Conservation Easements:What, Why and How

September 28, 2012Embassy Suites Historic Charleston Colonial Ballroom337 Meeting StreetCharleston, SC 29403(843) 958-2420

TimE:

9:00 a.m. to 5:00 p.m.Check-in at 8:30 a.m.

REgiSTRaTion FEE: $200 (Exception: $300 for CPAs who are not members of the SCACPA)

Includes lunch, course materials and continuing education credit reporting

Can you answer these questions for your clients?

For professional advisors, the many benefits of conservation easements provide valuable financial and estate planning opportunities. An in-depth understanding of conservation easements will allow you to more effectively serve the growing segment of conservation-minded clients who are concerned about the long-term status of their lands for conservation or legacy purposes.

This multi-disciplinary program will provide in-depth presentation and discussion on the charitable donation of a conservation easement. We will begin with what conservation easements are, the reasons your clients might want to consider a conservation easement, the laws governing conservation easements, then an in-depth discussion of the technical requirements of completing a conservation easement. All speakers are experienced advisors from the conservation, legal, accounting, and appraisal disciplines in South Carolina and are uniquely qualified to share their expertise to this topic. This program provides the opportunity for you as a professional advisor to gain a solid understanding of conservation easements and to incorporate this beneficial tool into your practice.

Planning Committee: Elizabeth Brown, LOLTBarbara G. Holmes, LOLTGeorge E. Morrison, McNair Law Firm, P.A.John A. Warren, Robert W. Baird & Co. Lowcountry Open Land Trust80 Alexander St.Charleston, SC 29403(843) 577-6510(843) 577-0501 Faxwww.lolt.org

South Carolina Association of CPAs570 Chris DriveWest Columbia, SC 29169(803) 791-4181(888) 557-4814 Toll Free in SC(803) 791-4196 Faxwww.scacpa.org

Questions? Please call (843) 577-6510 ext. 227 or email Barbara Holmes at bholmes@lolt.org

Program overview Presented by the Lowcountry open Land Trust

Co-Sponsored by the South Carolina association of CPas

Robert W. Baird & Co.

McNair Law Firm, P.A.

Elliott-Davis LLC

Pee Dee Land Trust

addiTionaL SPonSoRS

What is a conservation

easement and how does it work?

What are the tax and other

financial implications of granting a conservation

easement?

What is the process of

granting an easement?

is a conservation easement right

for me, my family, my financial

situation, and my property?

A conservation easement project works best with a team approach; the landowner, his or her professional advisors, and the land trust working together.

8:30 – 9:00 a.m. CheCk-In

9:00 – 9:30 a.m. BarbaraG.holmes,esq.,LOLT

Welcome

• What is an easement• What is a conservation easement• Why landowners would consider

9:30 – 10:45 a.m. ScottY.Barnes,esq.,Warren&Sinkler,LLP

“Qualified conservation contribution” as defined by the IRS Code and U. S. Treasury Regulations

• Qualified real property interest• Qualified organization• Conservation purposes defined• The perpetuity requirement• Mortgage subordination• Surface mining prohibition• Baseline documentation• Relevant caselaw update

10:45 – 11:00 a.m. MOrnInGBreak

11:00 – noon VanWhitehead,esq.,PeeDeeLandTrust

South Carolina conservation easement law

• The South Carolina Conservation Easement Act (third party enforcement, condemnation)

• SC Conservation Bank• South Carolina tax credits • The cy pres doctrine• Relevant South Carolina caselaw

noon – 1:15 P.m. LunCh

PRogRam SCHEduLE

Continuing Education Credits Provided • The South Carolina Supreme Court Commission on

CLE has accredited this course for 6.25 hours of CLE

• The South Carolina Association of CPAs will provide 6 hours of CPE credit for this course

• This program meets the requirements of the CFP® Board for 7.5 hours of continuing education credit

• Accepted by IMCA® for 5.5 CE hours toward the CIMA® Certification

Registration information• Please register online at www.lolt.org.

• CPAs must register through the South Carolina Association of CPAs website at www.scacpa.org/conservation

• Deadline for registration: September 24, 2012

Parking • Paid parking is available at the City of Charleston parking

garage adjacent to the Embassy Suites Historic Charleston. This well-lit, covered parking garage offers 24-hour security and may be accessed either on Hutson Street or John Street.

Lodging• The Embassy Suites is offering a room rate of $219 per

night (king, plus tax). All reservations must be made by August 28 in order to receive the discounted rate. Please make you reservations at www.historiccharleston.embassysuites.com and use Group Code: LLT

1:15 – 2:15 P.m. robertBaldwin,CPa,Baldwin&associates,LLC

Tax benefits of conservation easements:

• Income tax deductions - Federal and State

• Basis calculations• Limitations on deductions• Carryover of excess contributions• Ordering rules• Special Rule – Qualified Farmer or

Rancher• Contributions by corporations• Estate tax value reduction• State income tax credits• Bargain sales

2:15 - 3:00 P.m. Mikerobinson,MaI,CharlestonappraisalService,Inc.

Ensuring Deductibility:

• Qualified Appraisal - IRC §170(f)• Qualified Appraiser- IRC §170(f)• Gross Misstatements• Appraiser Penalties

3:00 – 3:15 P.m. afTernOOnBreak

3:15 - 4:30 P.m. BarbaraG.holmes,esq.,LOLT

Conservation Easement Signing Documents and Ensuring Deductibility:

• Contemporaneous gift acknowledgment letter

• Supplemental statement• Appraisal summary (IRS Form 8283)• Caselaw updates regarding

substantiation issues

4:30 – 5:00 P.m. Wrap-up,QuestionsandCourseevaluation