for your family to discuss,
they are important to address. Getting everyone on the same page is essential. Your team at Bell Bank Wealth Management can help walk you through the important steps and considerations and will refer you to, and work closely with, your outside professionals (such as tax planners or lawyers), as needed.
PREPARING TO RECEIVE AN INHERITANCE
For younger generations, a major inheritance can be a significant, lifechanging event. However, it can also be fraught with pitfalls if not handled properly. That is why it is important to understand what and how much you will be receiving, and what, if anything, you will be expected to do with it.
Putting the right team of professionals around you can help prepare you to successfully manage your inheritance into the future. For example, working closely with your wealth advisor will help you understand the impacts of your new wealth and develop a financial plan for managing it moving forward. Together, you can involve other experts to understand any tax or legal burdens that might be associated with your inheritance.
WE CAN HELP!
If you are planning to share your wealth with your younger generations, or if you have been or will be on the receiving end of an inheritance, contact us today. We will help you incorporate wealth transfer into your family’s goals and reduce confusion about how to proceed.
Communicating your plans and goals with your loved ones is important to minimize or eliminate confusion about what you intend to do with your wealth.
— Meg Martin
NEW ADDITIONS TO ARIZONA TEAM HIGHLIGHT COMMITMENT TO CLIENT SERVICE
Bell Bank Wealth Management continues to invest in the Arizona market with the addition of two new team members.
Our Arizona growth underscores our commitment to delivering exceptional service and expertise to individual clients as well as to nonprofits, foundations and endowments.
Ian Crawford, VP/senior wealth advisor, focuses on private wealth management, while Dave Foegal, VP/senior investment advisor, works with institutional clients.
“I am thrilled to have Ian and Dave join our team and help us continue to provide the highest level of service to our clients in Arizona,” says James Dufresne, VP/senior wealth advisor, who leads the Arizona team.
Learn more about Ian and Dave below. ▼
Ian Crawford
VP/Senior Wealth Advisor
Ian brings extensive experience working with high-net-worth families to help grow and preserve their wealth and navigate today’s complex financial environment. His approach to serving his clients is based on trust, responsiveness and integrity.
“I’ve built my business focusing on these pillars to provide excellent experiences for my clients and colleagues,” he says.
Ian lives in Phoenix with his wife, Leslie, and their three sons, Grayson, Camden and Levi.
Dave Foegal, CFP®
VP/Senior Investment Advisor
With 20 years of experience in the financial services industry, Dave specializes in helping nonprofits, foundations and endowments manage investment funds. Dave works closely with an organization’s board and leadership team to foster proper stewardship of assets, and he helps create an investment policy statement that aligns with the organization’s specific goals and objectives.
“What I like most about working with institutional clients is being able to help them do what they do best – fulfilling their philanthropic mission – while I get to do what I do best, which is building a long-term relationship based on trust,” Dave says.
Dave has four children and moonlights as a musician in his free time. He plays bass for indie rock band Pablo and the Pour Decisions and for outlaw country band Brian Owens and the High Lonesome Drifters.
MARNEY GELLNER ON GIVING BACK AND GROWING WEALTH WITH BELL
Marney Gellner never expected to have a beer branded with her picture. But through her partnership with Bell Bank, that’s exactly what happened.
Marney, a longtime Minnesota pro sports broadcaster and announcer, is one of several Bell Champions, local ambassadors who represent Bell’s name and services and work with us to pay it forward to people, places and causes in our communities. In late 2024, Marney and two other Champions were featured with special beers that helped support several local charities. Marney’s beer, from Drekker Brewing in Fargo, was called Play-by-Play IPA. A portion of the beer’s sales was donated to vraniCURE, a local breast cancer charity.
Marney – who is also a Bell Bank Wealth Management client – will be appearing in an upcoming video series called Champions Take. Hosted by Bell board member Lea B. Olsen, the Champions Take series dives into the personal and professional stories of Bell Champions. Watch for those videos later this year on our social media channels.
Ahead of the release of the Champions Take series, we caught up with Marney to hear about her experience as a Bell Champion and learn how she has benefited from being a Bell Bank Wealth Management client.
WHAT DOES IT MEAN TO YOU TO BE A BELL CHAMPION?
It was a tremendous honor for me to be chosen as a Bell Champion! The program’s emphasis on including people who share certain values – like showing compassion, making the community a better place and just plain treating people well – align so strongly with my own guiding principles.
WHAT HAS BEEN THE MOST REWARDING PART OF BEING A BELL CHAMPION?
Being able to partner with Bell through the Pay it Forward initiative has been particularly rewarding. After participating in the program the first time, I found myself seeking out opportunities to make a difference and searching for other avenues to create positive change. It was a ripple effect of the program that I had not anticipated, but one that I fully embraced.
As a Bell Champion, I’ve had the opportunity to make an impact in ways that I had never imagined. Brewing a beer to help benefit a deserving nonprofit last year was beyond anything I could have ever dreamed up!
CAN YOU SHARE YOUR EXPERIENCE AS A BELL BANK WEALTH MANAGEMENT CLIENT?
When my family and I started with Bell Bank Wealth Management, we were asked to provide as much information as we could. Checking, savings, stocks, debt, HSAs, etc. – the team took all of that detailed documentation and streamlined our accounts into one comprehensive report that was easy to digest. Having that all-encompassing information helped guide the team as they made the right recommendations for our financial future. Now, we have regular meetings with our advisor, who keeps us informed and in lockstep about our plan.
WHAT ARE SOME OF THE WAYS THAT THE BELL BANK WEALTH MANAGEMENT TEAM HAS HELPED YOU AND YOUR FAMILY?
We had investments with other brokerages before moving to Bell, and there was never any pressure to reassign those investments for personal gain. Our advisor always prioritized our needs and had our best interests in mind, targeting that ahead of his own personal bottom dollar. He’s been great at helping us roll some of our investments into a Roth IRA, and he’s also helped us create a long-term plan for debt reduction, kids’ college funds and our eventual retirement.
What is especially great about being a Bell client is that we have so many other services under one roof. We’ve ordered check blanks and utilized the loose coin counter. We’ve worked with folks in mortgage when we were looking at buying a house, and we took out a home equity line of credit for a home improvement project. We also opened additional savings accounts for our kids and renewed a certificate of deposit, all at Bell! It truly is a full-service, comprehensive provider for our diverse range of financial needs. We are thoroughly satisfied, grateful and appreciative Bell clients!
s Why Planning is More Important Than Ever
s Preparing for the Great Wealth Transfer
s New Team Changes in Arizona
s Q&A With Bell Champion Marney Gellner
DEBT, DEFICITS AND THE INVESTMENT MARKETS
In his latest Economic Outlook, Greg Sweeney, Bell’s chief investment and economic strategist, writes that the U.S. finds itself in a debt hole without the will or ability to quit digging. Greg examines how we got here, and what the situation means for the markets. Visit bell.bank/business/insights to read more of Greg’s analysis.
