5 star elite status ....does it transfer?

[Grandma2016]

Hi all. I posted a few weeks ago about transferring our portfolio to kids and most of you suggested the trust. We are in the process of setting this up. My next ? Will our 5 star elite status remain with what we own as it passes to kids on our death. I thought somewhere I read as long as it is family the status would remain. Any thoughts or suggestions on if we need to put anything specific in the trust to ensure 5star elite status stays with trust.

 

[DeniseM]

I would contact the Vistana Title Office and discuss it with them:

Title Dept.
Phone 1-800-729-8246 ext. 62291
Fax 1-407-418-7211
Email to send deeds to - titlechanges@vistana.com

 

[tklement]

I would contact the Vistana Title Office and discuss it with them:

Title Dept.
Phone 1-800-729-8246 ext. 62291
Fax 1-407-418-7211
Email to send deeds to - titlechanges@vistana.com

I'll have to go read the post with regards to setting up a trust as I had done just a little bit of research about it and have not done anything. I did ask a similar question to yours about status when I was on an owners update at one point. They went and talked to one of the managers and the answer was that it is the number of points in an "account" that make the account retain it's status. If a trust allows an account to be used by all of your kids as one account (i.e. you don't deed these weeks to one kid and these to another) then the annual point value should remain at the level that allows your beneficiaries to maintain that elite level. So that is why I need to find out how a trust works. Of course I'm not sure if things are changing at all once the merger is all completed.

 

[DavidnRobin]

(sorry, I was talking about SPG status...)
You should not put anything in a Trust that cannot be finalized.
Many VSE Ownerships are not of enough value to warrant putting into a Trust.
Consult VSE Title, and Lawyer (and Financial Advisor).
Our TSs are not in our Trust (and they have value).
Transferring these TSs to a Family member - means they will take on the Financial Burden as well as the Asset.

 

[VacationForever]

5* goes to a specific person - not a group. So if even possible - it will only go to one member (and all VOIs need to be in that person’s name).
(e.g. I am 3*,but Robin is not even though she is on all Titles)
You should not put anything in a Trust that cannot be finalized.
Many VSE Ownerships are not of enough value to warrant putting into a Trust.
Consult VSE Title, and Lawyer (and Financial Advisor).
Our TSs are not in our Trust (and they have value).
Transferring these TSs to a Family member - means they will take on the Financial Burden as well as the Asset.

Ditto. Even though our timeshare has value, our trust attorney agreed with us that we need to keep them out of the trust because our decendant/beneficiary has no use for the timeshare.

 

[DavidnRobin]

Ditto. Even though our timeshare has value, our trust attorney agreed with us that we need to keep them out of the trust because our decendant/beneficiary has no use for the timeshare.

I edited above - I was writing about transfer of SPG status - not Elite status. However SPG Plat status (soon MAR) that comes with 5* has value.

The Trust consideration is important. Our Lawyer and FA also advised against it - and hold them outside the Trust.

 

[Grandma2016]

I edited above - I was writing about transfer of SPG status - not Elite status. However SPG Plat status (soon MAR) that comes with 5* has value.

The Trust consideration is important. Our Lawyer and FA also advised against it - and hold them outside the Trust.

We own the following and this is why I think it has value (all of these are the Maui properties)
Week 52 OV South 2 Bedroom every year
Week 52 OF North 2 Bedroom every year
Floating OF South 2 bedroom every year Deluxe corner unit
3 weeks of OV 2 bedroom every year South
1 week IV 2 bedroom every other year usage (South) not much value but gave us the 5* status and they moved all of our resale purchases into our portfolio to give us the 5* status.

I think a trust would be the best way to go. My concern is that after we pass away and the trust no longer exists then will the 5* status stay with the trustees?

 

[DeniseM]

To transfer the status, one entity must inherit enough Staroptions to qualify for 5 Star Elite. If you split the deeds between several children, then you split up the Staroptions, and no one will have enough Staroptions to be 5 Star Elite.

So, either one child must inherit enough Staroptions to qualify, or you must put all of the children on each deed, so they own them jointly, and that could get really messy.

Have you discussed this with your heirs?

 

[DavidnRobin]

We own the following and this is why I think it has value (all of these are the Maui properties)
Week 52 OV South 2 Bedroom every year
Week 52 OF North 2 Bedroom every year
Floating OF South 2 bedroom every year Deluxe corner unit
3 weeks of OV 2 bedroom every year South
1 week IV 2 bedroom every other year usage (South) not much value but gave us the 5* status and they moved all of our resale purchases into our portfolio to give us the 5* status.

I think a trust would be the best way to go. My concern is that after we pass away and the trust no longer exists then will the 5* status stay with the trustees?

Interesting- they certainly have value. I have seen VSE deeds listed as a Trust (and LLCs) - it would be reasonable that a Trustee would be responsible for the VOIs in the Trust as divided in the Trust - and these are in a single account in VSE/VSN under a single name (or spouses) - then the 5* benefits should still be active for those VOIs (and associated SOs)
I would assume SPG status is lost.

Regardless, you need to talk with VSE Title as I am sure you are not the only one.

I am open to adoption...


Sent from my iPhone using Tapatalk

 

[Grandma2016]

Interesting- they certainly have value. I have seen VSE deeds listed as a Trust (and LLCs) - it would be reasonable that a Trustee would be responsible for the VOIs in the Trust as divided in the Trust - and these are in a single account in VSE/VSN under a single name (or spouses) - then the 5* benefits should still be active for those VOIs (and associated SOs)
I would assume SPG status is lost.

Regardless, you need to talk with VSE Title as I am sure you are not the only one.

I am open to adoption...


Sent from my iPhone using Tapatalk

Problem is I have called title dept at least 3 times with different answers and sometimes transferring me to the Elite team who wanted to pass me off to title again.

 

[wannagotoo]

I too have called and received as many different answers as I have made calls. Here's one thing that I just found out that is entirely different than the first six responses from both Florida and Hawaii. When we purchased, we qualified for five star status. The criteria changed and now we wouldn't qualify. I was told numerous times that by taking one name off the title, if the remaining name was the same (or it was moved into a trust) the status would be grandfathered in. Bottom line, that isn't true. The latest is that any change that would result in a new deed (which quit claiming or moving to a trust would do) takes away the grandfather clause. So be cautious if you qualified before the requirements (number of star options) changed and would no longer qualify. You would lose your status with any change that would require a new deed.

 

[Grandma2016]

I too have called and received as many different answers as I have made calls. Here's one thing that I just found out that is entirely different than the first six responses from both Florida and Hawaii. When we purchased, we qualified for five star status. The criteria changed and now we wouldn't qualify. I was told numerous times that by taking one name off the title, if the remaining name was the same (or it was moved into a trust) the status would be grandfathered in. Bottom line, that isn't true. The latest is that any change that would result in a new deed (which quit claiming or moving to a trust would do) takes away the grandfather clause. So be cautious if you qualified before the requirements (number of star options) changed and would no longer qualify. You would lose your status with any change that would require a new deed.

What are the star option requirements you are referring to **after the change**? I have 2 children and I do need to visit with them about burden of yearly fees. There is nothing owed against the ownership but I do agree there is hefty maintenance fees with our portfolio (18k) yearly.

 

[taterhed]

Hmmm Sounds like folks are making up policy on the fly...... There are obvious reasons why VSE would not like the trust option....

 

[Grandma2016]

Hmmm Sounds like folks are making up policy on the fly...... There are obvious reasons why VSE would not like the trust option....

I like the trust option for probate reasons. Just gotta figure out 5 star status...if it can transfer.

 

[DavidnRobin]

I like the trust option for probate reasons. Just gotta figure out 5 star status...if it can transfer.

Hi.
Curious, what aspects of 5* are you (or the kids) benefiting from (based on what you own)?


Sent from my iPhone using Tapatalk

 

[Grandma2016]

5 star at vistana gives us early checkin and late checkout. Gives us option to wait until end of year to bank star options if not used. Also gave is platinum status with SPG. These are a few I'm thinking of we always use.

 

[taterhed]

5 star at vistana gives us early checkin and late checkout. Gives us option to wait until end of year to bank star options if not used. Also gave is platinum status with SPG. These are a few I'm thinking of we always use.

Gives one person platinum.

Sent from my KFDOWI using Tapatalk

 

[Grandma2016]

Hmmm Sounds like folks are making up policy on the fly...... There are obvious reasons why VSE would not like the trust option....

If we formed an LLC with all of us (my husband me and 2 kids,) could the LLC hold deeds and platinum status? Thoughts

 

[tschwa2]

If we formed an LLC with all of us (my husband me and 2 kids,) could the LLC hold deeds and platinum status? Thoughts

The one person platinum refers to the hotel rewards program. You can only designate one person to receive the status although if multiple owners you can switch on, I believe, yearly basis as to who gets the platinum.

 

[wannagotoo]

What are the star option requirements you are referring to **after the change**? I have 2 children and I do need to visit with them about burden of yearly fees. There is nothing owed against the ownership but I do agree there is hefty maintenance fees with our portfolio (18k) yearly.

When we purchased, we received 592,400 Star Options and qualified for five star elite. The criteria is now 649,00 so any change to our title (re-deed) and we would lose five star status.

 

[DavidnRobin]

The one person platinum refers to the hotel rewards program. You can only designate one person to receive the status although if multiple owners you can switch on, I believe, yearly basis as to who gets the platinum.

In the case being discussed - I don’t think Plat status is transferrable. That was my point before.
I could be wrong, but I recall Plat status going to an individual. In our case (gold), I have gold status, not Robin. I believe the same holds true for Plat.
Why I asked the question as to why 5* was important. If it is to transfer Plat status - I would recommend proceeding with caution with the assumption it does.

 

[VacationForever]

The "new" primary name on the 5-Star Elite portfolio should continue to get platinum status.

 

[Grandma2016]

What I found out today is my 5* status depends on staroptions. We have over 700k so under current qualifications we are ok. The elite status gives us spg platnum lifetime AS LONG as we keep what we own or add more. I think as long as we make transfer while our options are within requirement for 5* we are good. They did say the name on SPG account is the platnum and others are gold or preferred. I'm going to call again tomorrow for more info.

 

[Sicnarf]

Only one of the beneficiary of the trust can be designated as a 5* Elite and the same beneficiary will become SPG Platinum Elite. We didn't put our VOIs into trust but we had to choose between my wife and I who will be designated 5* Elite and as 5* Elite was automatically granted SPG Platinum status. But it would be best to get everything in writing just in case. I had to sue VSE management and it was straight forward during trial when I presented the emails from VSE as evidence.

 

[okwiater]

I had to sue VSE management and it was straight forward during trial when I presented the emails from VSE as evidence.

Wow... you had to sue them? For what? SPG Platinum status?