# Value for estate purposes



## Shelbyd95 (Oct 20, 2014)

We are in the process of settling my MILs estate.  The lawyer wants something in writing about the value of the TS...Wyndham does not provide this information and when we called them a couple of months ago the rep told us that the best place to find the value would be ebay...lol.  Since the lawyer wants something official, it doesn't appear that ebay is an option.  Anyway, is there a company (like a realtor) that can provide this value.  We are keeping the TS so no solicitors please.  Thanks in advance for any help that anyone can provide.


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## PearlCity (Oct 20, 2014)

EBay is what market value is. In some cases most timeshares are worth  $0.


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## Shelbyd95 (Oct 20, 2014)

PearlCity said:


> EBay is what market value is. In some cases most timeshares are worth  $0.



I know the value is close to zilch.  I am not asking for how much it's worth for resale which I guess is the same thing...This is for an estate value.  My first response a few months ago was to use the auction value on ebay and that was confirmed with a call to Wyndham.  I would really love it if the lawyer would accept ebay listings as proof but for some reason, we need some real document stating the value for the estate settlement...not sure if anyone has run across needing this type of information while settling an estate.  I think she just wants to have a value in writing so she is dotting her "i's" and crossing her "t's"


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## JimMIA (Oct 20, 2014)

A more valid source might be *completed* auctions on eBay.  Those are the ones which actually sold.

It's possible that a public records review in the jurisdiction where her timeshare was located might suffice.  Try the tax assessor, tax collector, or clerk of the court in that jurisdiction.  You may be able to find enough deed recordings to satisfy the court.  Or you may find them saying "...for $1 and other valuable consideration..."

The attorney could ask the judge if eBay completed sales would suffice, since that is probably the most accurate indication of the value, or lack of value.


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## MaryBella7 (Oct 20, 2014)

You could also possibly contact a company who does a lot of timeshare closings.  Perhaps they can come up with an estimate based on "comps" like a real estate agent would do.  One I know of who will get back to you quickly is Janet at http://timeshareresaleclosings.com/testimonials.html.  

All of my dealings with her have been reasonably priced as well.


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## Conan (Oct 21, 2014)

Unless MIL had an estate above $5,250,000 there will be no federal estate tax. So actually a 'high' value for estate purposes is more beneficial than a 'low' value. If you end up abandoning the points or selling them at a nominal price, the seller will qualify for a long term capital loss on their income tax return.

Unless there are other concerns (for example assets are being divided equally among the children, and whichever child gets the timeshare as part of their share wouldn't want to see it over-valued), I don't think you'd be faulted for using the price that Wyndham's been known to use for buyback/consolidation when people make a new purchase; or you could use the prices shown on Redweek which are probably higher than Ebay.

Ebay might be a good indicator of what the points will yield in a distress sale, but there's no obligation to use distress or forced sale values as estate values.


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## csxjohn (Oct 21, 2014)

I hope you have considered that if none of the heirs want the timeshare they cannot be forced to accept it.  I know that has nothing to do with your question but it may save someone some trouble down the line.

The value the tax appraiser puts on it would probably satisfy the lawyer, it's the amount they collect the taxes on.


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## ronparise (Oct 21, 2014)

I was on the edge of a similar problem, I am buying from an estate (something that neither of the heirs wanted). The court needs to know that the no one is getting cheated and that the estate has to get fair market value.  

Heres one of the emails from an heir

Here's an update:  I got a letter Wednesday last week from the court stating that they needed to know how we determined the value of the asset.  I called the attorney yesterday; finally got to talk with him today.  He commented that there is a new attorney over in the courts system that is being A LOT more picky than the previous attorney.  None of us can figure out why he's made an issue of this.  In order to be a part of a small estate, the item just has to be less than $40,000.   So, anyway, our attorney commented he's going to call over to the courts to discuss this, and if necessary, provide a copy of the sales agreement showing how much the asset is worth.  He plans to do this within the next few days.


long story short, this court accepted a copy of our sales agreement.


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## Shelbyd95 (Oct 21, 2014)

Thank you all for such great input....JimMIA...I had been following the auctions with the appropriate point value for their completion to get a "sold" value and great suggestion for looking at TS sales in the home resort jurisdiction...Linda...I believe that is the route the lawyer is suggesting but hoping for something that will not add to the already mounting fees to settle this estate....Conan...We want it valued as low as possible...zero would be nice...the feds may not collect taxes until 5.250 mil but MA collects their "fair " share on any estate over 1 mil...even if it's 1 dollar over 1 mil they collect from the 1st dollar not just anything over 1 mil.  csxjohn...We are planning on keeping it as we have become spoiled using it over the years and we have already used it since my MILs passing so I think that would negate the refusal option   Thank you Ron, your feedback is always appreciated and I am definitely going to check out some of sales that have been recorded


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## Rent_Share (Oct 21, 2014)

The right licensed appraiser should be able to generate something to support a zero valuation despite a purchase price of 18 - 40 Thousand, however that cold cost more than the value of the asset being appraised.  $ 350 to $ 500


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## Conan (Oct 21, 2014)

Shelbyd95 said:


> The feds may not collect taxes until 5.250 mil but MA collects their "fair " share on any estate over 1 mil...even if it's 1 dollar over 1 mil they collect from the 1st dollar not just anything over 1 mil.



Sorry to hear you're in Mass.  Not only is there the inheritance tax threshold that you mention, but it's one of the few states that manages to collect state inheritance tax even on out-of-state real estate.
http://www.goulstonstorrs.com/portalresource/lookup/wosid/contentpilot-core-6-4718/media.name=/BBA_Trust%20Estates%20Newsletter%2007_Rothstein[1].pdf


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## Shelbyd95 (Oct 22, 2014)

Conan said:


> Sorry to hear you're in Mass.  Not only is there the inheritance tax threshold that you mention, but it's one of the few states that manages to collect state inheritance tax even on out-of-state real estate.



Conan...We know the out of state property tax collection by MA all too well...the family was not too happy about it...oh well.


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## csxjohn (Oct 23, 2014)

Unless you are talking about enough points to have a VIP status it would probably be cheaper to abandon it and go to eBay and purchase a similar contract.  That would depend on what kind of valuation you come up with and if you could replace it cheaply.

Even if it's VIP you'd have to weight those benefits against the tax you may be required to pay, especially if this puts you over the 1M threshold.

I'm not positive that you having used it would negate your ability to decline the inheritance.


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