daviator
TUG Member
- Joined
- May 8, 2011
- Messages
- 1,367
- Reaction score
- 1,205
- Points
- 373
- Location
- San Francisco, CA
- Resorts Owned
- WKORV, WKORVN, WDW, Westin FLEX, Marriott's MOC, Abound (Trust) Points
I'm a long-time Vistana owner, and my elderly mom is a long-time MVC owner. She owns both weeks (two EOY lockoffs at MOC) and points. There are no loans, everything is current, and it was all purchased from the developer. We are currently in Maui, enjoying our respective ownerships with other family and enjoying our EOY Thanksgiving tradition.
But my mom informed my sister and I that this is probably the end of her travels and she wants to deed her ownerships to my sister and I. I assume we will each get one of the MOC EOY weeks and maybe half the points (not sure how many DPs she has.)
My question is, what is the proper way to do the transfer. We obviously want to ensure that, after the transfers, the VOIs continue to be fully qualified as developer purchases and not considered resale. MVC has always touted the ability to pass VOIs to your children as a reason to buy, so I am sure there is a "right way" to do this.
I did search here and only found some very old posts with a Marriott phone number I'm not sure is current, so I thought I'd see if there is any updated info. Obviously the normal way of gifting real estate might be with a quitclaim deed, but I'm not sure that would allow the developer status to transfer, and I'm not sure how it works for the DPs (which aren't really real estate.)
The second question is related. Since this additional ownership may give me more VOIs than I can use in the next few years (eventually I will be able to use them all) – is the simplest way to monetize these new VOIs to elect DPs/club points and then offer the points to rent? I realize that I could probably make more money by reserving good weeks at MOC and then renting those, but that's all becoming more complicated in Hawaii with all of the extra taxes they want owners to pay when renting their units. I might prefer to take an easier road, at least initially.
Thanks in advance for info.
But my mom informed my sister and I that this is probably the end of her travels and she wants to deed her ownerships to my sister and I. I assume we will each get one of the MOC EOY weeks and maybe half the points (not sure how many DPs she has.)
My question is, what is the proper way to do the transfer. We obviously want to ensure that, after the transfers, the VOIs continue to be fully qualified as developer purchases and not considered resale. MVC has always touted the ability to pass VOIs to your children as a reason to buy, so I am sure there is a "right way" to do this.
I did search here and only found some very old posts with a Marriott phone number I'm not sure is current, so I thought I'd see if there is any updated info. Obviously the normal way of gifting real estate might be with a quitclaim deed, but I'm not sure that would allow the developer status to transfer, and I'm not sure how it works for the DPs (which aren't really real estate.)
The second question is related. Since this additional ownership may give me more VOIs than I can use in the next few years (eventually I will be able to use them all) – is the simplest way to monetize these new VOIs to elect DPs/club points and then offer the points to rent? I realize that I could probably make more money by reserving good weeks at MOC and then renting those, but that's all becoming more complicated in Hawaii with all of the extra taxes they want owners to pay when renting their units. I might prefer to take an easier road, at least initially.
Thanks in advance for info.