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Suggestions, assistance, and any other advice welcome

Cannady

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I'll give the situation and hope that the folks here that have far more experience than I do in this area can give advice on what the best way of moving forward would be...

My wife's grandparents own two MVC timeshares at Mariott Timber Lodge in South Lake Tahoe. Due to recent events, their travel days are surely limited, and the entire point of them buying two were to eventually give one to each grandchild (my wife, and my brother in law). The grandparents also have a trust (unsure which kind) with several other assets that are to be drawn off of until at least my future children's generation. They want to go ahead and distribute the timeshares as they do not have the time/energy/effort to manage the points systems and advantages involved and want us to be able to reserve and use the timeshares ourselves. For what it's worth, my Mother in law will eventually be in charge of the trust after they pass away. There's several things I'm trying to figure out at this point and I'm sure that the manager of their current trust and MVC folks could answer some questions, but I'll pose them here as well.

They have an upgraded status due to multiple owners and other things they've done with MVC. I'm under the impression that if they just sign one each to my wife and my BIL, that the status of the accounts will be severely downgraded. We have a great relationship with the BIL and don't have an issue with him being on both and I don't think he has an issue with us being on both properties so that's an option to keep the upgraded status with MVC. That being said, is it possible and would it be best, to make the trust the owner of the timeshares and just draw paperwork that my wife and BIL have limited power of attorney or some such to be authorized users of the timeshares? No one plans to sell them in the future and for them to continue to stay in the family for the forseable future so I thought that to prevent redeeding them repeatedly as they pass down through generations, leaving them in the trust may be best. Any advice would be appreciated and thanks in advance.
 

RNCollins

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Bump
 

Berea1

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It would be best to keep them together under one ownership so you have the extra benefit of being a multiple week Marriott owner that can request 13 months out and have the multiple week preference in the building and floor that you want to stay at. It takes years to develop that experience so it would need to be one person's responsibility to develop that expertise. Most likely you will be reserving the weeks a year out and then deposit them into Interval International on a request first basis. That additional expense would give you the ability to request offseason units at the same resort for $600-700 per week for those family members that want to go there at a different time. So, again, one of you has to be willing to spend the time with the learning curve to develop and learn the language of timesharing and all of its difficulties. Does that person exist???? Patrick
 

GT75

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I can not help with answers to your questions because I don't own any Marriott. I think that you will get much more response to your questions if you ask specifically in the Marriott forum. Maybe a TUG Admin can move for you or repost your question there.
 

GT75

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Moved thread to MVC forum. I think that the OP will get a better response here since the question(s) is/are MVC specific.
 

HudsHut

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Hi, and welcome to TUG.

Do you live near Lake Tahoe?
Are you aware that by accepting the timeshare week you are taking on an ongoing annual liability of over $1200? (increases every year.)

What size unit? What season?
Platinum ski season?
Platinum summer season? or
Gold season (spring/fall) season? If Gold season, do not accept the timeshare. You will not be able to rent it out to cover your maintenance fees; conversely, you will be able to rent a week during spring/fall from another owner for less than the maintenance fees.
http://www.marriottvacationclub.com/common/cms/mvc/pdfs/helpfulTools/resortCalendar/Marriott's_Timber_Lodge_Resort_Calendar.pdf

Since the grandparents own 2 weeks, they have the benefit of reserving 13 months in advance. Depending on the season they own, it may already be, or soon be time to reserve the 2018 weeks. (Did they reserve the weeks for 2017 last year?)

There is a wealth of information in the Marriott FAQ "sticky" post. Slow down, and become informed before deciding whether to accept this gift.
http://tugbbs.com/forums/index.php?threads/faq-marriott-vacation-club-weeks-system.391/
 
Last edited:

RichardL

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As an attorney I done dozens of transfers of title into a family trust. Make it easy, contact a transfer agent to draw the deed, get it signed by both parents and put it into an existing trust. I assume an existing trust, and after the
dead of both parents, still the same trust but successor trustees. Timeshares are not the real issue. Are the parents willing to info the adult children about the nature and extent of the inheritance. Some parents do not want to
have such a conversation. Some parents do if asked and possibly a copy of the trust will explain a lot.
 
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