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Show Pge4' August, Utah Farm Bureau News First, if the heirs of the deceased partner insist, the assets of the partnership must be liquidated and the heirs must receive their, proportionate shares, even if the remaining partners dont wish to sell Problems ease with partnership insurance the assets. What happens to the business of a partnership when one of the partners Junior F. Stewart, C.L.U. Vice President - Marketing By Country Mutual Life the heirs may allow a reorganization of the partnership. The wife of the deceased partner or another heir may decide to replace the deceased and try to carry out his responsibilities. Third, the heirs may decide to sell their share of the partnership to an outsider. This person may or may not be qualified to replace the deceased Second, dies? That is a most important question in the important subject of partnership insurance. Farmers as well as other businessmen should consider this topic along with other aspects of life insurance. Here are the choices that survivors have upon the death of one of their partner. Fourth, the heirs of the deceased partner may want to buy out the partners: surviving partners. This rarely happens because the heirs normally do not have sufficient funds for the purchase. Fifth, and most practical, the surviving partners may buy the deceased partners share erf the partnership. This is allowed by law as long as the surviving heirs agree to the purchase. This solution accomplishes two main purposes. First, it allows the surviving partners to maintain control of the partnership with no liquidation of assets, no interruption of business, and no 1973 newcomer in the partnership. Second, the heirs receive full value in cash for their share of the partnership. There is no delay in the settlement, and no loss of value. To have the funds available for the purchase, the surviving partners have four sources to choose from. They can sell some of the assets of the partnership, although doing so may weaken the business. They can use current income, but taxes usually take too big a part to leave enough for the purchase. They can borrow the money, but at todays high interest rates, this method could be very costly. The last source of funds is to have life insurance on all partners, assuming they are insurable. Life insurance would provide the cash needed for the purchase and the proceeds would come into the partnership tax free. Every partnership, including farm ownerships, should have a buy-se- ll agreement in effect, funded with life insurance. If this is done, it will eliminate most problems at the time death of one of the partners. A current agreement will of cash amount the stipulate necessary to buy the share of a of buy-se- ll deceased partner. Life insurance is the most economical method of providing the cash for the purchase. Foundation honors Utah FB executive Recognition for his part in writing and broadcasting the network program Accent comes to Booth Wallentine (left), executive vice president of the Utah Farm Bureau. UFBF President Elmo Hamilton presents him a plaque from the Freedoms Foundation at Mid-YeConference for the contribution of the network program to the American heritage. TURN THEM ON WITH A AGRI-ALTERNATO- R EMERGENCY TRACTOR-DRIVE- N POWER UNIT ar Wool Growers move to The state office of The Utah Wool Growers Association is moving to the Utah Farm Bureau building in early August, it has been announced. Dairymen need standby power. Dependable, service-free- , simple So at the when that all with areoff power. lights milking time, along the milking and feeding equipment, they don't have to worry about when the power is coming back on, and wonder how they're going to keep those cows healthy and happy. Marcellus - Agri-Alternato- r. time-savin- g more facts today. BIG DISCOUNT TO FARM BUREAU MEMBERS Just about every inquiry regarding Phase IV starts with the question: Why For information, mail coupon below or contact: UTAH FARM BUREAU SERVICE COMPANY 629 East Fourth South, Salt Lake City, Utah 84102 Phone 01) 521-36- 90 I I Utah Farm Bureau Service Company I 629 East Fourth South, Salt Lake City, Utah 84102 ' . I j Gentlemen: Please send me information about Katolight Agri- I Alternators. My total horsepower need is (fill in if known): I am interested in (check one): Three-phas- e Single-phas- e J - I NAME ADDRESS I CITY i . beef? Why was beef singled out to be kept under price ceilings - why was no explanation offered. No official statement on the subject was part of either the Cost of Living Councils announcement or President Nixons statement. The only official statement heard was in response to questions at the press briefing. Heres how it went . . . QUESTION (to Secretary of the Treasury George P. Shultz) : Mr. Secretary, why is beef treated differently from porkand poultry? SECY. SHULTZ: Well, as you look at this calendar, you see that there is differential treatment of a lot of things and the effort is to spread the bulge. I think that we felt that if we could do that with beef a little bit longer, we would not penalize either the growers, or the consumer ultimately, unnecessarily. We did feel with pork, from the standpoint of the cattlemen, to set a date on which the ceiling would be done away with, they can count on that, and that will be done away with, and having that in mind, they can make their plans based on that fact. QUESTION: Do you think that beef will disappear from the food shelves until the freeze is lifted in SHULTZ: We have some concern about that, and at the same time, we think that supplies will come along, and that is a case where the supplies that dont come on the market then will come on the market after then. Now we can all go ahead and make our plans for the future because now we know the answer to Why beef? mid-Septembe- PHONE L r? Dont we?????? STATE, operations to the new location at 629 East Fourth South in Salt Lake City. We are very pleased with this said Booth Wallentine, move, executive vice president of the Utah Farm Bureau. It will offer advantages to both organizations and to the farmers and ranchers of Utah. 'Straight' answer on longer beef freeze e trailer-mounte- d building From a politician's lips The loss from one power outage can more than pay for a depenBrushless design means dependable, long service-freoperation. No worries about dust or moisture collecting on brushes, leaving farmers helpless when they need help most. Simple connection to tractor PTO. Can be with welder for field repairs. Get dable Katolight executive Palmer, secretary for the- sheepmens organization, and his secretary, Barbara Nelson, will be moving all FB J - National Live Stock and Meat Board |