It’s a hard thing to think about, what happens to our assets once we’re gone? But, it’s a topic which requires thought and a well-laid-out plan. Preserving your financial legacy, and providing for your loved ones demands more than simply naming a beneficiary and cutting a check.
For nearly 110 years, First International Bank & Trust has helped generations of families plan for all steps in life. Here are seven (often overlooked) insights into a successful plan for leaving your legacy:
Do your research.
Estate, gift, and tax laws are continually evolving. A basic understanding of how those laws and any recent changes to them will impact your estate plan is imperative, as is a regular review of those laws and your plan with a professional.
Decide who makes decisions when you can’t.
Consider the temperament and personalities of those you may entrust with Durable Powers of Attorney. Do they have the proper training for the responsibility of making decisions in your absence? Make sure you have a conversation with them about their duties and your expectations.
Think about your family and plan for changes.
If you’re passing down assets to your children after your death, define the terms of their distributions, including at what age they will have access to the assets, and how often they may receive distributions. Consider their spouses or future spouses, and possible protections for the inheritance in the event of a divorce.
Build out contingencies.
Lay-out who will care for any minor children in the event you and your spouse die, as well as provisions for their care. If you own a business, set up a succession plan, or if you have partners, discuss the possibilities now and set up agreements that can be funded by life insurance.
Consider charitable giving.
If you want your legacy to extend beyond your family, determine how a charitable gift will be made upon your death. Decide which organization you’d like to support, how much you want to give, and consider listing them in your estate plan. Keep in mind that when you leave money to a charity, you’ll reduce the size of your estate, and the amount of assets potentially subject to estate tax.
Leave nothing to chance.
Leave a paper trail of where your wishes can be found and back-up any supporting documents. Notify your heirs of the location of assets, accounts, advisors, and safe deposit boxes. Don’t forget to include passwords and user names to access your digital records after you’re gone.
Prepare your beneficiaries.
Make clear your wishes to your family before your death, to avoid any surprises and possible conflict. Discuss any contingencies regarding behavior or achievement you’ve defined for your heirs in your estate plan.
Setting clear goals and defining steps for the transfer of your assets and legacy can seem overwhelming, but you don’t have to do it alone. Our experienced team of Private Wealth advisors at First International Bank & Trust can help guide you through the process and put in place the most efficient and effective means to leave a legacy you can be proud of.
Trust and Wealth Management products not insured by the FDIC or any Federal Government Agency, May Lose Value, and are not a Deposit of or Guaranteed by the Bank.
First International Bank & Trust will be making enhancements to our fraud detection tools that will make monitoring you Credit Card more convenient.
Beginning October 15th, we will launch interactive fraud alerts. If our system detects suspicious activity on your card, you’ll receive a text message with details about the suspected transaction.
You will simply reply "YES" or "NO" to validate the transaction. You will also have the option to stop these types of notifications by texting "STOP". You will no longer receive text messages and will be notified of these fraud alerts via phone.
To add or update the mobile number associated with you Credit Card, log in to your online banking at FIBT.com, Click on Quick Forms, and fill out the Customer Information Change Request Form.
If you do not use Online Banking, please call (888) 848-3428 or visit your local branch.
First International Bank & Trust was just named among the top extraordinary banks in the United States by The Institute for Extraordinary Banking™.
We were recognized with the Institute´s highest and most exclusive honor, being inducted into the Hall of Fame, for exemplary commitment to community banking.
In addition, we were recognized with the Institute´s Banky™ Award. This recognition is given to top community banks across the country to help people find the best banks in their communities. We were also recognized with awards for company culture, community giving, and extraordinary bank practices.
The Extraordinary Banking™ Awards recognize the best of what community banks offer to our cities, towns, and nation: a true commitment to the success of the small businesses and local community they serve.
Roxanne Emmerich, Chair and Founder of The Institute for Extraordinary Banking, proclaimed during the awards ceremony: "Community banks are the backbone of America: They are what keeps a community thriving. When a community bank leaves a community, small businesses often struggle to stay, and jobs leave. Every robust community has a strong community bank that understands how to help that community thrive and grow."
Kotapay, a leading ACH provider, has been specializing in direct deposit of payroll and electronic payment solutions for over 25 years. Kotapay is owned by First International Bank & Trust, an independent community bank since 1910, with over $3 billion in assets. First International Bank & Trust has 28 locations in Minnesota, Arizona, and North Dakota.
As a branch of a federally regulated financial institution, Kotapay is in a unique position to deliver payment solutions to companies while also providing the safety, soundness, and security only a bank can provide.
Kotapay has one of the most sophisticated, safest, and efficient payment systems in the industry. Transactions submitted to Kotapay are scanned through our internal fraud system, which identifies potentially fraudulent or unusual transactions. These transactions are then manually reviewed before being released into the ACH Network. Kotapay's internal underwriting, procedures, and adherence to NACHA Operating Rules ensure all approved payments get to their intended destination.
The September issue of Prairie Business magazine features First International Bank & Trust among its annual list of the 50 Best Places to Work. Earlier this year, the magazine sought nominations from employers. The Best are selected based on benefits, workplace culture, employee morale, and other factors.
After analyzing more than 1400 nominations, First International Bank & Trust was selected, making this our sixth year on The Best list. "Congratulations to our employees. Their commitment to providing the best service for our customers and creating a supportive culture ranks us among the best," says Peter Stenehjem, First International Bank & Trust President.
The September issue of Prairie Business can be read here.
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