Deej82
TUG Member
Good morning. Appreciate some advice in advance. I know folks have all different arrangements for passing on timeshare ownerships, depending on financial, family politics etc. My wife and I are owners, as are my parents. My brother is getting married this year but a little behind us in age and career position. We are Chairmans Club owners, and my parents are Executive. Two of their original weeks also have my name on the deed, so they contributed to our status level as well. And I sometimes book/rent them out for them so it's been convenient for us. They own several other weeks/points with just their names. Now they are trying to figure if they should be moving all of their weeks into a Trust for long-term convenience/organization. We all get along, and do enjoy family vacations together.. so pooling our points/weeks and trading inside the family have served us well. My initial thoughts would be push all of their ownership into a trust to maintain ownership status level (while keeping my name on the two weeks so we don't drop below CC), and probably I would coordinate with my brother and his family on what they want to do each year (aka family travel agent), maintenance fees etc. If someone is short on cash for some reason, then I can always rent weeks out to cover.. but ownership of their units would stay with the trust.
Looking for any advice if the trust is the way to go for them... they are going to work with their attorney but specific ups and downs would be nice to hear from other owners. Any best practices etc.. Hopefully not a time-urgent matter but something they have been thinking about..
Thanks in advance for your advice!
Looking for any advice if the trust is the way to go for them... they are going to work with their attorney but specific ups and downs would be nice to hear from other owners. Any best practices etc.. Hopefully not a time-urgent matter but something they have been thinking about..
Thanks in advance for your advice!