Exit Strategy

[Saintsfanfl]

I am not sure of the best forum for this topic. For those of you that have loads of weeks, especially if you are renting out, do you have an exit plan in place in case you check out unexpectedly? In my case family members would not have a clue on what to do to manage or wind down the ownership weeks. I was thinking of willing to a trust where the administrator, preferably knowledgable in timeshares, would then manage the sale of the weeks.

Does anyone already have something set up to handle this?

 

[ronparise]

I am not sure of the best forum for this topic. For those of you that have loads of weeks, especially if you are renting out, do you have an exit plan in place in case you check out unexpectedly? In my case family members would not have a clue on what to do to manage or wind down the ownership weeks. I was thinking of willing to a trust where the administrator, preferably knowledgable in timeshares, would then manage the sale of the weeks.

Does anyone already have something set up to handle this?

Right now what im doing is beyond the ability and more to the point beyond the interest of my wife and other possible heirs. So my first order of business is to re adjust this thing so it makes more money (to attract their interest) and arrange it so it can be managed easily, perhaps by a manager...This means trading the crap for the more valuable, easy to rent stuff, where there is no danger of getting a letter like was reported in another thread here on TUG...I figure I need about 3 years to make this happen....

If I check out before then, the back up plan is that everything of value I own jointly, wros with my wife. Timeshares and things with associated debt I own personally, If I check out early they become a problem for the poa's and my creditors.

 

[csxjohn]

I'm down to two units and part of the reason I got rid of three was so my kids don't have to deal with them.

They all know that if they don't want my unit in Poinciana, they can just refuse to inherit it.

The unit I just bought has my youngest daughter's name on the deed because she and her family want to use that one.

If your units have a dollar value you may have to come up with a different plan than I have for my Poinciana unit.

 

[bogey21]

If I check out before then, the back up plan is that everything of value I own jointly, wros with my wife. Timeshares and things with associated debt I own personally, If I check out early they become a problem for the poa's and my creditors.

Smart and easy move. I did something similar.

George

 

[Saintsfanfl]

Some of my timeshares have decent resale value but my wife is not going to want to keep up with the hassle. I do have some that are not in her name but others I suppose I just need to teach her how to use or sell.

 

[MOXJO7282]

This is the main reason I went with Marriott. I knew that there would always be a resale market for the Marriotts I was going to focus on and if everything went bad I could exit without it being a total disaster.

When I started our portfolio I was only in my 30's and not thinking of dying but thinking if things went south I needed to be able to exit and at least recoup something and more importantly get out from under the MF burden. Even if the purchase price was close to a total loss my bigger fear was the ongoing MF commitment.

Now closing in on 50 I do think about what if I keel over can my wife handle the rental business or the orderly sale of the units and the answer is probably yes because although she has no real involvement day to day she does know about TUG and Redweek and because Marriott is still so viable she could handle either.

With that said she has asked me recently to show her more of what I do so she can learn and even do take over some of the responsibility now and I think its a good idea so you may be seeing a MRs MOXJO on TUG sooner than later.

 

[ronparise]

I think about this often. especially after threads like this one...and today is no exception. So Ive been in the car most of the time since my post here...and Ive been thinking

This problem is no different than the problem every small business owner faces. As an owner, if the operation of your business requires your day to day involvement, how do you retire, and if you dont live long enough to retire,,,What happens then?

Financial planning for retirement if you are fortunate to live a long life and financial planning for the possibility that you might die too soon. are things that we should all be thinking about...Planning for the use or disposition of our timeshares will just a small part of an overall plan

I guess I have to get together with my daughter and stepson pretty soon, and let them know what Im doing...(its a lot more than the free accommodations that they enjoy once in a while)

 

[Free2Roam]

All of mine are in my name only. My kids (and my sister, who is also an owner) know and love Wyndham, but I realized a few weeks ago that no one really knows enough about the rest. So last week I started a document that will detail all of my holdings and what I value about them. I'll also include information on how to dispose of them when I'm gone. This document will be placed with my will... and hopefully I will remember to update it when things change.

 

[Maple_Leaf]

A Trust?

When I was doing deed due diligence I noticed many timeshares deeded to trusts. Many names of the trusts indicated that the grantor was the trustee. I assume the grantor can name a successor trustee who would have an interest and inclination to manage the timeshares.

 

[SJHawkins]

I am not sure of the best forum for this topic. For those of you that have loads of weeks, especially if you are renting out, do you have an exit plan in place in case you check out unexpectedly? In my case family members would not have a clue on what to do to manage or wind down the ownership weeks. I was thinking of willing to a trust where the administrator, preferably knowledgable in timeshares, would then manage the sale of the weeks.

Does anyone already have something set up to handle this?

We are somewhat in the middle of this now. We are dealing with 5 timeshares. This will be a tale of what not to do to your kids.

This is our case, one parent died about 5 years ago, the second parent had a stroke a year and a half ago. I can say the last thing I want to deal with is Timeshares, I could rent them or for that matter any of the other family members could rent them but nobody wants to mess with it. We all have our plate full helping with mom.

Now if you are buying and renting Timeshares for a business and you want your kids to take over at some point first I would ask if they want to be part of the business and get them involved sooner than later, I would say 10 years before you retire. For myself I would not want to let up on my engineering career, raising my kids then jump into the family timeshare biz. If we were tossed into that in our situation that would have been just a nightmare.

It’s been a year and a half and we are finally getting to the point where we are closing on the old home this week, that’s been enough work.

For most I would say keep/own just what you use and sell the rest. We told the parents 15 years ago when they updated the will that we don’t want the Timeshares, reminded them 10 years ago that we don’t want them, a year after dad died we tried to get mom to sell them. I’m thank full that they have enough cash to float the Timeshares and the assisted living facility but I can say is stinks to write out all the checks for the MF fees (we write all the checks). The timeshares are going to get hit hard this next year and sold with any luck.

The sad part about this is they sat empty for most part of the last 10 years. I think they were holding on to the Timeshares thinking the kids may change their minds and want them.

If parents would just listen