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Can you transfer your timeshares into a company?

Gemini Chica

Gemini Chica

TUG Member
Joined
Jul 5, 2016
Messages
1,218
Reaction score
243
Location
Spain
Resorts Owned
Marbella Beach Resort
Playa Andaluza
Does anyone know if you can put your timeshares into a company name, I know a trust is possible but what about a limited company? Or is there somewhere I can ring to find out?
 
Gemini Chica said:
Does anyone know if you can put your timeshares into a company name, I know a trust is possible but what about a limited company? Or is there somewhere I can ring to find out?
Click to expand...

Yes, a competent lawyer should be able to do it.


Sent from my iPhone using Tapatalk
 
Gemini Chica said:
Does anyone know if you can put your timeshares into a company name, I know a trust is possible but what about a limited company? Or is there somewhere I can ring to find out?
Click to expand...
In the US it would be possible to do so, I'm not sure about Spain. You could also put it in it's own LLC. Whether you'd be able to write off the expenses for tax purposes depends on how it's used from what I've been told. I'm told it may or may not provide liability protection. Also, some timeshares companies don't allow it though I don't think MVC is one of those, Shell apparently wouldn't allow it. I've also been told that RCI won't allow a company to become a member, not sure if that's still the case, not sure about II. I'd talk to MVC's owner modification department to try to get more information and you'll likely need legal advice related to where it's owned. You'll have to change each deed you want moved just like when moving to a trust.
 
Here's the deal: For several years, unscrupulous "timeshare exit companies," have used LLC's to illegally transfer and abandon timeshares. The timeshare management companies are wise to this now, and if they think your LLC was formed for nefarious reasons, they can simply refuse to accept the transfer.
 
DeniseM said:
Here's the deal: For several years, unscrupulous "timeshare exit companies," have used LLC's to illegally transfer and abandon timeshares. The timeshare management companies are wise to this now, and if they think your LLC was formed for nefarious reasons, they can simply refuse to accept the transfer.
Click to expand...

You hit the nail on the head! That’s why buying a timeshare is a huge decision because timeshare companies are ensuring you can’t just walk away. Selling can be a nightmare depending on the resort so it’s always best to pay more and get one with a track record of being in demand.

I don’t blame the timeshare. They need the regular cash flow from MF to be predictable and stable.


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I am curious about the benefits of transferring ownership to an LLC or corporate entity. Can anyone enlighten me?
 
If you rent frequently, it would provide limited liability should a renter or the resort make a claim against you. Further, it may make it easier to deduct certain expenses that might otherwise not be deductible in the absence of having a company. Finally, it would make it easier to transfer the properties to heirs. Rather than have to change any deeds, all the heir would need to do is to have the LLC membership interests or corporate stock transferred in his or her name.
 
I know this is an old post, but hoping someone out there can give me some advice. I’m thinking of transferring my 2 HGVC deeds to a single member LLC. My husband passed away unexpectedly in August and now I an a victim of identity theft. (Yes, I t’s been a very hard 5 months!). On top of all that, I still need to get a probate attorney in Nevada who can handle transferring my husband’s 1/2 ownership from his estate into my name. Once this is done though, I am thinking I want to transfer the titles into an LLC so that the deeds are never a part of my estate. If my sons don’t want the deeds, they can sell them when they inherit ownership of the LLC (if I haven’t already sold them). I’m also thinking of buying a third timeshare deed in Marco Island (flex week) since I have sisters in Naples and would like to spend more time with them. I’m thinking I would rent out the week whenever I get a summer week instead of a January week. So, sometimes I would have rent income and would then deduct the appropriate expenses from that rent. Does anyone know if HGVC allow LLC’s to own deeds? Pros or cons of doing this? Any other thoughts? Thank you for any help!
 
JBLKY said:
I’m also thinking of buying a third timeshare deed in Marco Island (flex week) since I have sisters in Naples and would like to spend more time with them. I’m thinking I would rent out the week whenever I get a summer week instead of a January week. So, sometimes I would have rent income and would then deduct the appropriate expenses from that rent.
Click to expand...

Sorry to hear about the tough few months you've had. I hope the future is brighter!

I can't comment on the LLC aspects as I don't know much about that. Regarding the Marco Island ownership - if you are considering Marriott's Crystal Shores then the floating weeks ownership there has "seasons". You can only book a week in your season. An ownership of a week that can reserve January (Platinum Season) would not be able to reserve a June, July or August week (Gold Season). That said, a Platinum week - which it sounds like what you need for your personal usage - would probably bring in higher rental income.
 
JBLKY said:
I know this is an old post, but hoping someone out there can give me some advice. I’m thinking of transferring my 2 HGVC deeds to a single member LLC. My husband passed away unexpectedly in August and now I an a victim of identity theft. (Yes, I t’s been a very hard 5 months!). On top of all that, I still need to get a probate attorney in Nevada who can handle transferring my husband’s 1/2 ownership from his estate into my name. Once this is done though, I am thinking I want to transfer the titles into an LLC so that the deeds are never a part of my estate. If my sons don’t want the deeds, they can sell them when they inherit ownership of the LLC (if I haven’t already sold them). I’m also thinking of buying a third timeshare deed in Marco Island (flex week) since I have sisters in Naples and would like to spend more time with them. I’m thinking I would rent out the week whenever I get a summer week instead of a January week. So, sometimes I would have rent income and would then deduct the appropriate expenses from that rent. Does anyone know if HGVC allow LLC’s to own deeds? Pros or cons of doing this? Any other thoughts? Thank you for any help!
Click to expand...
I am sorry for your loss and the added stress you're going through. You should get legal advice on this issue. I can't speak to HGVC but is there really a need to change them at this time? Can't you just use the timeshares as you normally would without making any changes? Even if you could add them to an LLC and decided that was best, I would think you could do both moves at one time. I would recommend against an expensive timeshare purchase at this time given your other stresses. Crystal Shores is still a distance from Naples if the main reason is to visit family.
 
DanCali said:
Sorry to hear about the tough few months you've had. I hope the future is brighter!

I can't comment on the LLC aspects as I don't know much about that. Regarding the Marco Island ownership - if you are considering Marriott's Crystal Shores then the floating weeks ownership there has "seasons". You can only book a week in your season. An ownership of a week that can reserve January (Platinum Season) would not be able to reserve a June, July or August week (Gold Season). That said, a Platinum week - which it sounds like what you need for your personal usage - would probably bring in higher rental income.
Click to expand...
Thank you. I didn’t realize that I was in the Marriott timeshare system when I found the post.
I’m not sure I would want to spend the money it would take for a Crystal Shores platinum deed (even though I would love one!). I was thinking about a HGVC deed that I have found for $3K or less. But you have me thinking about it now. I’m going to research it all, move very slowly and get legal advice.
 
Dean said:
I am sorry for your loss and the added stress you're going through. You should get legal advice on this issue. I can't speak to HGVC but is there really a need to change them at this time? Can't you just use the timeshares as you normally would without making any changes? Even if you could add them to an LLC and decided that was best, I would think you could do both moves at one time. I would recommend against an expensive timeshare purchase at this time given your other stresses. Crystal Shores is still a distance from Naples if the main reason is to visit family.
Click to expand...
Thank you for your response. There is no rush to change the deed. After I get my husband’s estate (and the identity theft issues) settled, I want to get my affairs in order so that my estate will be easier for my sons. I’m thinking of something cheaper than Crystal Shores, but I’ll take my time and research before I do anything.

I hate dealing with all of this and sometimes I just want to run away to a beautiful beach and chill. Thinking about the beach helps me get through it all.
 
JBLKY said:
Thank you for your response. There is no rush to change the deed. After I get my husband’s estate (and the identity theft issues) settled, I want to get my affairs in order so that my estate will be easier for my sons. I’m thinking of something cheaper than Crystal Shores, but I’ll take my time and research before I do anything.

I hate dealing with all of this and sometimes I just want to run away to a beautiful beach and chill. Thinking about the beach helps me get through it all.
Click to expand...
Good luck and take your time. Let us know how it ultimately ends up.
 
JBLKY said:
I know this is an old post, but hoping someone out there can give me some advice. I’m thinking of transferring my 2 HGVC deeds to a single member LLC. My husband passed away unexpectedly in August and now I an a victim of identity theft. (Yes, I t’s been a very hard 5 months!). On top of all that, I still need to get a probate attorney in Nevada who can handle transferring my husband’s 1/2 ownership from his estate into my name. Once this is done though, I am thinking I want to transfer the titles into an LLC so that the deeds are never a part of my estate. If my sons don’t want the deeds, they can sell them when they inherit ownership of the LLC (if I haven’t already sold them). I’m also thinking of buying a third timeshare deed in Marco Island (flex week) since I have sisters in Naples and would like to spend more time with them. I’m thinking I would rent out the week whenever I get a summer week instead of a January week. So, sometimes I would have rent income and would then deduct the appropriate expenses from that rent. Does anyone know if HGVC allow LLC’s to own deeds? Pros or cons of doing this? Any other thoughts? Thank you for any help!
Click to expand...

Sorry for your loss. I'm an attorney, but this isn't legal advice since I only know a tiny fraction of the facts, and I'm not licensed in Nevada or Florida, and I'm not familiar with HGVC. However, in most states (maybe all) your heirs can choose to not accept certain of your assets from your estate or trust if that is your main concern. There is usually no requirement that they take over something, like a timeshare, that might be more trouble and expense than it is worth. If it can be sold, they could just sell if within the estate and then distribute any resulting proceeds (if any). Or, if it cannot be sold they can leave it there and tell HGVC to foreclose on it as the estate has no assets to pay continuing fees. You can also do the LLC if HGVC allows it as an LLC is pretty simple. Although note that while someone mentioned limited liability, that only works if there is a legitimate business purpose for the LLC separate from the owner (such as legitimately renting it out for cash flow). If it's just an alter ego of the owner a decent attorney will be able to convince a judge to disregard the LLC. It's a bit more complex and detailed, but that's the short story version of it.
 
I join in expressing my sympathies to you
More likely than not your husbands 1/2 interest in the property automatically passed to you on his death
Just check with your attorney
 
5finny said:
I join in expressing my sympathies to you
More likely than not your husbands 1/2 interest in the property automatically passed to you on his death
Just check with your attorney
Click to expand...
Thank you, and I will.
 
RookWDW said:
Sorry for your loss. I'm an attorney, but this isn't legal advice since I only know a tiny fraction of the facts, and I'm not licensed in Nevada or Florida, and I'm not familiar with HGVC. However, in most states (maybe all) your heirs can choose to not accept certain of your assets from your estate or trust if that is your main concern. There is usually no requirement that they take over something, like a timeshare, that might be more trouble and expense than it is worth. If it can be sold, they could just sell if within the estate and then distribute any resulting proceeds (if any). Or, if it cannot be sold they can leave it there and tell HGVC to foreclose on it as the estate has no assets to pay continuing fees. You can also do the LLC if HGVC allows it as an LLC is pretty simple. Although note that while someone mentioned limited liability, that only works if there is a legitimate business purpose for the LLC separate from the owner (such as legitimately renting it out for cash flow). If it's just an alter ego of the owner a decent attorney will be able to convince a judge to disregard the LLC. It's a bit more complex and detailed, but that's the short story version of it.
Click to expand...
Thank you.
At this time the timeshares have about a $5k value each (2) Vegas 2BR platinum deeds - 11,200 points each. I bought resale a couple of years ago, so hopefully they won’t become a liability in the future. Unless something changes, they should be able to sell them from whatever entity holds the title. I’m thinking that if they keep the deeds, the title wouldn’t have to be changed.
I need to talk to them before I make any decisions. (One son was just in Maui with me and the other son will be going to Charleston in May. I’ve been to Hilton Head a couple of times as well. I hope they realize the awesome places that can be booked if they keep them.
 
DeniseM said:
Here's the deal: For several years, unscrupulous "timeshare exit companies," have used LLC's to illegally transfer and abandon timeshares. The timeshare management companies are wise to this now, and if they think your LLC was formed for nefarious reasons, they can simply refuse to accept the transfer.
Click to expand...
Hi Denise, off hand, do you know if Ka'anapali Beach Club and/or Westin KOR would refuse an LLC transfer? Thanks! PS- I like your tag line!
 
Yes, we did all ours this way. As 2 doctors, most of the time there were conferences in these areas, so a write off.
 
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