EXIT Strategy- Death, Disability, Desire…..

[ronparise]

It's a coming mess.

I don't want to be 'Chicken Licken' crying that the sky is falling, but planning is far better than just ignoring the inevitable and putting the decision on our kids and kin.

Jim

No doubt advance planning is the answer, just be sure part of your plan deals with the possibility that you will die before the plan is put into effect...ie what happens if you get run over by a bus tomorrow

 

[DeniseM]

Can someone confirm whether simply "leaving" to the HOA satisfies the requirement of not burdening decedents and avoiding foreclosure. ?

My understanding is that no one can be forced to accept inherited property, but it might be the cheapest route for the HOA, so they might be inclined to accept it?

 

[riverdees05]

I am starting to develop a plan, but will probably start trying to sell or giving away timeshares within the next couple years. My goal will be to sell or give away one per year. Children and Grandchildren will have first option, then I will open it up to TUG, etc. My wife has no clue on how to work the timeshare systems so I will need to be rid of them before we can't use them anymore.

 

[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?

Running out of time. Its only got 4 hours left...

 

[ronparise]

Ron - Most of the weeks at this resort don't have points. The resort was completely sold out before Wyndham bought it out and only a small number of owners have converted to Wyndham, because Wyndham requires you to buy a full price unit from Wyndham to join. We were quoted $18,000 minimum to join Wyndham. Before Wyndham bought it, it was part of a small timeshare group on Kauai - Pahio.

QUOTE]

Spoke to a person in Wyndham corporate sales and I think I got the answer ...as I should have known, Denise is always right.... Hawaii is different...

For what Ride and I own, fixed and floating weeks in Williamsburg and New Orleans, Wyndham will either convert to points with a retail purchase, or they will convert to points for a fee

The Hawaii fixed and floating weeks are different...There they insist on a new retail purchase....Probably because they know that you folks that own in Hawaii must have big bucks and of course they would rather have some of that money in the Wyndham coffers than leave it in yours

 

[Gophesjo]

QUOTE]

Spoke to a person in Wyndham corporate sales and I think I got the answer ...as I should have known, Denise is always right.... [/QUOTE]

Just because Denise is always right, which yes, we do know is true, that still doesn't mean we have to agree with her!

 

[DeniseM]

NEW TUG RULES:

1) Denise is always right
2) When Denise is wrong, see rule #1



BTW - I am NOT always right - on TUG or anywhere else - just ask my husband!

 

[ronparise]

....Yes Dear
from now on Ill treat you just like my wife...she has the same set of rules



Actually the only mistake I have made is that I thought I was wrong once, but I was mistaken


now to get back on topic...have you noticed that most of us are not planning, except to say we will deal with the question later

Tuggers on Vacation

 

[DeniseM]

from now on Ill treat you just like my wife...she has the same set of rules

....Yes Dear

Ron - can I be your TUG wife? :hysterical:

(You know, like the "office wife.")

 

[ronparise]

If you dont mind a little bigamy...Ive already promised myself to another (but she dosent know I exist)

 

[Gophesjo]

Since I am learning how to always be right from you two, will you adopt me??? (but I don't want to inherit your timeshares, since I don't like Hawaii or New Orleans!)

 

[Htoo0]

I had to pick 'other'. In 'other' words, we've warned our heirs it will probably not
be in their best interest to accept our T/S and indeed we don't even address it in the event of our deaths. I believe our estate is pretty well protected from any action the resort may take so that should be that as far as we're concerned.

 

[riverdees05]

Htoo0,

If you don't mind sharing, how does one protect their estate from the restor(s)? I may need to include that in my plan if unable to sell or give away all our timeshares before that event.

 

[am1]

Spoke to a person in Wyndham corporate sales and I think I got the answer ...as I should have known, Denise is always right.... Hawaii is different...

For what Ride and I own, fixed and floating weeks in Williamsburg and New Orleans, Wyndham will either convert to points with a retail purchase, or they will convert to points for a fee

The Hawaii fixed and floating weeks are different...There they insist on a new retail purchase....Probably because they know that you folks that own in Hawaii must have big bucks and of course they would rather have some of that money in the Wyndham coffers than leave it in yours[/QUOTE]

18 months ago when I was looking into it Corporate Direct said a conversion without purchasing points was possible.

 

[ronparise]

Htoo0,

If you don't mind sharing, how does one protect their estate from the restor(s)? I may need to include that in my plan if unable to sell or give away all our timeshares before that event.

either put the timeshares into a trust or corporate ownership.....or do that with everything else

I own the timeshares and any debt I have is personal...anything of any value is held in joint tenancy or in a trust to bypass probate...

my estate will only have timeshares and debt

 

[Nolathyme]

either put the timeshares into a trust or corporate ownership.....or do that with everything else

I own the timeshares and any debt I have is personal...anything of any value is held in joint tenancy or in a trust to bypass probate...

my estate will only have timeshares and debt

Timeshares and debt, sounds like this could be packaged as an investment. I wonder what kind of returns that would provide.

 

[SOS8260456]

The one thing I find curious is that we are raising our children on the timeshare lifestyle. They love the various resorts, etc. I know they probably won't be able to travel as much as we do now and I know that they probably won't want to get into renting. But I do hope that they still want to do family vacations with their own families. So, why do so many children not want the timeshares? Is it because they may have already purchased their own? or have we timeshared them out, so that they are going to the other extreme of just wanting to hunker down home?

Just curious.

Lisa from PA

 

[Ridewithme38]

The one thing I find curious is that we are raising our children on the timeshare lifestyle. They love the various resorts, etc. I know they probably won't be able to travel as much as we do now and I know that they probably won't want to get into renting. But I do hope that they still want to do family vacations with their own families. So, why do so many children not want the timeshares?
Just curious.

Lisa from PA

i figure an average of 6% increase in MF's a year, if that holds true for my two Timeshares, when my daughter is 21(15 years from now) the MF's will be $2,557.89 and $1,955.59 and this doesn't include the Special Assessments to keep the resorts up to date....this is a bill that she will be saddled with for the rest of her life...Figure she lives to 80, that's $79,602.72 and $60,858.87 PER YEAR that she'll be paying at 80

 

[Nolathyme]

i figure an average of 6% increase in MF's a year, if that holds true for my two Timeshares, when my daughter is 21(15 years from now) the MF's will be $2,557.89 and $1,955.59 and this doesn't include the Special Assessments to keep the resorts up to date....this is a bill that she will be saddled with for the rest of her life...Figure she lives to 80, that's $79,602.72 and $60,858.87 PER YEAR that she'll be paying at 80

To summarize and add to what has been mentioned in the past.

Maintenance fees do not have to increase 6% per year. Look at the price of hotel rooms over the last 10 years, they haven't increased as much. Some timeshare resorts have had minimal increases over the last 10 years.

Many of the developer managed resorts increased their fees during the early 2000's when the economy was inflated and people were overspending. When the economy tanked they had less revenue , fewer new sales, fewer rentals, etc. , to maintain their profit margin they had to continue to raise the maintenance fees (IMO).

Timeshares in good locations during the right time period will always have value.

It's the ability of taking a B or C level timeshare and swapping for an A level that got people to buy in. Now it is easy for the big companies to advertise on travel sites and rent out those A level units.

People can rent for less than maintenance fees.

What to do?

In general - Keep your prime fixed week units. Once you trade your fixed week , it may/will vanish in a pot of goulash.

Deposit with other companies besides RCI. If I don't sell my lockoff unit , I'm going to seriously look at TPI, Platinum and SFX.

Go the non-profit route.

Credit Unions are to Banks as TUG is to RCI.

Any plans for TUG to beef up their exchange program? TUG3.net?

 

[Htoo0]

Htoo0,

If you don't mind sharing, how does one protect their estate from the restor(s)? I may need to include that in my plan if unable to sell or give away all our timeshares before that event.

What Ron said... but I'm not a genius or an attorney. However, when we completed a trust we explained what we wanted and our attorney said this should do it as long as our heirs refuse to accept the timeshare. No one has to accept an inheritance or any part of it as I understand it. BTW, this was recently discussed on our t/s forum and word is the association doesn't try to pursue collections in such a case. Can't say all timeshares are alike.