TUG MEMBERS: Joining TUG does not automatically register you as a user of the TUG Bulletin Board. You must register yourself.


*ads are disabled when logged in as a member*
  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 24 years!

    Join tens of thousands of other owners just like you here to get any and all Timeshare questions answered!
    Dismiss Notice
  3. TUG started 25 years ago this month in 1993 as a group of regular Timeshare owners just like you!

    Check out our happy birthday post here: Happy Birthday TUG!
    Dismiss Notice
  4. TUG has now saved timeshare owners more than $10,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $10Million dollars
    Dismiss Notice
  5. Sign up to get the TUG Newsletter for free! Join tens of thousands of other owners who get this every week! Latest resort reviews and the most important topics discussed by owners during the week!
    Dismiss Notice
  6. TUG is trying out a new program that will trade you a TUG membership for a Timeshare resort review if you are an expired member, or even just a guest here on the forums!

    Read more here
    Dismiss Notice
  7. Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    Read more Here
    Dismiss Notice
  8. Follow the TUG Member Banner as it travels the world on vacation with Timeshare owners! Also sign up to get the banner sent to you so you can submit a photo of your vacation with the banner to share with TUG! Banner Thread
    Dismiss Notice
  9. A few of the most common links here on the forums for newbies and guests!
    Dismiss Notice

Timeshare Ownership after Death

Discussion in 'Buying, Selling & Renting Timeshares' started by Tamaradarann, Nov 5, 2018.

  1. Tamaradarann

    Tamaradarann TUG Review Crew: Veteran TUG Member

    Joined:
    Aug 20, 2006
    Messages:
    1,217
    Likes Received:
    108
    Trophy Points:
    273
    Location:
    Long Island, New York
    We have recently gone to a couple of free dinner presentations where groups want you to sign over your timeshares to them and then buy, (for a number of thousands of dollars), what I would call a "destination club" membership. They, "of course" say that for $299/week you can go to all the resorts you now go for without paying any maintenance fees. We didn't bite since we know that what they are selling is left over inventory and would couldn't get, say, Honolulu anywhere as often as we do or want.

    However, their main selling point is that you get rid of your timeshare ownership and maintenance which they claim your estate CAN'T get rid of even if it is or is or is not in your will or estate. They claim that your dependents will have the burden forever due to a new national law that was passed a couple of years ago that says you can't give or will your timeshares to someone who doesn't want them and won't pay the maintenance for them. I know that there will be a lot of comments on this subject about what "might me true", but is there any accurate information on this subject that we all can learn from.
     
  2. chapjim

    chapjim TUG Member

    Joined:
    Jan 10, 2010
    Messages:
    2,211
    Likes Received:
    591
    Trophy Points:
    224
    Location:
    Fairfax County, Virginia
    Resorts Owned:
    Wyndham PresRes, Quarter House (4), Resort on Cocoa Beach (4), some others.
    One should not take estate planning advice from timeshare salespeople.

    There are plenty of threads on TUG about how to deal with timeshares in wills, trusts, or through intestate succession. They are worth reading but shouldn't be considered legal advice on estate planning either.
     
  3. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

    Joined:
    Jun 6, 2005
    Messages:
    945
    Likes Received:
    685
    Trophy Points:
    303
    When was the last time you were told the truth when someone cold called you to try and extract thousands of dollars?
     
    Fredflintstone likes this.
  4. DrQ

    DrQ TUG Member

    Joined:
    Jun 13, 2005
    Messages:
    251
    Likes Received:
    131
    Trophy Points:
    253
    Location:
    DFW
    This is the new scam running around. We have seen it for a couple of years.

    The ones we have seen are combination exit companies with a cruddy RCI Points "club". They usually have you buy in at 10000 points at $1-$2 per point. They say they will take you timeshare. I think the main target in this area are Weeks owners who have no idea on how points work or how much decent units cost in points (IF they are available). They say, "Oh, you can buy as many points as you want for $0.01/point." When I start boring down into the mechanics of the "club" usually has you purchasing the points in some obscure timeshare and the MF are hidden in the yearly fees.

    The FUD (Fear, Uncertainty and Doubt) they spread is "Burdening you children". Unless your children are on the deed, they can't be forced to take an asset or debt.

    Think of these guys as the people knocking at your door selling frozen steaks or home repairs. Eat their food if they host it at a decent restaurant, if you want, but don't drink the Koolaid.

    If you are concerned you can structure your estate to be a legitimate "Viking Ship". Talk to an estate planner which will cost a whole lot less than these jokers.
     
  5. chapjim

    chapjim TUG Member

    Joined:
    Jan 10, 2010
    Messages:
    2,211
    Likes Received:
    591
    Trophy Points:
    224
    Location:
    Fairfax County, Virginia
    Resorts Owned:
    Wyndham PresRes, Quarter House (4), Resort on Cocoa Beach (4), some others.
    You can do that but you may have trouble getting the resort or resort system to record the change in their records. They may want an individual or individuals instead of a trust, LLC, etc.
     
  6. DrQ

    DrQ TUG Member

    Joined:
    Jun 13, 2005
    Messages:
    251
    Likes Received:
    131
    Trophy Points:
    253
    Location:
    DFW
    No LLC, after you pass, your estate holds the asset. You can make you bank account POD or buy a low cost annuity which will transfer directly to your heirs and bypass probate. There are many tricks to make the estate cover your final expenses and leave nothing for the TS company to recover from the estate.

    This is not legal advice. Please do your own research.
     
  7. DrQ

    DrQ TUG Member

    Joined:
    Jun 13, 2005
    Messages:
    251
    Likes Received:
    131
    Trophy Points:
    253
    Location:
    DFW
    I just got a call for a dinner from one of these creeps. Fun and games will ensue. :p

    The caller was out of Branson. I wonder if it is one of our "friends" being sued?:banana:
     
  8. DrQ

    DrQ TUG Member

    Joined:
    Jun 13, 2005
    Messages:
    251
    Likes Received:
    131
    Trophy Points:
    253
    Location:
    DFW
    Hybrid scheme. Hawking a T/S called "The Shores" in Kimberling City MO. Again, the wonders of points. The hybrid comes in by coupling it with a T/S exit company to dump your existing property. Described a classic viking ship scheme.

    Is "The Shores" the old Kimberling Inn?
     

Share This Page