GERALDINE JOINS THE SANDERSONS

TEAM IN BEVERLEY

"The only certainties in life" said Benjamin Franklin "are taxes and death." We may not be able to do much about our own mortality but at Sandersons we believe there is scope to reduce tax when the inevitable happens. Our watchwords are that the sooner individuals start to plan their inheritance tax affairs the better. Time waits for no-one.

This year, with the introduction of the new Finance Act 2006, the Government has continued to introduce unexpected changes to taxation. The new Act has been described as "a re-alignment of the tax treatment of trusts". In view of this new legislation and the ongoing debate over Nil Rate Band and Inheritance Tax planning generally it is more important than ever for individuals to keep on top of their will and inheritance tax planning arrangements.

Under the present rules, once an estate exceeds the £285,000 threshold, Inheritance Tax is levied on the value of assets above that level at a flat rate of 40%. Originally designed to hit the very rich, now, because threshold levels have not kept in line with the housing market, many more people are being affected. It has been estimated that to keep pace with house price inflation, the threshold should now be set at £500,000. So what can you do legally to avoid or minimise the impact of the current legislation? The answer is to take advice from a suitable expert in tax planning. For a couple with a joint estate of £500,000 we are able to safely say that we can help you avoid (perfectly legally) all inheritance tax.

In our area, Sandersons Solicitors have recently transferred Geraldine Martin from their Parliament Street base in Hull to their Beverley office at The Hall, Lairgate. This is in response to the increasing demand for sophisticated tax planning advice from existing and new clients in the East Riding.

Geraldine, who lives in Brough and was educated at Hull High School for Girls in Anlaby, is an experienced member of the Sandersons team and is the daughter of the late Peter Martin, who was formerly Senior Partner of the practice.

Having worked closely with Duncan Rann, the firm’s tax specialist and Senior Partner, she now specialises in personal wealth management and has been with the practice for twenty years.

Geraldine told us that, "Inheritance Tax planning, wills and the administration of trusts are becoming increasingly important. Sandersons specialise particularly in unusual or complicated cases, such as those involving overseas assets where conflict of laws could occur, as well as more routine matters".

The complexity and changing nature of the subject is reflected in the professional standards which apply. Geraldine is a member of STEP (The Society of Trust and Estates Practitioners) and is experienced in areas such as Inheritance Tax Planning, Wills, Probate, Enduring Powers of Attorney and Court of Protection cases.

She continues to work closely with Duncan Rann and Bruce Cherrington in Beverley on all aspects of private wealth and, whilst based in Beverley, is also available to meet clients at Sandersons’ Hull offices or arrange home visits if necessary.

So, if you want to avoid taxation without representation, consult your local expert, Geraldine Martin,

Telephone 01482 324662 at Sandersons Solicitors,

The Hall, Lairgate, Beverley HU17 8AA

e-mail gmartin@sandersonssolicitors.co.uk 

Source: Beverley Advertiser, November 2006