EXIT Strategy- Death, Disability, Desire…..

[Nolathyme]

Moderation Note: [Poll was added 2/16/2012 to the original OP's thread. Feel free to indicate your response to the questions within the poll and also please feel free to elaborate, comment, or discuss the subject by adding to the discussion below.]

This question is for those of you who enjoy your timeshare(s) and plan on using it (them) for the foreseeable future (like me).

What is your exit strategy when you no longer want to own your timeshare?

1) I am leaving it to my descendants in my will (and they are eager to accept it).
2) I am leaving it to my descendants in my will (and they don’t have a clue that I am doing this).
3) I’ll deal with it in 20-30 years when my relatives or I no longer may want it.
4) I’m planning on selling it in 5 to 10 years when the market turns around.
5) I'll die and let my spouse deal with.
6) Other

 

[KarenP]

Before the economy slid, I sold two timeshares for what I paid for them (resale, of course). I gave away a SA timeshare two years ago after having purchased it for very little when the SA craze started and paying very little in maintenance fees over the years, but getting great trades. I bought my Marriott two years ago on ebay and will probably either sell it on ebay or give it away if and when I decide I don't want it any more. I think the trick is to enjoy timeshares as vacations and not try to make a profit on the sale or really even try to come out even when it's time to sell/give away.

 

[ronparise]

My plan is to own this stuff until I cant use it anymore...at that point Ill try to sell or give it away. (to my heirs if they want it but thats unlikely)

If I get run over by a bus, and dont have time for an orderly liquidation, my estate will be stuck....but I have planned for that possibility as well. Its not a good plan, but it is a plan. I dont own anything that will be subject to probate except debt and timeshares....Anything worth anything is in a trust or held jointly with rights of suvivorship....I expect the timeshares will be dumped back to the HOA' s whether they like it or not

 

[ampaholic]

My plan is to own this stuff until I cant use it anymore...at that point Ill try to sell or give it away. (to my heirs if they want it but thats unlikely)

If I get run over by a bus, and dont have time for an orderly liquidation, my estate will be stuck....but I have planned for that possibility as well. Its not a good plan, but it is a plan. I dont own anything that will be subject to probate except debt and timeshares....Anything worth anything is in a trust or held jointly with rights of suvivorship....I expect the timeshares will be dumped back to the HOA' s whether they like it or not

Yep, that's my plan as well

 

[1950bing]

This is a question that I have said for a long time now that needs to be asked BEFORE you sign to BUY. Have a plan !

 

[Ridewithme38]

If you plan on abandoning it into an estate with no assets once you die....Are YOU then a viking ship?

 

[Passepartout]

Good question. So far, it's: 2 timeshares/2 grown kids who theoretically want them. If not, there's enough in my estate to either carry them or the PR can liquidate them. As we age and I become more decrepit that I already am, hopefully I will have the foresight to sell or give 'em away before I achieve room temperature.

In the run over by a bus or drop dead scenario, see the 3rd sentence above.

Jim

 

[DeniseM]

If you plan on abandoning it into an estate with no assets once you die....Are YOU then a viking ship?

No, a "viking ship," is an LLC that is set up for the purpose of 1) accepting timeshares from owners for a high upfront fee, 2) going bankrupt, and 3) abandoning the timeshares and creating a huge legal problem for the HOA and remaining owners. It's illegal.

Ride - Before you go off on another tear here, I recommend that you seriously consider the last warning I gave you.

 

[heathpack]

My plan is sell the DVC, give the SBP away, and either sell or give away the Hyatt.

I suppose if a relative wants any of them, I'd give any of the timeshares to a him/her when I am done.

Never considered the possibility of getting hit by a bus, that scenario does present a problem, Mr. H knows very little about the timeshares and he is slightly afraid of them.

H

 

[Ridewithme38]

No, a "viking ship," is an LLC that is set up for the purpose of 1) accepting timeshares from owners for a high upfront fee, 2) going bankrupt, and 3) abandoning the timeshares and creating a huge legal problem for the HOA and remaining owners. It's illegal.

Beyond the "High upfront cost" Which is actually part of the PCC model and not the Viking Ship model....it sounds like the same process

A Timeshare is put into an LLC, Estate, Trust with no Assets, specifically for the reason to be abandoned, creating huge legal problem for the HOA/POA/BOD and remaining owners

Obviously in the case of a sudden death, this isn't something that will be pre-determined...BUT, when you are doing it for future planning, isn't it better to sell then to stoop to the same levels as the PCCs(Without the fees?)

This is an honest comparison Denise, it shouldn't break any rules

 

[Ridewithme38]

MY EXIT PLAN:

I'm only 31 now, so i'm picturing decades and decades of more travel...HOPEFULLY, when i am unable to travel anymore, i will be beyond the point of worrying about my credit, will own my home outright, be retired, living on my 401k, social security and a small pension....In this vision i'm about 85-90(i plan to live to 97) when travel is no longer feasible

So basically, i'm just going to stop paying...Hopefully i won't need credit at that point

 

[GregT]

Regarding the Bus scenario, I gave my wife Dioxide45's and PuckmanFL's contact info, figuring they can assist her in blowing out whatever she doesn't want to keep.

(Sorry guys....maybe I should have mentioned this to you???? )

Regarding the long term strategy, I believe my kids will want the Maui units and the other stuff will get liquidated unless someone shows an interest...

Best,

Greg

 

[Ridewithme38]

Regarding the Bus scenario, I gave my wife Dioxide45's and PuckmanFL's contact info, figuring they can assist her in blowing out whatever she doesn't want to keep.

(Sorry guys....maybe I should have mentioned this to you???? )

Regarding the long term strategy, I believe my kids will want the Maui units and the other stuff will get liquidated unless someone shows an interest...

Best,

Greg

Do the kids and/or the wife know how to liquidate the TS's in the event you pass?

 

[DeniseM]

It is not the same -
1) The Viking Ship model is ILLEGAL
2) Per the attorneys on this forum, the Viking Ship LLC creates additional legal problems that make it more costly for the HOA to reacquire the deed.
3) Before they get caught, a Viking Ship may abandon hundreds or thousands of timeshare deeds.

I am not defending any particular method of estate planning - nor do I know what the best exit strategy is, but since the LLC operators are scammers who are violating the law, no, you cannot compare them to an individual owner's estate plan.

Your on-going support of this scam makes you look like a shill, or at the very least, irresponsible.

 

[Ridewithme38]

It's Valentines day so for DeniseM, i will give you the gift of me laying off the posting for today

Happy Valentines Day DeniseM​

 

[DanM]

I am down to two holiday ski weeks that should be possible to give away free to people on the resort's waiting list. My kids ski, and 'grew up' taking timeshare ski vacations, so they could keep them or give them away. If I ever acquire another timeshare, it will only be a week 26-33 beach week with low maintenance and similar demand.
Bottom line is that while it may not be good for the timeshare industry in general, I would think every TUG member/owner, whether they are 30 or 90 years old, should be thinking about limiting their portfolio to the most valuable/giveable weeks now. Owning blue or white weeks or anything but brilliant red is just dumb whether you are living or dying.

 

[mlpmd56]

First of all, Denise I admire and respect you and I would not have your position here for love or money.......you do a great job trying to herd cats.
Anyway, I love this forum and owe most of my timeshare knowledge to the folks here. Thanks!
And you make me laugh!
Ron Parise--Hoping you DON'T get run over by a bus, but I understand the sentiment.
Jim Passepartout--Love the room temp comment--have you been watching CSI?
Heathpack--My husband also is clueless and slightly afraid of the whole timeshare scene--glad I'm not the only one with a spouse who loves the vacations but leaves all the conniving and arranging to me. I actually enjoy the "game."
My will states that if my husband and I are killed together, my timeshares actually go to a not for profit that benefits animals. I have instructions to them to sell on ebay, or use in their auctions to get as much money as they can out of them. Since all of mine are in Hawaii, hopefully they can get a little bit out of them to benefit a cause I believe in.
Marcy

 

[ampaholic]

Don't know about you guys but this auction has me reconsidering my strategy.

It is at $1.00 and appears to be for week 43 and 44 for unit G11 - isn't G11 a third floor OCEAN FRONT - what a view!!

How did a PCC get this? What am I missing, are weeks 43 and/or 44 really awful?

 

[DeniseM]

Don't know about you guys but this auction has me reconsidering my strategy.

It is at $1.00 and appears to be for week 43 and 44 for unit G11 - isn't G11 a third floor OCEAN FRONT - what a view!!

How did a PCC get this? What am I missing, are weeks 43 and/or 44 really awful?

It is a floating week - the weeks on the deed are for recording purposes only.

Kauai does not have the demand that other islands have, and KBV isn't well-known, so it doesn't command high resale prices.

 

[presley]

I hope to use and enjoy mine for many years. In the event that my husband or I get a long term illness, I will do whatever I need to do to get rid of them. If either of my kids truly want any, and can deal with the annual dues, I will transfer to them.

Bus scenario is the scariest. I am keeping folders for each TS that explains what they are, how to use, etc. Hopefully, someone in my family will be able to figure out what to do with them.

 

[aandmrun]

We have two adult daughters who have seen how much fun my husband and I have planning and taking our timeshare vacations. When they become "empty nesters" I would hope that they will want the timeshares so they can enjoy more trips. If not, I will give to someone who wants them and will use them. Currently I occasionally give guest certificates to them for vacations, but they have to work around children and spouse schedules. It will be easier for them when their kids are adults. It won't be long now, they are either approaching the teen years or in the teen years. We also take the grandchildren on trips during their school vacations, so they know all about timeshares already.

 

[hypnotiq]

Don't know about you guys but this auction has me reconsidering my strategy.

It is at $1.00 and appears to be for week 43 and 44 for unit G11 - isn't G11 a third floor OCEAN FRONT - what a view!!

How did a PCC get this? What am I missing, are weeks 43 and/or 44 really awful?

Id be all over it...if it were a single week.

 

[cinco777]

Should I put a new timeshare in a Family Trust?

Is the general recommendation of experienced TUGers NOT to put a new timeshare in a family trust? I am in the process of purchasing a resale timeshare and was planning on having the deed show the Trust as owner. It appears from the postings above that this would be a bad idea.

 

[rrlongwell]

Is the general recommendation of experienced TUGers NOT to put a new timeshare in a family trust? I am in the process of purchasing a resale timeshare and was planning on having the deed show the Trust as owner. It appears from the postings above that this would be a bad idea.

If the intent is to not defraud, I absolutly would due this or an LLC. That way, the timeshare does not need to be probated. Have an Attorney do this and make sure the attorney lists all possable users of the timeshare share or you will get stuck with guest passes (assuming this is a Wyndham Vacation Resorts resort).

 

[ronparise]

Don't know about you guys but this auction has me reconsidering my strategy.

It is at $1.00 and appears to be for week 43 and 44 for unit G11 - isn't G11 a third floor OCEAN FRONT - what a view!!

How did a PCC get this? What am I missing, are weeks 43 and/or 44 really awful?

I disagree with Denise on this...The PCC didnt get this because the resort is worthless, they got it because the owner was clueless, and was taken advantage of.

Even if this resort is less than desirable, the weeks can be converted to Wyndham points 650000 at $470/1000 points mf...thats desirable, even if the resort isnt


This will convert to 650000 wyndham points (conversion fee about $3100)