I think if it is an enrolled resale week, however, then the benefits of enrollment transfer to children as well.Based on our exoerience, If you have a developer week and the transfer is made from parent to child then it will retain all original benefits. If it is a developer week but transferred to a family member other than a child the original benefits will likely be lost.
If it is a resale week than it does not matter.
Based on our exoerience, If you have a developer week and the transfer is made from parent to child then it will retain all original benefits. If it is a developer week but transferred to a family member other than a child the original benefits will likely be lost.
If it is a resale week than it does not matter.
I think it has to be gratis for the benefits to transfer.I think if it is an enrolled resale week, however, then the benefits of enrollment transfer to children as well.
Based on our exoerience, If you have a developer week and the transfer is made from parent to child then it will retain all original benefits. If it is a developer week but transferred to a family member other than a child the original benefits will likely be lost.
If it was a US timeshare, I could tell you exactly what you need to do.
Is this correct, for certain?
Parent to Child is the only relationship accepted in order to keep original developer purchased benefits. No Brother to Sister, or Uncle to Nephew?
I assume the only place this needs to be documented is on the Domestic External Transfer Form?
Since I am mentioned here, I will come out of "TUG retirement" for this post. Sue is right about "following the bloodline." It can also be grandparent-to-grandchild, but it has to be down the chain of bloodline. It cannot be to a sibling or even up the bloodline, such as child-to-parent. One other point to note. Although I could never find this in any Marriott documents, MVCI has told me the transfer must be a "gift," not a sale, but that can be easily averted by having any exchange of money between the family members occur informally outside of the transaction transferring title.Based on TUGger BocaBoy's extensive experience, I've also understood that parent-to-child is the only accepted relationship. If I'm remembering correctly he talked about it in terms of "following bloodline."
Potentially gift taxes if it exceeds the limits and capital gains if sold for more than invested though that's unlikely in most cases.Don't taxation matters arise in a transfer or sale?
Having a different terms than on the agreement to bypass ROFR is illegal in all states I know of where a deed is involved.Since I am mentioned here, I will come out of "TUG retirement" for this post. Sue is right about "following the bloodline." It can also be grandparent-to-grandchild, but it has to be down the chain of bloodline. It cannot be to a sibling or even up the bloodline, such as child-to-parent. One other point to note. Although I could never find this in any Marriott documents, MVCI has told me the transfer must be a "gift," not a sale, but that can be easily averted by having any exchange of money between the family members occur informally outside of the transaction transferring title.
Not all resorts have ROFR and Marriott does not apply ROFR to this type of intra-family transfer, regardless of consideration.Having a different terms than on the agreement to bypass ROFR is illegal in all states I know of where a deed is involved.
But wouldn't ROFR be applicable if it was actually a sale rather than a gift, for those resorts that have it. Regardless, doing it under the table would be unethical and dishonest.Not all resorts have ROFR and Marriott does not apply ROFR to this type of intra-family transfer, regardless of consideration.
No, ROFR is not applied to any top down bloodline transfers, so what is unethical or dishonest about it? There is no tax to avoid, which is the key point. The timeshare documents do not make the sale/gift distinction for DC enrollment eligibility purposes. As I said earlier, some MVCI reps nevertheless say it has to be a gift but tell you how to make it a gift even if some money changes hands. There are also other good reasons to handle the money outside of the contract when it is with family you can trust, namely that closings are much simpler and cheaper.But wouldn't ROFR be applicable if it was actually a sale rather than a gift, for those resorts that have it. Regardless, doing it under the table would be unethical and dishonest.
Regardless, if you do it secretly and intentionally for this reason because it MIGHT or might not be a problem, it would be dishonest.No, ROFR is not applied to any top down bloodline transfers, so what is unethical or dishonest about it? There is no tax to avoid, which is the key point. The timeshare documents do not make the sale/gift distinction for DC enrollment eligibility purposes. As I said earlier, some MVCI reps nevertheless say it has to be a gift but tell you how to make it a gift even if some money changes hands. There are also other good reasons to handle the money outside of the contract when it is with family you can trust, namely that closings are much simpler and cheaper.
Now back to my TUG retirement.
My understanding from reading through the documents is that the paperwork states the benefits transfer to a child, that's it. It doesn't specifically say it has to be gratis but the club will make the final rules and normally for these type situations, it does have to be gratis. For ROFR you'd go back to the underlying POS for enrolled weeks and as I read it, ANY sale has to be noticed and is subject to ROFR and realistically any transfer would have ROFR. Traditionally timeshares have automatically waived ROFR if it's immediate family and gratis. So reading the info I have (older POS MGO) the 2 events (transfer of weeks & transfer of enrolled benefits) would be somewhat separate issues. If one wanted to take the wording at face value, I suppose you could sell to a child, pass ROFR and the benefits might pass though I'm doubtful that would play out in real life since if Marriott decided not to allow it, fighting them would be too large of a mountain to climb. The other caveat is if ROFR is required is legally one would have to put the actual terms agreed to in a contract. Obviously this creates situations that can be manipulated but those could be criminal offenses as well as a test of one's character.If a deeded week being gifted through parent/child is enrolled in the D.C. pts program, does that benefit also transfer to the child? What if the child has existing MVC enrolled weeks? What if they don't?
Did they combine them under your current account?I'm a single father and when I bought the last 4 of my 6 TS I had one child's name (all adults) put on the deed with mine as it was explained it would pass to them in survivorship without any problems. Hope I'm correct. Of course that was in the days of several thousand dollars for purchase and $400 MF.
However, I always thought my kids would have to buy (or sell) the other 2 TS but this thread suggests I can 'gift' them to my kids...I assume that has to be in my will or can it be worked out after my death?
I assume USA tax rules apply even thought I'm Canadian but haven't checked that out yet.