Summer Ag Series

May 22, 1940 - July 16, 2022

Edith Ann Bush, 82 of Holbrook, Idaho, passed away on July 16, 2022, in Pocatello ID.

Edie was born in Soda Springs, ID on May 22, 1940, the middle daughter of Lloyd H Burton and Emma Mary Hirsbrunner.

Edie married J. Kelly Izatt on December 1, 1961 in Pocatello, Idaho. Together they had one daughter, Teresa. Kelly passed away in November 1999.

In February 2003, Edie married Jerry D. Bush in Boise, Idaho. Together Jerry and Edie spent their time divided between their homes in Soda Springs, Holbrook, and Mesquite NV.

Edie was always a hard worker; she served many years as the Caribou County Clerk where she loved working and serving the community.

Edie had a love for the outdoors which came from her father. She loved wildlife and spent hours bird watching.

Family was everything to Edie, she thrived on visits and phone calls from her family and friends. Her strength and infectious personality will be sorely missed by her children, grandchildren, and all that knew her. We know she made a giant space in everyone’s heart who she came in contact with, and we hope she truly understood the impact she made here on earth. Edie is survived by her husband Jerry Bush, daughter Teresa (Andy) Wagoner, Troy (Tuckky) Bush, and Susie Gauthier, 7 Grandchildren: Cortney (Shawn) Staples, Bailie (Josh) Jorgensen, Jake (Jennifer) Wuthrich, Brooke (Andrew) Swenson, Ty Owings, Kyra Bush, Ray Bella Bush and 13 great grandchildren. She was proceeded in death by her parents, husband Kelly, sisters Lili Marie Nell and Lois Jean Thorn. Per her wishes there will be no formal services.

Edith Ann Bush

Reynold " Max" Allsop

July 29, 1955 - July 14, 2022

Reynold “Max” Allsop, beloved husband, father, grandfather, great-grandfather and friend, left to be with our Heavenly Father on July 14, 2022.

Max was born in Inglewood, CA on July 29, 1955.

He moved to Malad, Idaho in 1971 where he met the love of his wife, Debbie.

Together, they had three children and moved to their home in Fallon in 1982, where they started the legacy of their family. Everyone that knew Max knows that his family came first.

You could easily find him in the garage building cars with his kids and grandkids. He will be remembered for his laughter, his countless captivating stories, and his willingness to help anyone in need.

Amongst his many professions, Max was known for his position at Otts Farm Equipment for 30 years.

Max is preceded in death by his father, Merle Allsop.

Max is survived by his mother, JoAnne; his siblings, Merle Dee, Judy, and Colleen; his beloved wife Debbie Allsop; his children, Christy (Cody) Biggs, Dee (Dawn) Allsop, and Mandy Allsop; his grandchildren, Kyle, Kc, Caitlin, Mikey, Angel, Kayli, Desteny, Kayla, Cameron, Devon, Koda, Hunter and Colton; and great-grandchildren, Mason, Annie, Madelyn, Ella, Jaxon, Andrew, and Tegan; along with many other family and friends. Services will be held Saturday, July 23, 2022 at the Church of the Latter Days Saints on North Taylor Street. in Fallon, NV at 1 pm, with gathering to follow. All are welcome to attend.

Reynold Allsop

Terri Leigh Lippold

October 29, 1959 - July 12, 2022

Terri Leigh Lippold O’Brien of Malad, Idaho followed her son, Derek Henrie (who recently died of a brain tumor) on to the next life, Tuesday July 12, 2022.

She was the youngest of eight children born to Harold Lee and Barbara V. Dickson Lippold, born October 29, 1959.

Terri loved everyone unconditionally so it’s no surprise that she had many great loves in her life. She expressed several times however, that her greatest love by far was her final love, Kenny Oglesbee, of Malad. She also expressed a special love for the people of Malad of whom she made some wonderful friendships.

Though Terri hadn't been to church for many years, she had a wonderful spirit and expressed a deep love for her Savior, Jesus Christ.

It is so difficult to say goodbye to someone who had seemed so full of life, but it’s not really goodbye Terri… It’s just, “We’ll see you when we see you Li’l Girl”.

Terri loved life so much that her struggle with physical and mental health issues, along with so much pain, had really upset her. Gone were the days of dancing and laughter. She must have felt that she just couldn’t do it anymore.

Terri left behind her sweet mama, Barbara; the love of her life, Kenny; her brothers and sisters, Betty (Alan) Archibald of Washington Terrace, Carol (Neil) Citte of South Ogden, Mark (Deb) Lippold of Roy, Toni (Robert) Godwin of Malad, Rex Lippold of Malad, and Matt (LaJoy) Lippold of Sunset; her daughter, Mandy (Marshall) Draper of West Haven; her grandchildren, Alyssa Slater, Connor Slater, & Xander Draper, of whom she hadn’t been allowed to visit for several years until a video chat on the day of her death; her sisters-inlaw, Deanne Lippold of Roy and Sheri Meyer of Omaha, Nebraska. She also left behind her furry little sidekick, Abbey. Her child that loved her best. She was preceded in death by her dad, Harold Lippold; her sons, Adam Henrie and Derek Henrie; her brother, Burt Lippold; her Grandma, Erma Dickson; and her sweet little fur daughter, Crickett. There will be a Memorial Service & celebration of life for Terri at the Malad 5th Ward Chapel, 20 South 100 West, Malad, ID 83252 on Friday July 22, 2022 at 4 pm. All are welcome. Final arrangements were made by her daughter, Mandy through Horsley Funeral Home, 132 West 300 North, Malad, ID 83252 Condolences can be made at www. horsleyfuneralhome.com

Terri Leigh Lippold

Summer Ag Education Series—Financial Education

The Oneida County Extension office kicked off their summer ag education series focusing on financial education, July 13 as Todd Hallock, an attorney with Hallock & Hallock, presented on Farm and Ranch Succession Planning. Hallock began by pointing out that 96% of American farms and ranches are family owned and require careful planning and forethought to be successfully passed from one generation to the next.

Statistics have shown that 30% of family operations survive transfer from the first to the second generation, 12% survive from the second generation to the third, and only 3% survive to the fourth generation. There are several factors that play a part to the difficult rate of success and planning for the future will give family operations their best chance for families to retain ownership from generation to generation.

Simply put, succession planning is a process of decision making that helps to “protect the ongoing viability of the agriculture operation while also providing an orderly transition of the operation to new ownership while preserving family harmony.” Hallock stressed that this is a PROCESS which means that there is no one moment to simply check the boxes that everything is taken care of. Instead, the plan must adjust and change as circumstances, opportunities and even laws change that will influence an operations succession plan.

The first and most essential question ag operation owners must ask is how you, as the owner, want the operation to move on after your ownership. Generally there are two main types of transfers- as a viable business or as a group of assets.

In his presentation, Hallock posed several roadblocks to successfully passing down farm and ranch operations. Those roadblocks include procrastination, a failure to make hard decisions, poor communication, and a lack of implementing an organizational structure. Other roadblocks he talked over include the failure to prepare the upcoming generation, failure to plan for liquidity in retirement, failure to plan for death or incapacity and failure to plan for long term care. Addressing each of these concerns builds a strong foundation for a successful plan to pass the operation from generation to generation.

As succession planning begins it's important to establish “where the operation is now.” By looking at the operation from a broad perspective, the whole family is on the same page and will know what steps will be necessary to accomplish a successful transfer.

It will be necessary to assess the family that should be involved in the planning discussion, what issues may need to be addressed, existing conflicts, and strengths as weaknesses. It's also important to discuss where the operation is currently in regards to existing business entities, estate plans, and organizational charts of who is currently working what jobs and with what responsibilities. Finally, when assessing the current state of the farm or ranch, it is important to discuss the operations current assets and financial situation.

Hallock taught that the best succession planning will have four phases. The first phase of succession planning is the testing phase where the incoming owner and departing owner work together to determine the compatibility of the relationship. This time allows for the gradual transition of responsibility to the next generation while the current owner still retains control. If not already done, an organizational chart should be created to help establish roles and responsibilities so everyone is clear of what their duties are.

The second phase is the commitment phase, beginning when the outgoing and incoming generations have committed to continuing the operation as they have laid out in the plan. At this point, an estate plan should be created or amended to allow for the continuation of the succession plan, especially in the event of an untimely death or disability.

The fourth phase is the established phase when the successor will have taken on substantial management responsibilities. During this phase, the transfer of assets should commence, beginning with livestock and equipment. Land can often be the most difficult asset to transfer and can extend beyond the transition.

The final phase of succession planning is the withdrawal phase when the management of the operation should fully be in the hands of the successor. At this stage, a plan should be in place to ensure the total transfer of assets. The estate plan should again be updated as necessary and all legal documents should be in their place and a long-term care plan should be in place and amended as needed.

Hallock pointed out that often people mistake an estate plan with a succession plan. An estate plan is an important part of succession planning and should be addressed in each phase of the succession plan. The pieces of an estate plan can be difficult to understand with estate taxes, gift taxes, income taxes, generation skipping taxes, taxable estate and exemptions and the ever changing laws. Having knowledge and capable advisors, attorneys and accountants can help to navigate these complex issues to ensure that the family operation doesn’t financially fail during transition.

Life insurance is a great tool to have as a part of succession planning as it can be used to solve many financial problems, such as estate equalization. Hallock taught that life insurance policy proceeds will be included in an estate for estate tax purposes. However, an irrevocable life insurance trust keeps those proceeds from being a part of the taxable estate.

Hallock’s final counsel as he presented was about addressing non-farming heirs. All too often, the outgoing generation wants to give of the farm or ranch equally to both those staying on the family operation and to the non-farming heirs. Experience has shown that dividing the farm between both farming and non-farming children is usually a recipe for disaster that can devastate an operation and cripple family relationships. Hallock’s advice is that gifts from non-farming children should come from other areas of the family's wealth.

The presentation provided a lot of information that can help family operation’s to safely navigate the complex planning when trying to pass down from generation to generation. The Oneida County Extension Office, as well as Todd Hallock and his firm, are available and willing to help support Oneida County families and their operations with networking and continued education as they create their individual succession planning.

BINGO

FRIDAY, JULY 22 7:00 P.M.

Elderly, Disabled & Handicapped APARTMENTS FOR RENT

in Downey and Malad (208) 221-7232