Have questions about wealth management or trusts? You're not alone. We've compiled a list of questions we get asked all the time to give you the answers you want. Have a question that's not on this list? Contact our wealth & trust team to get started.
The answer to this question will be different for everyone! Each individual or couple needs to take into consideration income sources (pension, real estate, part-time job), Social Security, health care expenses, living expenses along with retirement savings to determine if they have enough for retirement. Let First Dakota Wealth & Trust guide you through the process and assist in meeting your retirement goals.
- A Corporate Trustee is a professional such as a bank trust department or trust company who is a fiduciary that builds, manages and protects your wealth.
- A Corporate Trustee can also assist in planning and distributing estates, taking the burden away from family members.
- When a Corporate Trustee is listed in an estate plan, First Dakota Wealth & Trust can assist with a person’s financial affairs when people are no longer able to take care of it themselves. This can be long-term or short-term.
There are several options depending on the type of IRA beneficiary; spouse, non-spouse or non-person to name a few. Let First Dakota Wealth & Trust guide you through the process to better understand your options.
An IRA represents a unique opportunity for beneficiaries to take their distribution as a lump sum, over a 5 or 10 year period. These distributions may be taxable, but they are not subject to a 10% penalty.
- Individuals who have accounts with named beneficiaries and no other assets, it is unlikely you need a trust. Their estate likely will not be probated (aka “the will being read”).
- A trust avoids the public probate process of an estate and is not needed for everyone. First Dakota Wealth & Trust can assist you through the planning phases and work with your estate planning attorney to draft the trust document with you.
If you have died without a will it is called, intestate. There is no document stating how your assets are to be distributed and who will have the authority to make those decisions. A family member, family friend, or professional will need to hire an attorney to petition the court to have a Personal Representative (Executor/Executrix) appointed for your estate. Prior to any bills being paid a judge will have to approve all expenses and distributions. The judge will rely on state law on how to distribute those assets. This process could take as little as 9 -12 months or as long as several years. Don’t allow state law to direct how your estate is distributed. Let First Dakota Wealth & Trust guide you through the process and assist in meeting your estate planning goals.
We draw on our knowledge and experience to develop strategies to manage your investments. First Dakota Wealth & Trust provides professional management and investment guidance tailored to each client’s goals
No – You can open an investment or retirement account with First Dakota Wealth & Trust. We become your professional investment manager and work together to meet your financial goals.
First Dakota Wealth & Trust serves as a fiduciary. As a fiduciary we are subject to special legal duties of fidelity and loyalty to our clients. When it comes to investment management, we are required by law to put the interests of our clients ahead of our own.