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.
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.