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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

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    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

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    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

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    When was the last time you were told the truth when someone cold called you to try and extract thousands of dollars?
     
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  4. DrQ

    DrQ TUG Member

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    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

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    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

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    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

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    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

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    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?
     
  9. Tamaradarann

    Tamaradarann TUG Review Crew: Veteran TUG Member

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    We have already place our timeshares in a trust so that our children will inherit them without probate concerns since we feel they are certainly worth inheriting and have great value. However, if down the road our children either can't afford or don"t want the timeshares we would not want them to have the burden put on them. My understanding is that one does not have to accept inheritance if they don't want something. If that is true we are good. However, what they said at this dinner controverted that.

    By the way I have searched through TUG and don't find any threads that deal with this aspect of the issue of timeshare inheritance. I would appreciate it if someone could point me in the right direction on this.
     
  10. DrQ

    DrQ TUG Member

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    Talk to the lawyer who set up the trust. It will be a lot cheaper than whatever the hucksters are pushing.

    My only experience is with assets in probate or directed to a beneficiary.

    This is not legal advice. Please do your own research.
     
  11. bbodb1

    bbodb1 TUG Review Crew: Veteran TUG Member

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    Wyndham: CWA and La Belle Maison
    So did anyone else read this thread title and think "oh great, the TS weasels have come up with something new to sell"?
     
  12. bogey21

    bogey21 TUG Member

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    An individual can definitely disclaim an inheritance. I'd check and make sure the same applies to something left to a Trust. It may be the same. It may not. I haven't the foggiest idea...

    George
     
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  13. cerralee

    cerralee TUG Member

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    My husband and I went to one of these several weeks ago. The telephone pitch started out with “we are representing RCI” which I knew was a bunch of Malarkey, but we were promised Dinner and a Gift card among other things, were bored-so we went. The rep went into a song and dance about how they were retained by RCI which I loudly debated and then was pitched their vacation club. Yes, the don’t burden your children pitch was heavily used which I also debated. We declined, the rep put a bunch of papers in front of me which i would not sign, and we left. Dinner was a few “I’ve been out all day” cold cuts and one bun. A bowl of potatoe chips and salad. We had to buy our own dinner elsewhere that evening.
    The home office called a few weeks later looking for “feedback” on our experience. I mentioned all the bs that had been shoveled in front of me and he “reminded “ me that one of the papers I had signed stated that none of the reps where affiliated with RCI in any way. I reminded him that I had refused to sign that paper for that very reason. I mean really, what were they going to do, rip a non eaten piece of stale lunch eat away from me? I hope my talking above a whisper saved a few unsuspecting owners from these weasels.
     
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  14. bogey21

    bogey21 TUG Member

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    I received an offer the other day to attend one of these presentation with a new twist. They offered to put me up in a motel and give me dinner. Naturally I declined...

    George
     
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  15. DrQ

    DrQ TUG Member

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    WOW! At least we have received a hot meal.

    We attend because:
    • It costs them money.
    • It costs them TIME!!! (We would just be watching TV)
    • We are taking the space of another mark.
    • Others might overhear (I talk loud).
    • Sometimes there is entertainment when you decline.
    At some point you would think they would blacklist our name.
     
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  16. DrQ

    DrQ TUG Member

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    Back in the day, Silverleaf put us up for a night in the Loews Anatole in Dallas.
     
  17. Tamaradarann

    Tamaradarann TUG Review Crew: Veteran TUG Member

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    We also got a nice hot buffet meal. The presenter from Branson was very macho so I needed to put him in his place which gave me my thrill for the night. He was a know it all about timeshares and couldn't even image how great and flexible the HGVC points system is and told him definitely that his system would never be able to get us where we go using our points for as many weeks in a row as we do.

    They are trying to scare you about getting rid of your timeshare maintenance costs and the burden that you may leave to your estate and then selling you a destination club with leftover inventory which you can get from RCI or II with extra vacations, last calls or getaways.
     
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  18. Tamaradarann

    Tamaradarann TUG Review Crew: Veteran TUG Member

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    By the way we never got a gift card. They said it would be mailed out Monday. It hasn't gotten here and it has been over a month.
     
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  19. clifffaith

    clifffaith TUG Member

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    After getting involved with a viatical settlement about 20 years ago that ended up on 60 Minutes, we don't go to ANY dinner meetings. The advertisement for the very nice prime rib dinner came via Boeing's employee newsletter, and I think several people tried to sue Boeing as well as the outfit selling the insurance policies and the doctor's claiming their patients had only a few months to live.
     
  20. cerralee

    cerralee TUG Member

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    I insisted on a business card, took every piece of "important" bs paperwork that they put in front of me, called the number on the phone to make sure that it rang before I left, got an email address. They said they would email me the gift card within twenty four hours, four phone calls to five different numbers, three e-mails and four more phone calls to the number I got when I was there produced an e-certificate for a gift card and the opportunity to spend $369 dollars to reserve the complimentary vacation certificate for seven nights that is listed on RCI for under $300 for the week.:wall: At long last and a lot of pestering, I did get the e-card!!
     
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  21. Tamaradarann

    Tamaradarann TUG Review Crew: Veteran TUG Member

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    OK, what is an e-card. Is that an e-mail that gives you a bar code that can be scanned to get the $50 credit at an retailer? I commend you for your persistence and good work. I did get a business card from one of them but since I didn't want anything to do with them I thru it away. Should have done the same as you. While we could always use the $50 bucks the knowledge that this is another scam to avoid is certainly worth more than $50.

    By the way I believe that they are using all of the problems at the Manhattan Club in NYC as there big selling point example for why you should get out of your timeshares. They ask if anyone owns Manhattan Club at the meeting. While I know there is some problem with HUGE maintenance fees, can someone give some details on how this resort got so into trouble. Perhaps another thread is needed for this issue.
     
  22. cerralee

    cerralee TUG Member

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    It is a electronic e-card. Instead of a physical gift card you can put in your wallet and use it for purchases, you must enter a code when you do an online check out. Personally I wanted what was promised. A $50 gift card I could take with me. I took the option of having a physical card mailed to me and had to forfeit $5 of the total amount. If I had an e-card I have to buy something online in order to use it. Most likely I would forget about it and never use it. I don't know how to use it. I went with having a card mailed to me. A lot of the people that were there I am sure never followed through. It was a pretty old crowd and there was a lot of complaining that they had to wait on an e-mail to get there gift card. How convenient it was that the computers and their website just happened to be down that night?
     

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