Insurance agency owner says it’s important to mitigate risks
Nick Bruns is owner/agent of Nick Bruns Agency - Nodak Insurance Co.
Q. As an insurance agent, what type of work do you do?
A. As an insurance agent, it’s my job to help a person evaluate what their risks are and to set up a policy that helps to mitigate those risks. The process is very similar across the board whether we are talking about a house, a farm, a commercial building, a vehicle or even a person’s income/debt obligations.
Q. What kind of services do individuals typically request from you?
A. We usually start the process by figuring out what a person has for current insurance to use that as a base line. If they’ve made a new purchase and this is their first time needing insurance, we go through some basic questions. We handle many types of insurance and each persons situation is different so it can be pretty simple in some cases and in others much more complex.
Q. In your industry, what are you hearing on your end that maybe people should be focused (on)?
A. The industry right now is not immune to what everyone else is dealing with when it comes to inflation and higher costs. Insurance companies take in dollars and put them into a “cookie jar,” so to speak. When a bad thing happens and a person needs to file a claim then they take money out of the “cookie jar” to cover those damages. As we’ve seen the cost to replace buildings go up, the cost of repairs or replacement of vehicles go up, or the cost of machinery go up, insurance companies need to make sure that the “cookie jar” has enough in there to cover those things. If a person is sticking their hand in the cookie jar too frequently, the industry is really cracking down on that because it has an impact on all of the other customers. Companies are getting more strict on their underwriting processes to ensure they are taking on good risks and not the high risks of multiple accidents, multiple violations or a combination of the two. If we run out of cookies, that’s not a good thing! (No one wants an empty cookie jar
on their counter, ha ha.)
Q. What are some ways people can save money on their insurance coverage?
A. The best thing a person can do is mitigate those risks by being aware of their driving habits or doing their best to be aware of risks around their property. If a person can avoid putting themselves in a situation of needing to file a claim they will maintain a better rating and probably a claims-free discount on their account. Another good option is to review deductibles. In many situations, a low deductible will mean higher premiums. If a person can bump a deductible up it will save them money and it will also create a situation where they won’t turn in a small claim. That money saved is in your pocket then so you can use it for repairs or maintenance as needed.
Q. How do people know if they have enough coverage?
A. A big piece of ensuring you have enough coverage is to review what you have for coverage. If you’re unsure, set up a time with your agent to take a look in person or even over the phone. How much coverage do you have if you run a stop sign and injure the other party and destroy their car? How much coverage do you have if your house burns down and can you rebuild it for that amount? As the cost of everything goes up these are some important areas to review and your agent can help with that. Asking good questions or setting up a time to review your policy in person or over the phone, makes us work a little bit and that’s okay, it’s what we are here for! :)
Q. How can people shop and compare insurance plans?
A. Comparing coverages is pretty simple to do. Most companies need some basic information like name, birthday, address to get the process started. From there it’s a few more questions to get some specifics depending on each person’s situation. When it comes to comparing companies and who will be protecting you if something bad happens, the AM Best rating is a good place to review and see how that company performs and answers the call when a need/claim arises. Another good
Nick Bruns
thing to compare is who is walking with you through those processes. Do you have a local agent willing to help file a claim and set things up? Will you have a local adjuster who understands the area and costs to replace an item here? Or will you be left on an 800 number for an hour waiting for a robot to answer your call? No one cares too much about insurance until you have to use it. Then it matters!
Q. How does an individual’s age affect what type of insurance he or she should be looking to get?
A. Ages and stages of life are a part of the review process. As you move through life and maybe buy a house, start a family, or get a newer vehicle, your needs for insurance will change. It’s important to review those changes and to make sure that you’re properly covered as life goes on. One area that many people overlook because it’s not as in your face would be life insurance. It’s a simple conversation of “If I’m not here tomorrow what do I
want to make sure my family is able to do?” From there, a person can find a plan that helps them replace their income or pay off debts that would be left behind so their family isn’t left trying to figure that stuff out. It was once told to me “the policy you have isn’t about you anymore, it’s about the people you leave behind”. That has stuck with me over the years and I think most people would agree they want to have peace of mind that their loved ones are taken care of.
Q. Is there anything else people should know related to insurance?
A. There is something to be said about a local office with real people willing to help. If you don’t have that or haven’t experienced it, there are some good agencies in our region. Our goal as an office is to help where we can help and be a resource to point people in the direction of a solution. Please don’t hesitate to reach out and ask the questions!
Courtesy / Nick Bruns
CPAs complete many tasks for clients
Jennifer Bollingberg, a certified public accountant at Schauer & Associates PC, answers questions related to taxes and CPAs.
Q. What type of work does a CPA (certified public accountant) do?
A. A CPA completes many tasks related to financial and assurance services. These services may be provided internally for a private entity or externally through a public accounting firm. The types of tasks encompass everything from bookkeeping and payroll to business and personal tax preparation to attestation services including audit and other financial reports.
“A
For the State of North Dakota, the primary resident credit for real estate taxes is open and accepting applications. North Dakota homeowners are eligible for up to $500 property tax credit with no age restrictions or income limitations.
Q. What is the advantage of having a CPA do the payroll for businesses?
CPA prides themselves on helping make the information readable
to the user.”
-Jennifer Bollingberg Schauer & Associates PC
Q. What services are in most demand from Schauer & Associates PC?
A. As the government entities we are involved with every day require higher levels of assurance and more technical information, our office is fielding requests for electronic filing of documents, computations and certifications of program requirements, and audits of entities and grant programs. In an industry that is becoming more condensed with education trends and retirements of long-time professionals, we are fielding more requests for tax preparation needs while embracing software and technology advancements for efficiencies and better communications.
Q. What should people look for in 2024 related to 2025 taxes?
A. Federally, with an election year ramping up, the U.S. House will have to pick up tax legislation as a priority in anticipation of the Tax Cuts and Jobs Act of 2017 scheduled to sunset at the end of December 2025. There were many provisions in the TCJA that taxpayers have become accustomed to whether they are aware of the effect or not. Tax rates were reduced for both individuals and corporations and tax brackets were deepened to save wage earners money in each paycheck. The lifetime exclusion for gifting and estate transfers should also be in this conversation. Also federally, the new requirement for Beneficial Ownership Information Reporting that is required for all business entities will be a hot topic as well.
A. Payroll can become complex with retirement and benefit plans mixed in with wage adjustments and PTO anniversaries. The filings for all North Dakota and most federal payroll-related aspects are now required through electronic submission. With the timelines and details required to avoid penalties, interest, and agitated employees, sometimes time and resources are better leveraged by having a trusted professional well versed in the rules and processes complete the payroll effectively and efficiently.
Q. What is the largest misconception about using a CPA for services?
A. Generally, I believe the cost is the biggest fear. And yes, if the only product you get for the fee is the paper on which the tax return is prepared, I would agree. But if you feel at the end of the process that you have had someone understand your financial situation, advise you on how to move forward with all the pieces you have, and you have a feeling that your affairs are properly filed in the best way for you and future generations of your business or family, the cost is always worth it.
Q. What is the advantage of using a CPA rather than using various types of software for taxes, payroll and business?
A. I think there are many great software applications available for financial services today and these tools bring it all to our fingertips. The biggest issue is proper set up and use of these tools. Because truthfully, if it’s garbage in, it will be garbage out. A CPA prides themselves on helping make the information readable to the user. Putting the puzzle pieces together in a format that makes
Contributed / Schauer & Associates PC
Jennifer Bollingberg
Preplanning for funeral arrangements helps family during time of loss
Truman Haut answers questions about funerals and other related topics
Truman Haut is a fifth-generation funeral director and owner of Haut Funeral Home. He resides in Jamestown with his wife, Miah, and daughter, Reese. Haut answers questions related to funerals and funeral planning.
“One
Q. What, if any, changes or trends have you seen in recent years with funeral services?
Q. In general, what are people’s options for a funeral service? Are there rules for where it is held or what is allowed?
never knows when they will need to call on
a funeral home, but the time will come for everyone.”
A. Funeral service is an industry that is slow to change, so there haven’t been too many changes. The main trend is cremation has become more commonplace. It used to be people chose cremation because of the cost advantage, which is still a reason today, but people choose mostly based off of preference.
-Truman Haut Haut Funeral Home
A. There are two main choices when it comes to final arrangements: embalming or cremation and then having a service or no service. One option that is a go between is the rental casket, where the deceased is embalmed and casketed for a funeral service; following the service, the deceased is cremated. This is my preferred way. If someone wants to be cremated, it allows the family to actualize the loss and grieve properly. As far as what is allowed and what isn’t, I will say the sky is the limit ... to some extent.
HAUT: Page 8
John M. Steiner / The Jamestown Sun Truman Haut of Haut Funeral Home in Jamestown.
How to find help with financial planning
METRO
Financial advisers can be invaluable resources for people who need help managing their money. There’s an existing misconception that financial advisers are only for the rich, but anyone can benefit from some guidance in regard to their finances. The key is finding a planner who understands your needs and is willing to work with you, no matter how big or small your financial dreams may be.
According to U.S. News and World Report, some financial advisers are no longer interested in working with people without substantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are considered small, including customers with assets worth between $100,000 and $500,000. While that can make it difficult to find financial help, there are ways to receive assistance.
► Ask friends for recommendations. If a financial adviser has worked with a colleague, friend or family member, he or she may also be able to provide services to you. To find professionals with reputable credentials, look for someone who has a Certified Financial Planner or Personal Financial Specialist designation. Those who are relying on investment
Contributed / Metro
Some people need help navigating the ropes of financial planning. Financial planners can help people from all backgrounds establish and achieve their financial goals.
advisers should work with one who has a Chartered Financial Analyst certificate. These credentials are indicative of
Our staff includes CPA’s, an Enrolled Agent, and professional support staff that provides many services including Individual and Business Taxes, as well as Accounting, Auditing, Payroll & Bookkeeping needs. We also specialize in preparation of Financial Statements and Consulting Services.
proficiency in financial planning.
► Look around online. Various online resources, including U.S. News & World
Report, offer searchable databases. The Garrett Planning Network at garrettplanningnetwork.com offers a map of the United States where users can find financial advisors in their areas who cater to the middle class.
► Contact a professional association. The National Association of Personal Financial Advisors can provide resources for finding local financial advisers. Visit www.napfa.org for a listing. Middle-income individuals can look at the Accredited Financial Counselor website at www.afcpe.org to find professionals. Accredited financial counselors often focus on helping low- and middle-income people at affordable prices with relevant financial assistance.
► Research compensation. Financial advisers may receive compensation in one of two ways: fee-only and non-feeonly. A fee-only adviser typically charges an hourly fee or flat rate for services. A non-fee-only adviser may be compensated at a percentage of assets earned or may receive incentives and commissions from their companies based on preestablished sales goals or objectives. There are no right and wrong answers to fee schedules, but find a situation that works for you.
Questions to ask when looking for an attorney
METRO
Various situations call for working with a lawyer or an attorney. Having a skilled, experienced legal advocate in your corner in such situations can be advantageous and increase the likelihood of a favorable outcome.
When searching for legal representation, individuals may realize that there’s no shortage of legal firms. That can make it more challenging to find the right lawyer or attorney. The vetting process is an important part of finding legal representation, and the following are some questions individuals can ask as they look for a lawyer or attorney.
Are you a lawyer or an attorney?
The terms “lawyer” and “attorney” are not interchangeable. The employment search engine Indeed notes that attorneys can represent clients in court and other legal proceedings while lawyers cannot. That’s a subtle yet significant distinction that individuals must take into account when looking for legal representation
What level of experience do you have in cases like mine?
Though each legal situation is unique, many are not one-of-a-kind instances. So individuals should ask about an attorney’s experience with cases like their own and
take note of the breadth of that experience. What are the potential outcomes of my case?
Even the most experienced and skilled attorney cannot say with absolute certainty what the outcome of a case will ultimately be. However, that does not mean they cannot study the details and provide an assessment to give prospective clients an idea of how the case will unfold. When vetting attorneys, individuals should prepare and be ready to discuss details that can help each professional provide the most accurate assessment of their case.
What
will your representation cost me?
Expenses and attorney fees can be significant, so individuals should not hesitate to ask how much legal representation will cost them. Attorneys represent clients on a contingency basis in certain situations, such as when an individual is suing for damages. In those situations, individuals should confirm what percentage of damages the attorney will receive and if there are any costs they may be responsible for. In other situations, confirm if an attorney is charging a fixed amount for their services or an hourly fee. It’s also necessary to inquire about expenses and request that an attorney provide a reasonable estimate of
Asking questions can help you find the right attorney for your needs.
what their fees will be while they’re representing you.
How will we communicate during the case?
It’s understandable that individuals want to be kept abreast of the details of any legal matter they’re involved in. Ask how that will unfold if you hire the attorney you’re
vetting. Will an intermediary be calling with periodic updates or can clients contact the attorney directly via an email, phone call or text message?
The right representation can make all the difference in a legal situation. Asking the right questions can help individuals find an attorney they’re confident can deliver the best outcome.
Why it pays to work with a real estate agent
METRO
Equity, pre-approval, contingencies, appraisal. These are terms associated with buying real estate, but even seasoned home buyers may not fully understand them. Navigating the real estate market can be challenging, but in today’s economic climate, marked by inflation, high interest rates and high home prices across the country, it is more important than ever to understand the minutiae that is involved in buying and selling property. That’s just one of many reasons why buyers and sellers can benefit from the help of a seasoned real estate professional.
Types of real estate professionals
Many people use the terms real estate agent, real estate broker and Realtor interchangeably. While these professionals handle many similar tasks, there are some notable distinctions between them. A Realtor is a registered term used to describe a real estate professional who is a member of the National Association of Realtors. These individuals must adhere to a strict code of ethics, and have access to market data and transaction management services unique to this specific trade organization. A real estate
agent is licensed to help people buy and sell real estate and is paid a commission when a deal is completed. A real estate broker does the same jobs as an agent but is also licensed to work independently and may employ his or her own agents. The broker also may get a percentage of the commission from agents in addition to his or her own commissions, according to Investopedia.
Buyer and seller
A professional may represent either the buyer or seller or both. A buyer’s agent is negotiating for the buyer in the transaction, while a seller’s agent negotiates for the seller. Real estate professionals also can represent both parties, known as dual agency. Typically this does not occur in the same transaction, as that can create a conflict of interest. Commissions typically fall between 5 and 6 percent on real estate transactions, an amount that is split by all real estate professionals working on the transaction.
Why work with a real estate professional?
Homeowners may wonder why they should seek the services of a real estate
Buying and selling real estate is a complex process. Real estate professionals can simplify the process and make it more enjoyable for buyers and sellers alike.
agent, broker or Realtor®. That’s particularly so for sellers, as buyers typically do not pay a real estate representative any money.
► Expertise: Considering that buying and selling a home is one of the biggest financial transactions one will make, it makes sense to leave it in the hands of experienced professionals.
► Price a home right: Real estate professionals will conduct a market analysis and look at “comps” in the area to determine a price that is fair and will help a house move. When working with buyers, the agent or broker also will be able to help them come up with a reasonable offer price.
► Access to MLS: Agents and brokers have access to the Multiple Listing Service, which is widely used across the United States for listing available properties. It helps sellers sell faster and will enable buyers to view multiple properties all in one database.
► Negotiations: Leaving negotiations to a third party removes emotion from the transaction and can help everyone involved resolve issues and agree on acceptable terms.
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Q. Why is it a good idea for people to preplan for their funeral arrangements and when should they do so?
A. TODAY! One never knows when they will need to call on a funeral home, but the time will come for everyone. It makes it so much easier on the family if you have made all the decisions prior. It is also a good idea because you may know something that your family doesn’t, like a mother’s maiden name, where someone grew up or went to school. They aren’t left guessing.
Q. Does it take a lot of time to preplan your funeral?
A. The preplanning process can be as detailed or as simple as you choose. Some people are in our office for 10 minutes and others an hour. We go over all of the options we have and then we go into more detail to personalize your service. The main thing we take down is your family history and
some information to help write an obituary. From there you can go into which casket you would like, where you want your remains laid to rest, which hymns you want or don’t want at your service, we can even write down what you would like everyone to eat the day of the funeral. Our goal is to have a service that celebrates that individual’s unique life, the more details we can have the better.
Q. If I choose to preplan my funeral, what happens if I would like to have another funeral home handle the arrangements?
A. This is a common misconception in the funeral industry; if you setup a preplan contract or put money away for your funeral you are not tied to that funeral home to do the funeral. The state of North Dakota requires any pre-needed money to be put into a third-party entity, so the money remains yours and you can choose where it is sent at the time of death.
Q. What is a misconception that you deal with in your work?
A. One misconception is a
funeral home has to be a dark and dreary place. I pride myself in our facility and want families to make themselves at home. It can be the toughest time in someone’s life to lose a loved one, but it’s important to laugh, smile, and cry when you look back on their life. A goal we have is to open the funeral home up to other events. We have a great space here that can be used for other milestones in life or gatherings in general.
Q. Asking about costs for arrangements can be a difficult topic during a time of loss. How do you ease that process for people and what should they know?
A. We want families to ask as many questions as possible. Finances play a huge roll in a funeral service which is one more reason to preplan so you have an idea of what your wishes will cost. The FTC requires funeral homes to give out prices whenever asked and explain them clearly. We never try to hide our pricing; we want everyone to be on the same page.
CPA
From Page 3
sense and can be used to address business needs is the ultimate goal, whether for tax compliance, payroll preparation, or lender and grant applications.
Q. What should be considered when hiring a CPA?
A. You should always be comfortable with the person you are working with. The CPA will become one of your trusted advisors. I usually advise clients to have a circle including an insurance agent, an attorney, an investment advisor, a lender, and an accountant. These people will help you generate, keep, protect, and eventually transfer a lifetime of hard earnings.
Q. What are some other interesting topics related to CPAs and how they help their clients?
A. As the accounting industry compresses due to lack of interested graduates and career accountants retiring, the CPA profession will flex to incorporate many technological opportunities whether through computerized processes, remote workers, or streamlined service avenues. But these situations have occurred in prior decades as well and in other industries. The tools and trends will be interesting and exciting to witness.
Individuals should feel empowered in a relationship with their trusted tax advisor. Some investment in themselves by consulting with a CPA should leave the individual with a better understanding and new tools that can move their dreams forward.
