Universal wealth management ( Inheritance planning company) closed down

Browntoa

The collapse of an inheritance planning firm that has left dozens of clients fearing for their life savings is being investigated by police.

Universal Wealth Management ran seminars called Keep It In The Family, in which they promised to protect people's assets from inheritance tax.

The Ipswich-based firm also promised to help people avoid care home fees.

I saw this on the BBC and thought you should see it:

Universal Wealth Management: Police probe Ipswich firm - http://www.bbc.co.uk/news/uk-england-suffolk-45829270

missile

crooks in suits

chesky

Well, I wouldn't trust any company that offered to save my house from care home fees. By now, most people must realise these plans don't work, besides being morally dodgy.

lewishardwick

This sounds as dodgy as the stamp duty avoidance schemes...

Browntoa

And the cash in your pension scammers

martinthebandit

chesky wrote: »

Well, I wouldn't trust any company that offered to save my house from care home fees. By now, most people must realise these plans don't work, besides being morally dodgy.

......and those that did fall for it will now realise the house they thought they owned is actually part of the assets of a bankrupt company (if my understanding of how their scam worked is correct)

Browntoa

http://www.downslaw.co.uk/stay-informed/legal-updates/are-you-caught-up-in-universal-wealth-preservation/

Browntoa

https://wards.uk.com/news/do-you-have-a-universal-wealth-preservation-trust-what-to-do-next/

Keep_pedalling

martinthebandit wrote: »

......and those that did fall for it will now realise the house they thought they owned is actually part of the assets of a bankrupt company (if my understanding of how their scam worked is correct)

No the houses were put in trust, with the owners of the company being trustees. Eventually the trustees should be booted out. The same should apply to the cash, but goodness knows what sort of investments have been made with it , so there might not be much of it left.

My sympathy for the victims is tempered somewhat by the fact that people are usually sucked into such schemes because they are driven by their own greed.