Exit Company Free Lunch

[gwberg]

While setting up an LLC and placing a timeshare within it is fraud, moving your assets to heirs and charities in trusts or annuities is not.

After you pass, the timeshare company can only make a claim against the remaining estate that is in probate. They cannot be forced on your heirs (if their names are not on the deeds). This is common scare tactic used by timeshare exit companies to motivate marks to get swindled.

I am not a lawyer, nor am I giving legal advice.

OK. Just to be clear, are you recommending moving my timeshares into a trust?


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[ScoopKona]

I’m determined to find out who this company is and post it on TUG.

Why?

This isn't an episode of the X-files. You're not going to get anything (other than a mediocre meal). These companies change their names every few months. So even if you "get the goods" on ABC Totally-Legit Timeshare Exit Company today, tomorrow they'll change their name to XYZ Totally-Legit Timeshare Exit Company. The only thing which doesn't change is the scam -- they get suckers to pay money for something which they could have done themselves for free.

 

[DrQ]

OK. Just to be clear, are you recommending moving my timeshares into a trust?


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No. This is a much larger picture of estate planning.

 

[dioxide45]

Are we “easily persuaded”? Yes and no. I would say yes. My wife would say no. We both have a point. We got into timeshare for good reasons and we have enjoyed wonderful vacations over the years. We bought with our eyes mostly wide open, even if sometimes the tactics were questionable. We have rescinded more than once, so we have some backbone. Did we overbuy through the years by not doing our due diligence? I think so. So your point is well-taken. Especially your last sentence.


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Keep in mind, these exit company contracts don't usually have a rescission clause. You sign it and pay, you are bound to it. Their "money back guarantee" are not worth the paper they are printed on.

 

[gwberg]

In [possible] Norse mythology, the dead were placed on longboats and set ablaze. This is a reference to designing your estate to be essentially worthless as all assets have been put into trusts that are outside probate. So when probate happens, the only things in the estate are worthless and are "burning in the longboat".

Fascinating.


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[gwberg]

Keep in mind, these exit company contracts don't usually have a rescission clause. You sign it and pay, you are bound to it. Their "money back guarantee" are not worth the paper they are printed on.

Yes, I believe you. I do tend to accept a “money back guarantee” as valid if I trust the source. Why are these companies allowed to operate this way? Or is that a stupid question?


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[DrQ]

.... Why are these companies allowed to operate this way? Or is that a stupid question?

It's called "Whack a mole". By the time they gained enough attention, they have packed up and gone and operating under a new shell company.

 

[bizaro86]

I’m not sure WHEN we should begin to divest. So far we have been able to use our timeshares and keep up with our MF. But time is not on our side. I don’t want to advertise a sale or giveaway before we’ve made a clear and informed decision.

Full disclosure. We currently have an ad on Redbook for a rental week (Wyndham Bonnet Creek in Orlando). So far no takers. A Vistana salesman (!) persuaded us Redweek would work. I know, I know. I should have tried TUG. Slow learner. I’m glad I’m among friends.


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I think the big thing you should do now is make a PLAN on how you're going to divest. It doesn't have to be complicated.

EG.

1) Marriott deed ABC is worth $2000, I'm going to list it for $1000 for a quick sale. I'll list on redweek/tug marketplace and use LT Transfers for the paperwork.

2) Vistana deed DEF is worth $0. I'm going to list it on Tug bargain giveaways forum for free for 4 weeks. If not takers, I'll start the give-back program with Vistana

3) Sheraton Flex is worth $0, so I'm going to give that back to Vistan

4) Wyndham deed GHI is worth $0, I'm going to list on Tug bargain giveaway forum for free for 4 weeks. If no takers, I'll pay Wyndham their fee to take it back.

5) Independent week JKL is worth $0, I've checked whether the resort will take this back and they will, I'll give it to them for a fee.

Or whatever the details are for each item.

Also, I think it's worth considering that you don't need to get rid of everything all at once. If you own 5 things I'd start with the one you find it least convenient to use. Deal with that one now. That will make the remaining ones easier to get scheduled and you'll be down one set of fees. Then as time goes on you can execute your plan for each of the next ones when it seems right.

 

[dioxide45]

If no takers, I'll pay Wyndham their fee to take it back.

Good thing is, Wyndham doesn't have a fee for deedbacks.

 

[WaikikiFirst]

advice is very much appreciated.


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catch a bad cold and stay in bed for a week. kick the can down the road. all I got.
Longer term; somebody will explain about putting them all in a trust and letting them stay there, separate from the rest of the estate

 

[gwberg]

Why?

This isn't an episode of the X-files. You're not going to get anything (other than a mediocre meal). These companies change their names every few months. So even if you "get the goods" on ABC Totally-Legit Timeshare Exit Company today, tomorrow they'll change their name to XYZ Totally-Legit Timeshare Exit Company. The only thing which doesn't change is the scam -- they get suckers to pay money for something which they could have done themselves for free.

Hmmm. You’re right. About the company and certainly about the lunch. Maybe I was just trying to prove I can be proactive. Silly. I’m better off spending my time learning about the deedback programs of Wyndham and Vistana/Marriott. I will post my ownership on TUG. Thanks shin for the clear-headed advice.


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[gwberg]

Again.


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[gwberg]

catch a bad cold and stay in bed for a week. kick the can down the road. all I got

Ha!


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[gwberg]

I think the big thing you should do now is make a PLAN on how you're going to divest. It doesn't have to be complicated.

EG.

1) Marriott deed ABC is worth $2000, I'm going to list it for $1000 for a quick sale. I'll list on redweek/tug marketplace and use LT Transfers for the paperwork.

2) Vistana deed DEF is worth $0. I'm going to list it on Tug bargain giveaways forum for free for 4 weeks. If not takers, I'll start the give-back program with Vistana

3) Sheraton Flex is worth $0, so I'm going to give that back to Vistan

4) Wyndham deed GHI is worth $0, I'm going to list on Tug bargain giveaway forum for free for 4 weeks. If no takers, I'll pay Wyndham their fee to take it back.

5) Independent week JKL is worth $0, I've checked whether the resort will take this back and they will, I'll give it to them for a fee.

Or whatever the details are for each item.

Also, I think it's worth considering that you don't need to get rid of everything all at once. If you own 5 things I'd start with the one you find it least convenient to use. Deal with that one now. That will make the remaining ones easier to get scheduled and you'll be down one set of fees. Then as time goes on you can execute your plan for each of the next ones when it seems right.

All excellent suggestions. I will start a plan. I know I’ll have questions. At least I know where to go for answers.


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[gwberg]

About to release TUGs newest advice article that covers timeshare exit/cancellation schemes....itll be available tomorrow with the newsletter!

Great! Timing’s perfect.


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[HudsHut]

@gwberg
I'm glad you asked about the exit firms.

We don't need to know the name of the timeshare exit firm. They change their names all the time. There are hundreds (if not thousands) of them out there. The first thing they'll do is try to pit your against your wife - that is one of the "sales tactics". The couple goes in thinking they're on the same side, but the salesperson figures out what "incentive" will persuade one of them, and use that to make the sale. You obviously want to get rid of one or more timeshares, or you wouldn't attend.

You can go to Redweek to get a general idea of whether each of your timeshares has any resale value. Many must be given away. One reason is because the amount for the which the week can be rented is lower than the maintenance fees. If I can rent for $XXX why would I buy and pay more?

Place the names of your timeshares in your Profile. People who know each system can help you figure out a realistic value.

Go to the Club Wyndham topic to ask whether your Bonnet Creek has any value, or what the "real" current price is for resale.

Club Wyndham Plus

Discussion of Wyndham Destinations Timeshare Systems including Club Wyndham Plus, Wyndham Asia Pacific, Shell Vacations, Equivest, Pahio, Trendwest & Cendent

tugbbs.com

 

[DrQ]

Longer term; somebody will explain about putting them all in a trust and letting them stay there, separate from the rest of the estate

If it we me, I wouldn't. That possibly could be challenged in probate. I would:

• Name my beneficiaries in all my account where possible
• Name my beneficiaries as PoD on all other accounts
• Discuss how my beneficiaries want our property and design a trust to do that at death
• Everything else would be placed in the will (place the timeshare here) and disposed of during probate
• Have a lawyer review the plan.

The heirs would have the option of accepting the timeshare from the estate, but they don't have to take it and it can be liquidated.

 

[jackio]

Please let us know how it goes. I own both a deeded Vistana property and StatOptions. Any details of your feedback experience would help me.


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You can contact exit.services@mvwc.com and give them your ownership details.

They sent me an acceptance and told me I would receive a transfer packet in the mail within 90 days. All MF's have to be up to date. The only cost would be the notary fees for signatures on our end. I am awaiting the packet.

 

[gwberg]

You can contact exit.services@mvwc.com and give them your ownership details.

They sent me an acceptance and told me I would receive a transfer packet in the mail within 90 days. All MF's have to be up to date. The only cost would be the notary fees for signatures on our end. I am awaiting the packet.

Thanks. Seems doable.


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[gwberg]

@gwberg
I'm glad you asked about the exit firms.

We don't need to know the name of the timeshare exit firm. They change their names all the time. There are hundreds (if not thousands) of them out there. The first thing they'll do is try to pit your against your wife - that is one of the "sales tactics". The couple goes in thinking they're on the same side, but the salesperson figures out what "incentive" will persuade one of them, and use that to make the sale. You obviously want to get rid of one or more timeshares, or you wouldn't attend.

You can go to Redweek to get a general idea of whether each of your timeshares has any resale value. Many must be given away. One reason is because the amount for the which the week can be rented is lower than the maintenance fees. If I can rent for $XXX why would I buy and pay more?

Place the names of your timeshares in your Profile. People who know each system can help you figure out a realistic value.

Go to the Club Wyndham topic to ask whether your Bonnet Creek has any value, or what the "real" current price is for resale.

Club Wyndham Plus

Discussion of Wyndham Destinations Timeshare Systems including Club Wyndham Plus, Wyndham Asia Pacific, Shell Vacations, Equivest, Pahio, Trendwest & Cendent

tugbbs.com

Good ideas. Thanks.


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[gwberg]

If it we me, I wouldn't. That possibly could be challenged in probate. I would:

• Name my beneficiaries in all my account where possible
• Name my beneficiaries as PoD on all other accounts
• Discuss how my beneficiaries want our property and design a trust to do that at death
• Everything else would be placed in the will (place the timeshare here) and disposed of during probate
• Have a lawyer review the plan.

The heirs would have the option of accepting the timeshare from the estate, but they don't have to take it and it can be liquidated.

Important stuff. Hate to admit it, but we don’t even have a will yet.


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[pedro47]

To the OP…Suggestions only if you received an invitation from a timeshare exit company through the mail. Please tear it up or shear it immediately before your wife can read it.

Suggestions #2, set up your telephone or cellphone to block all callers not in your telephone calling directory.

To the OP, I’m 77 years old and we own a timeshare that we can drive to in one hour. We are in the process of doing a new will. You will be surprised of have many assets you have obtain / required over fifty years.

Please do not upgrade your timeshare purchase or attend any more exit timeshare luncheons or dinners at your age.

These are my suggestions and opinions only.

My last suggestions if you do decide to go ..Do not take any cash, credit cards, debit cards or personal checks to these functions.

 

[gwberg]

To the OP…Suggestions only if you received an invitation from a timeshare exit company through the mail. Please tear it up or shear it immediately before your wife can read it.

Suggestions #2, set up your telephone or cellphone to block all callers not in your telephone calling directory.

To the OP, I’m 77 years old and we own a timeshare that we can drive to in one hour. We are in the process of doing a new will. You will be surprised of have many assets you have obtain / required over fifty years.

Please do not upgrade your timeshare purchase or attend any more exit timeshare luncheons or dinners at your age.

These are my suggestions and opinions only.

My last suggestions if you do decide to go ..Do not take any cash, credit cards, debit cards or personal checks to these functions.

What can I say? Your suggestions/opinions are so right on. Thank you.

 

[PcflEZFlng]

OP: Getting rid of Vistana weeks is likely easier than you think, and very doable. Five years ago I successfully got rid of two deeded Vistana weeks after following advice here on TUG. One of them had some value, so I listed it on Redweek and it sold pretty quickly. The other one had no value, and I successfully gave it away on TUG after Vistana said they wouldn't take it back (that sometimes does happen, or it least it did then). The process for each, from listing to closing, took approximately 90 days.

 

[LannyPC]

I do tend to accept a “money back guarantee” as valid if I trust the source.

The problem with these "money-back guarantees" is this. They will likely use the unwitting foreclosure method where they tell you to stop paying MFs and cease all communications with the resort. Then, while you're thinking that the exit company is working hard behind the scenes to get you out of your TS, all that's really happening is that your TS will eventually go into foreclosure and you will be out of your ownership. That was your eventual goal but then the exit company will claim a "success" saying that it got you out of your ownership and accomplished what you paid it to do. Hence, you are not entitled to a refund.