News and Events from Peconic Land Trust: June 2011

Meet us at the farm and take a tour with farmers Katie Baldwin and Amanda Merrow. Visit the chickens, explore the greenhouse, and enjoy a tasting in the fields. Included in the tour is a visit to the wheat fields -- learn more about how wheat is making a comeback on the East End. $10/family suggested donation. Rain cancels. Contact Robin to RSVP at 631.283.3195 ext. 19.

Vegetable Gardening, Part II at Bridge Gardens

Saturday, June 25 at 10:00 am

Join us for the second in a series on vegetable gardening with Rick Bogusch at Bridge Gardens. This session will emphasize summer crops, crop rotation and ways of keeping your garden productive through the season. $5/person. Free to Bridge Gardens members. Rain cancels. Contact Robin to RSVP at 631.283.3195 ext. 19.

Help Us Spread the Word!

A common misconception is that the Peconic Land Trust is the recipient of funds raised through the Peconic Bay Region Community Preservation Fund (CPF) tax -- often referred to as the 2% tax or the Peconic Land Tax.

This is NOT the case.

The CPF tax is collected by Suffolk County at real estate closings within the five East End towns. The money is redistributed to the Town in which the property is located, and the Towns use the money to fund their land preservation acquisitions and stewardship.

Frequently, the Trust partners with the Towns on conservation. In those cases, the Trust may bring private funding to those projects. As a private, nonprofit organization, the Trust depends primarily on charitable contributions from the general public to do its work.

Thank you for your continued support of our work, and please do help us spread the word.

Save the Dates

Saturday, July 15: Barn Dance and BBQ at the Ag Center at Charnews Farm featuring Caller Chart Guthrie. $50/adult; $15/kids.

Sunday, August 7: Through Farms
and Fields
at Ocean View Farm, Bridgehampton

September 3, 10, 16 & 17: 2nd annual HARVEST Wine Auction and Celebration of Long Island's East End

Contribute

2% Tax (CPF)

Peconic Land Trust Announces Donation of Conservation Easement

in Water Mill by

Charlton & Nancy Halsey

view from halsey easement

In early May, the Peconic Land Trust announced the acquisition of a conservation easement of a 1.1-acre parcel that was part of the Pierson dairy on Cobb Road in Water Mill. The easement was donated to the Trust by Charlton and Nancy Halsey. Mr. and Mrs. Halsey protected this important viewshed in honor of William H. Pierson who operated the dairy during the first half of the 20th century.

John vH Halsey and Charlton Halsey

"This is a wonderful tribute to Mr. Pierson that protects a glimpse of Water Mill's agricultural heritage. Dairy farming has all but disappeared from Long Island with the exception of a few small herds for cheese production. This gift of a scenic easement by Charlton and Nancy Halsey is a great credit to them and personally gratifying to me as I worked on their farm while I was in high school," said John v.H. Halsey.

To read more about this landmark conservation deal, please see our press release.

Significant Gift Tax

Opportunity Sunsets

December 31, 2012

At a recent meeting of the Trust's Public Policy committee, attorney John Erwin, a managing partner with the law firm Hill, Ullman & Erwin, LLP, provided an estate and gift tax update.

As of January 1, 2011, the US Congress passed favorable gift and estate tax laws that could benefit landowners on the East End before the end of 2012. As you know, the Trust has been working for many years on estate tax and other transfer tax issues in order to stem the tide of land, particularly farmland, being lost due to the estate tax, or the anticipation of the tax. These new laws, which are only in effect until December 31, 2012, may be an opportunity for farmers and other landowners to pass land of conservation value to the next generation with the least amount of tax exposure.

Of most importance is the increase of exemptions to $5 million for Gifts. Beginning January 1, 2011, individuals can give up to $5 million (or $10 million per couple) free of gift tax, reduced by any portion of the exemption used in prior years. Gifts over $5 million will be subject to a 35% tax rate.

Beginning January 1, 2011, the estate tax is also now reinstated with a 35% rate, a $5 million exemption, and stepped-up basis for all assets included in the estate for estate tax purposes. However, for decedents dying in 2010 and before the date of enactment, the estate can elect to pay no estate tax in favor of the carryover basis rules, with an allocation of $1.3 million of basis step-up and an additional $3 million for assets passing to a spouse.

Also reinstated was the Generation Skipping Tax (GST), effective January 2010, with a $5 million exemption. However, the tax rate is 0% for 2010 transfers. The rate increased to 35% child_field

effective January 1, 2011. This historically low rate is an opportunity if you are interested in GST planning, specifically direct gifts or gifts in trust to grandchildren only.

If these can be applied to your estate, it is not too early to start planning -- there are only 18 months before these laws potentially sunset. Please consult your legal and tax advisers to see how these could be applied to your specific situation. As always, the Trust does not provide legal advice, but we are available to speak with you and your advisers as needed. If you have any questions, please contact Julie Zaykowski at 631.283.3195 or jzaykowski@peconiclandtrust.org.

Peconic Land Trust

and the Arts

this Summer

The Summer of 2011 will feature many different types of partnerships between the Peconic Land Trusts and artists from multiple genres. Music, painting, photography, sculpture.

June 8: Uncommon Ground II, sculpture exhibition at Bridge Gardens, opens for the season. The works of 11 local, national and internationally recognized sculptors will uncommon ground 2011 be on display through Labor Day. A meet the artists reception is planned for Saturday, July 23.

June 18: The artists of Plein Air Peconic will be staging a Paint Out at Quail Hill Farm. Stop by the farm and visit with the artists and learn more about their craft.

July 1 through September 2: Fridays at Six Music Series at Bridge Gardens. Each Friday evening, join us at Bridge Gardens for music by a wide range of local musicians: The Charles Certain Duo, The Bridgehampton School Marimba Band, Alfredo Merat, The Southampton String Ensemble and Joe Hampton and the Kingpins. Check out our online calendar for dates. Bring a picnic, family and friends and enjoy.

July 12 & 19: Bridge Gardens will be the site for an art program on plein air painting from the Parrish Art Museum with artist/instructor Barbara Thomas. The course will also have classes at Madoo and LongHouse. Space is limited. Contact Parrish to register at 631.283.2118 ext. 21. $350/Parrish members; $400/non-members.

July 15 through 17: The artists of Plein Air Peconic will be Susan D'Alessio QHF exhibiting at Ashawagh Hall in the Springs. The show, titled Beaches, Bays and Backroads, Open Spaces III, will showcase the work of the 11 artists of PAP -- Casey Anderson, Susan D'Alessio, Aubrey Grainger, Gail Kern, Michele Margit, Gordon G_Matheson_CorwithBarns Matheson, Joanne Rosko, Eileen Skretch, Tom Steele, Kathryn Szoka and Ellen Watson -- as well as some new guest artists: Anita Kusick, Susan Nash, Leo Revi, and Bruce Lieberman. A percentage of sales from the show will be donated to the Peconic Land Trust.

North Fork Garden Tour

in partnership with the

Long Island Nursery & Landscape Association (LINLA)

Saturday, June 25, 2011 -- 12:00 noon to 5:00 pm

Join us for the first self-guided garden tour, featuring five amazing North Fork Gardens! Each garden setting is paired with a local winery offering a tasting of their wine, and a fabulous local restaurant offering fresh, locally grown and prepared tastings. The Trust's Tim Caufield will share conservation stories at McCall's Vineyard, and attendees can also hike the trails at Downs Farm Preserve. $75/person.

For more info, and to purchase tickets, call LINLA at 516.249.0545 or email info@linla.org.

www.linla.org

Wish List

Do you have . . .

The Trust is looking for donations of the following items to assist us in our stewardship and events work. Please consider a donation!

Kayaks and/or canoes for waterside monitoring
Gardening tools
Picnic tables and benches
Woodworking equipment

Contact Justina Fargiano for more information or to make a donation.

Thank you for your help!

Peconic Land Trust Conserves Long Island's working farms, natural lands, and heritage
for our communities now and in the future.

To learn more, visit us online at www.PeconicLandTrust.org or call 631.283.3195.

A copy of the last financial report filed with the New York State Attorney General may be obtained by writing to: New York State Attorney General's Charities Bureau, Attn: FOIL Officer, 120 Broadway, New York, NY 10271 or Peconic Land Trust, PO Box 1776, Southampton, NY 11969.