Opportunities and Complexities Under Ohios Newly Discovered Wealth sprd by Fidelity Charitable
Date: Tuesday, October 9, 2012
Time: 12:00 PM - 1:30 PM
Location: The City Club, 850 Euclid Ave.
Speaker: Rich Cochran & Thomas M. Turner, Esq.
LOCATION: The City Club, 850 Euclid Ave., Cleveland (Reduced parking fees are available on a space-available basis at Ampco Euclid Gateway Garage, located at 740 Euclid Ave. with entrances on Euclid & Prospect, to those that enter after 11:01 am and exit before 2:29 pm. Guests must present ticket to The City Club for validation.)
About the program…
We have designed a very special program with two prominent experts in the field of planning related to the vast wealth that will be created in Ohio as a result of the heretofore unknown Utica Point Pleasant oil and gas formation. The first part of the presentation will briefly explain the geology of the formation so that guests will better understand the world-class nature of the oilfield. The presentation will then summarize recent investments and transactions directly related to the Utica Point Pleasant, which account for more than $10 billion in the last year alone. In addition, the presenter will provide an explanation of how and why investments are made in a developing oilfield, and will then present projections of investment through 2014, at which point annual economic output is expected to be $10 billion annually. The second part of the presentation will describe one iconic transaction and will explore the planning implications of this sort of instant wealth creation. In April of this year, BP signed oil and gas leases worth $331 million (just signing bonuses alone payable in 2012) with some 2,000 landowners covering more than 85,000 acres in Trumbull County. Other counties in Northeast Ohio have and will experience similar economic booms. These lessors are also entitled to a 17½ % gross royalty on any oil and gas produced under these leases, the value of which is estimated to be substantially more than the bonus payments. A vast majority of these landowners were unaware of their wealth and until now, have barely touched upon the need for estate/gift/income tax planning. They have many opportunities to lessen the tax consequences of the transfer of their wealth currently or at death, but time is of the essence in light of the looming tax environment they may face within just a few months. The nature of their new found wealth, however, raises complex issues in the planning strategies that may be available.
About the speakers…
Rich Cochran has served as president and CEO of Western Reserve Land Conservancy (the Land Conservancy) since its founding in 2006. Prior to 2006 he served as executive director of Chagrin River Land Conservancy, one of eight founding members of Western Reserve Land Conservancy, a role he held between 1996 and 2006. The Land Conservancy operates in approximately 19 counties of Northeast Ohio, generates more than $12 million in annual revenues, employs about 35 people, operates six field offices and one central office, and has preserved more than 30,000 acres in its history. Rich’s key personal roles at the Land Conservancy include: board development and management; cultivation of state and federal elected officials; negotiating complex real estate transactions; fundraising; leadership of senior staff; public speaking; and strategic planning. During his tenure annual revenues have grown from $52,236 in 1995 to $12 million in FY2011, net assets (exclusive of land) have increased from $50,000 in 1995 to $10.7 million today, and preserved land has improved by more than 30,000 acres (valued at more than $300 million) between 1996 and 2011.
Thomas M. Turner, a Shareholder at Mansour, Gavin, Gerlack & Manos Co, L.P.A., in Cleveland, is an experienced and accomplished transactional lawyer. For nearly four decades, he has concentrated his practice in representing individuals in income, estate and gift tax planning and on business matters. He also has extensive experience in representing significant estates and trusts, including several of the largest estates in Ohio’s history, and numerous other estates and trusts comprising substantial wealth. Mr. Turner earned a BS from Purdue University and a JD from the University of Pittsburgh School of Law. He is licensed in the state of Ohio and the U.S. Tax Court. Mr. Turner is also a Certified Public Account (inactive). Mr. Turner, who was formerly a Partner at BakerHostetler and at Thompson Hine LLP in Cleveland, was the recipient of the Distinguished Service Award from the Cleveland Bar Association, where he served as the Treasurer, a member of the Board of Trustees, and as the Vice-Chairman, Treasurer and Secretary of the Probate and Trust Law Section and Chairman of its Probate Court Committee.
Michael W. Matile, Program Chair
Reservation Policy – All attendees are encouraged to register in advance and walk-in reservations will be accepted on a space-available basis only. Meeting cost is $25 for members when paid in advance before noon 10/08/12. Meeting cost is $35 for members at the door and $35 for guests. If you reserve and are unable to attend, please call the office to cancel by noon 10/08/12 to avoid a no-show reservation billing.
Purchase a table at the monthly luncheon… $200 / six guests.(Submit names to firstname.lastname@example.org by 10/05/12.)
Continuing Education – EPC Cleveland will request credit for this program from the CFP® Board of Standards for CFP® designation holders. In addition, a certificate of completion will be available for those CTFAs, CPAs, and CWS designees that feel the program satisfies their continuing education requirements.
To Reserve - Click "RSVP Now!" below.
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