I'm curious if anyone has weeks where some of the names are the same and some different. Specifically looking to find direct experience as to how this actually works, esp if all enrolled. Specifically looking at the situation where most of the weeks have 2 names and a couple would have 3 total but include the original 2. I assume there would be different owner numbers for each owner and multiple club fees. Would all weeks show up on the one account for those who's name was on all weeks?
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Weeks with different names on the title
- Thread starter Dean
- Start date
Some of our weeks have me as the Primary and Sue as the Secondary owner.
Some have Sue as the Primary and me as the Secondary owner.
Where allowed, some of these then have our children (adults), as named individuals.
We do have multiple owner numbers, but thankfully and it took many months MVC made it possible for either Sue or I to manage all of our weeks from either of our main owner numbers.
Thanks Barry, I'm trying to make some final decisions on legacy choices. Considerations are a trust, changing deeds to add both adult children to all deeds, changing deeds to add one adult child to part and the other to the rest vs changing deeds to POD deeds (Lady Bird Deed). Since I may add another week or 2 over the next couple of years, I'd want to title them so as to avoid having to redo the deeds again later. I've reached out the MVC to see how a POD deed would work with our weeks but I'm assuming it would require new deeds once all primary owners were deceased though it would still avoid probate to be done with those weeks. I just can't seem to justify the trust in this situation for a number of reasons including cost and IRS requirements after all primary owners are deceased.
I've dealt with the primary vs secondary owner issue but related to one week only and I've had it corrected which was fairly easy to do so once we figured out what had happened. MVC can do this internally.
So all weeks show up under each account for you now and you can reserve them all as one string when doing the 13 month reservations? Or do they function independently? Are your weeks enrolled, and if so, do you have multiple Club Dues?
I have a trust (fully understand that is not for everyone)
Curious what IRS requirements are you concerned with ?
Curious what IRS requirements are you concerned with ?
RookWDW
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Dean,
If you do a trust (which IMO most people would benefit from having a trust anyway), the trust owns the property until all primary owners are deceased. Eventually, the trust will distribute all the assets out and terminate; usually. The trust can stay in existence and retain the deeds but that increases costs and complications every year. So eventually, new deeds would need to be recorded. In a POD deed when the life estate owners are deceased the kids just file a copy of the death certificate. No new deed is necessary. POD deeds are not recognized in many states, I think S.C. is one where it isn't recognized but I'm not 100% on that. You can also do a joint tenancy deed to achieve the similar results, except Kids would be immediate joint owners (though you will exert control over it by controlling your kids) and the property is counted in your estate for Medicaid planning. Joint tenancy deeds would also transfer to the kids without probate and you just file a copy of the death certificate.
One issue is, how will MVC view it for purposes of consolidating your weeks/points and determining your status levels.
If you do a trust (which IMO most people would benefit from having a trust anyway), the trust owns the property until all primary owners are deceased. Eventually, the trust will distribute all the assets out and terminate; usually. The trust can stay in existence and retain the deeds but that increases costs and complications every year. So eventually, new deeds would need to be recorded. In a POD deed when the life estate owners are deceased the kids just file a copy of the death certificate. No new deed is necessary. POD deeds are not recognized in many states, I think S.C. is one where it isn't recognized but I'm not 100% on that. You can also do a joint tenancy deed to achieve the similar results, except Kids would be immediate joint owners (though you will exert control over it by controlling your kids) and the property is counted in your estate for Medicaid planning. Joint tenancy deeds would also transfer to the kids without probate and you just file a copy of the death certificate.
One issue is, how will MVC view it for purposes of consolidating your weeks/points and determining your status levels.
My understanding is that once the principles die, it becomes non revokable. Also that there is a requirement to file with the IRS for any year there is income of $600 or great, translation, one rental. There is also the requirement to file a form with each state identifying the trust, I've been told but don't recall what that form is called. Our estate lawyer estimated around $4500 but up to $9K to do a trust plus the additional filings for the other states plus I think I'd have to get that filed independently. Then I'd have the cost to change the deeds either way. I'm still exploring so if you have additional information or suggestions, I'd love to hear them. I guess I could do an online simple trust since it would just be the timeshares but I am skeptical of that option and I don't want to screw it up.
You may be correct that SC does not recognize POD deeds but I believe they do recognize Life Estate deeds which I was under the impression would serve the same purpose. I also have some indications that this may have changed in 2021 though. FL does allow POD deeds now but only in the last 2-3 years (per my RE lawyer) but are not on any of the lists I've found on the internet either. I've reached out to a contact I have so I should be able to confirm this for certain for SC. We are certainly considering Joint Tenants and in reality, that is likely going to be our choice for the MVC deeds as it would give current access as an owner. rather than delayed access.
Nothing is every really simple with MVC.
Sue and I own 11 weeks in total (2 are lockoff capable, so 13 usable weeks)
Some are deeded, some are RTU
Most are enrolled, except the last 4 Club Son Antem weeks we bought Resale at very low prices.
Yes though, all the weeks show up under each account for us now and we can reserve them all as one string when doing the 13 month reservations.
And we only pay a single set of Club Dues, but at the rate for the total combined enrolled weeks.
That's great to hear Barry. I was afraid if I changed the deeds with 3 owners on each deed but part with one adult child and the rest with the other, it would totally separate them and act as 2 separate owners. You mentioned your adult children were on part of them, how does this work? Are they own any of the enrolled weeks?
I will try and do some checking
I suspect you have more weeks than I do
19 with 1 Aruba, then states of FL, HI, MO & SC.
My suspicion is correct but if I am not careful I may get there
I am looking at adding another MGO unit or maybe even two and possibly another trading unit so wanted to plan ahead. This (legacy options) is an issue I've looked at, and posted about, for a while. My decision in the past was to change the names adding both adult children to all deeds but delaying 2-3 years to make sure I could leave sufficient funds to be certain I was leaving them a blessing and not a curse. But since I am likely adding 1-3 weeks to my portfolio, I wanted to revisit the issue with the idea that I might deed those units now according to the legacy plan. I wanted to avoid any issues and was concerned that doing so would prevent the option of using the 13 month window combined with my current weeks. I was also concerned it'd make them completely separate and not integrated with my current account. I appreciate Barry's reassurance that is worked out for them as I'd hoped it would for me. But I also know it could be variable when it comes to such matters with MVC.
I'd also revisited the issue of a trust for my personal residence but since I've very recently learned that FL recently allows POD deeds, that is going to be a much better choice for our situation I believe. If I can take the home out needing probate with the POD deed and the timeshares by changing the deeds in one way or another, I'll be set. The variable then would be what our requirements would be for the timeshares if in POD or Life Estate deeds. Whether MVC would require new deeds or if not, what would be required. I've reached out to them by email but haven't heard back yet.
RookWDW
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Will MVC allow ownership through an LLC? The old standard for family shared cottages used to be a family limited liability company (or partnership before LLCs became the rage). The LLC owns all the weeks. You, your wife and all the kids are 'owners'. You can specify within the LLC agreement which person has rights to use which units and who has to contribute cash for their usage. I have no idea what MVC would think of this or how they would treat an 'owner' when they are staying since their personal name isn't the owner on the deed.
I'm not sure, I'll see what they say when they respond to the other questions. They may address this at the time.
Just an FYI
I was told by Owner Modifications today that if you make a deed change (whether it is in a trust or is just adding a name) and you have points you received from an elected week in the original account those points will not transfer
Didn't sound right but that is what I was told
You can still use those points but you would have to call in to do so
You could also transfer the points to a different Marriott account owner but not to the new account
I do not know if that info is actually correct but it is probably worth checking
I was told by Owner Modifications today that if you make a deed change (whether it is in a trust or is just adding a name) and you have points you received from an elected week in the original account those points will not transfer
Didn't sound right but that is what I was told
You can still use those points but you would have to call in to do so
You could also transfer the points to a different Marriott account owner but not to the new account
I do not know if that info is actually correct but it is probably worth checking
Thanks for the additional info.
Circling back through as I finally heard back from Marriott's Owner Modification. Their answers were that there would be multiple club fees but the weeks could be linked as long as we are primary on all weeks which would allow all weeks to be reserved as a single set. The one thing they said, that I currently believe is inaccurate, is that the weeks would have to go through Probate if POD or Life Estate deeds. I responded to question the accuracy of the Probate information as I'm being told otherwise from more reputable sources on this subject. I'm also being told that I wouldn't have to have new deeds for POD type deeds but the question still would be whether MVC would require new deeds to update the accounts or just death certificates.