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Switching timeshare ownership from one LLC to another- Any tips?

RosieHope

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Hello,
We have been long term timeshare owners as a family- parents and sisters. Parents have now passed, and each sister wants their own TS to be held in separate ownership (either individual or separate LLC), each has been a member/owner of the original LLC
What is the easiest way to get this done? Need attorneys?
We know that it could be better to keep as one for status etc....just not working with family dynamics
 

vacationtime1

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WKV x2 (Scottsdale)
Many resorts will not accept ownership transfers into LLC's for fear of those LLC's being abandoned and MF's being unpaid (the Viking ship issue).

So your inquiry needs to start with whether the resorts your parents owned will accept transfers into LLC's.
 

RosieHope

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Many resorts will not accept ownership transfers into LLC's for fear of those LLC's being abandoned and MF's being unpaid (the Viking ship issue).

So your inquiry needs to start with whether the resorts your parents owned will accept transfers into LLC's.
Thanks Robert,
The ownership transfer could be "out of" the LLC to individual also. Each family member is part owner of the current LLC
 

goaliedave

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When you're selling, whether to a stranger or family or corporation you always need a contract. LT Transfers provides a good not great one or use a lawyer.

Sure you need to sell? Just windup the corp and distribute the assets ie timeshares, to shareholders. Then it's up to them to put it in a corporation and fight with the developer if they so choose.

I had my SVV in a LLC, then bought a Sheraton in Arizona cheap in 2008 recession, eventually gave that one to my sister 2010 free no hassles, Sheraton had an easy family transfer option.
 

Patri

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Hello,
We have been long term timeshare owners as a family- parents and sisters. Parents have now passed, and each sister wants their own TS to be held in separate ownership (either individual or separate LLC), each has been a member/owner of the original LLC
What is the easiest way to get this done? Need attorneys?
We know that it could be better to keep as one for status etc....just not working with family dynamics
I think it’s a good idea to take care of this now. It would be messier with the next generation.
 

RosieHope

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When you're selling, whether to a stranger or family or corporation you always need a contract. LT Transfers provides a good not great one or use a lawyer.

Sure you need to sell? Just windup the corp and distribute the assets ie timeshares, to shareholders. Then it's up to them to put it in a corporation and fight with the developer if they so choose.

I had my SVV in a LLC, then bought a Sheraton in Arizona cheap in 2008 recession, eventually gave that one to my sister 2010 free no hassles, Sheraton had an easy family transfer option.
Thank You!
I just looked up LT Transfers.
This transaction is from a family owned llc with 5 members transferring all assets to the remaining 3 members as individuals or separate LLC
It is just too complicated, now that there are grown grandchildren involved- two different points systems with Marriott and Vistana (although that is getting easier), some want Bonvoy Points, some prefer using the timeshares etc...
I appreciate your input!
 
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