What’s your plan to exit timeshares when you no longer can travel?

[csalter2]

There are many on this site who have many timeshare weeks, points or both. I’m often amazed at the quantity that some people have.

Do you intend to keep the timeshare in your family when you pass or aren’t able to travel or pass away? What is your exit plan out of your timeshares?

 

[TravelTime]

Use to enjoy. Sell when we are tired of owning.

 

[Panina]

There are many on this site who have many timeshare weeks, points or both. I’m often amazed at the quantity that some people have.

Do you intend to keep the timeshare in your family when you pass or aren’t able to travel or pass away? What is your exit plan out of your timeshares?

If someone in my family wants any they can have them but my plan is to just to find them a new home by giving most away. Most of my portfolio will be desirable to others so it shouldn’t be too hard.

Meanwhile I do not worry about what I will do with them, I just enjoy the fabulous vacations I experience with timesharing.

 

[kds4]

Our intent is to keep them in the family in the form of a vacation trust. This will enable us to preserve our ownership level (by not breaking up the weeks/points among individual kids). The requirement will be to fund the trust with sufficient monies to pay MFs into the future (accounting for anticipated increases versus the time value of money) as well as educating our children to maximize using them as we have learned to do (largely on TUG).

It is possible that we could live to see the expiration of our 50 year ownership window for our timeshare weeks (and then who knows what will happen with our weeks). I wonder if DC points have the same 50 year 'life' that weeks do? ...

 

[Dean]

There are many on this site who have many timeshare weeks, points or both. I’m often amazed at the quantity that some people have.

Do you intend to keep the timeshare in your family when you pass or aren’t able to travel or pass away? What is your exit plan out of your timeshares?

We plan to leave to our kids and may add them to the deeds even prior. But we also plan to leave them the funds to be able to handle it.

 

[aandmrun]

Our plan is to give them away to relatives who have shown an interest in them and also to educate them on the best way to plan timeshare vacations. We enjoy all our trips because we do a lot of advance planning. We mostly visit our locations every other year and trade the other years.

 

[CalGalTraveler]

If our kids are not interested we will sell or give them away. We paid $12k and $7k for each resale but they are Hawaii oceanfront (Westin), and Vegas traders, respectively that seem to have some resale popularity. Easy come, easy go.

Our developer unit which was much more expensive will be harder to stomach because it has lost much of its value. Will probably sell it because I don't want our kids burdened with the higher than average maintenance fees. Although it is not in an ideal location for our needs, we keep it because it offers a few perks that enhance the value of our resales in terms of lower fees and reservation priority that stretches our points. If the developer devalues those perks, we will sell and likely replace it with another resale with a lower MF.

 

[bogey21]

A number of years ago I set a date about 3 years in the future that I would discontinue most travel. At the same time I decided that I would not saddle my kids with my 6 Weeks and their MFs. I then opportunistlcally to begin divesting my Weeks in an orderly fashion. It took almost the entire 3 years to get the job done. My recollection is that 3 were Deed Backs; 1 was sold; and 2 were given away. During this period I either used the Weeks; rented them; or let friends use them.

George

 

[klpca]

One kid has already asked for our Quarter House unit. The other two have not expressed any interest although I think the Seapointe summer week will be appealing to someone. I am sure as we get older we will shed the other properties - all were bought resale and should be easy to give away at some point without much, if any, of a financial loss. I buy and sell weeks pretty often and at the moment we have just about the right amount.

 

[dougp26364]

There are many on this site who have many timeshare weeks, points or both. I’m often amazed at the quantity that some people have.

Do you intend to keep the timeshare in your family when you pass or aren’t able to travel or pass away? What is your exit plan out of your timeshares?

Sell what we can. Give away weeks that have no resale value. Deed back if it’s an option. Default on MF’s if there’s no other way.

To date we’ve given one timeshare away and we were able to deed back two of the others. The 2 marriott weeks and on Hilton week might have some resale value. The Spinnaker week will likely have to be given away or defaulted on. Our Breckenridge week may or may not have enough value to give away

 

[GaryDouglas]

Our daughter will gladly take our MOC units off our hands when the time comes, until then, they are our carrot and stick approach to grandkid times at Maui....

 

[CalGalTraveler]

We are in our 50s. We view our timeshares as our next stage retirement fun. We own a second vacation home in the mountains that we used when our kids our young. Our kids lost interest in going there. So we bought timeshares to have more vacations together and started AirBnB/VRBO the vacation home last year because it sat idle. It enables us to cover the property taxes, and write off insurance and maintenance which run about $15k a year. It also enables us to fund a capital reserve to renovate the kitchen and floors in the next few years.

Our plan is to eventually do a 1031 exchange of the vacation property for a rental that our kids or a renter can use for a few years closer to home. We then would move into the rental to downsize and sell our primary home to get the $500k capital gain exclusion, and then eventually sell the rental to capture another capital gain credit (if it still exists) to buy our true downsized retirement home. We expect to use the timeshares because they are a lot less hassle and work than a second home. Only problem with timeshares is that they don't allow pets whereas we can bring our dog to our rental.

Bottom line: we expect to own our timeshares for 20 - 30 years to come. If the developers devalue such that this becomes a burden we will get out and change our plans to 1031 trade our vacation home for a low maintenance vacation condo in Hawaii or elsewhere and AirBnB that out when we are not using.

 

[TravelTime]

.

 

[CalGalTraveler]

@TravelTime Ours is in Tahoe as well. It is nice to have options. If the AirBnB train gets stopped by local regulations then we will likely go to plan B sooner. I just saw a segment on CNBC about vacation rentals being outlawed in key parts of Miami.

Great to know about the Four Seasons. Will look into that.

May I ask how you are able to write off your timeshares as business expenses? We prorate nights for reimbursement from our NYC HGVC maintenance fees when we visit for business, but how would you do that for Hawaii?

 

[TravelTime]

@TravelTime Ours is in Tahoe as well. It is nice to have options. If the AirBnB train gets stopped by local regulations then we will likely go to plan B sooner. I just saw a segment on CNBC about vacation rentals being outlawed in key parts of Miami.

Great to know about the Four Seasons. Will look into that.

May I ask how you are able to write off your timeshares as business expenses? We prorate nights for reimbursement from our NYC HGVC maintenance fees when we visit for business, but how would you do that for Hawaii?

The portion of expenses used for business purposes only.

 

[Quadmaniac]

I bought resale Hawaii weeks that are in high demand, so I don't see an issue of reselling them, probably for more than I bought them for as I lucked into a couple of great deals. For my other weeks, I bought them for next to nothing, so I can give them away for free and not feel bad about it, plus I've had great trades out of them. Even if I had to pay for a year's MF to get rid of them, I think I still came out ahead with them.

 

[VacationForever]

Sell them, deedback and then abandon if all else fails. I really do not want my estate to have to deal with the timeshares if I can help it. My son is not going to be able to unravel and dispose of them. I have printed out materials from all sorts of legal sites and put them together with the binder for my estate stuff, in case I go suddenly and have not had the chance to get rid of them before I die.

 

[WinniWoman]

Sell them, deedback and then abandon if all else fails. I really do not want my estate to have to deal with the timeshares if I can help it. My son is not going to be able to unravel and dispose of them. I have printed out materials from all sorts of legal sites and put them together with the binder for my estate stuff, in case I go suddenly and have not had the chance to get rid of them before I die.

I have told our son that if we die suddenly, he is to go straight to an atty and tell him/her that he does not want the timeshares, since he cannot afford them.

But we plan to use them for many years to come and then eventually give them away if we can't deed them back to the resorts.

 

[jimf41]

My three kids all want them.

 

[MOXJO7282]

I've purposely bought only high demand Marriott TSs so I knew at the very least I could give them away but realistically I'll be able to sell for some cash.

 

[TXTortoise]

All mine are Maui OF and a Week 7 ski week. I have a stickie on our timeshare folder that’s says to call Syed and sell all. If he retires I may have to put Mox’ name on there as a go-to buyer.

 

[AlmostRetired]

Even though I have always owned a pure traders, we purchased our HHI weeks because we enjoy going when we want. We purchased two fixed weeks that are different weeks but within doors of each other so each kid (I have 2) can have/use one, My kids have enjoyed the spoils of our ownership but are clueless of the time and effort. When I discuss the timeshares passing on I try to simplify it to black and white with the following...
If you are going to plan so you can use the HH weeks we own most of the time and rent it the times you can't go, keep it. If not do not take ownership. If I am alive when you make the decision, we will figure it out. If I am not, do not take ownership of them.
The Vegas week, do not take ownership of. It is not worth the headache of learning how to use it.

One of my sons is a lawyer. If he can't figure out how to not take ownership then the money wasted for the resale purchases is nothing compare to the money wasted on his education. Joking...kind of.

 

[Bucky]

Our daughter will end up getting ours. Due to medical problems we no longer do the traveling we used to, especially outside of the US. But, years ago we drank the koolaid and listened to those that said “buy where you go”. Since Myrtle Beach is an easy 3 hr drive from home it is a perfect fit for us. We use both of our MOW weeks every year and still keep the SBP to trade (just in case). We do that because it’s MF are only $425 even after more than 12 years ownership!

 

[ekeeler]

We have a lot in common with you! We also own a mountain vacation home near Tahoe that I must say is one of the most beautiful homes I have ever experienced (and we have been in many high end homes). We have figured out how to leverage our timeshares so we can write them off as business expenses. Our annual MFs are about the same as yours. We are in our 50s like you. We are still working full time. We plan to do what you are doing to take advantage of the $500K capital gain. We like brand name timeshares because we get more space and designated views (we buy ocean views and ocean front) for a lot less than renting hotel rooms. We do not like renting on AirBNB/VRBO because we prefer owning. We may end up renting a few of our timeshares if we can’t use them but that was not the plan. BTW, Four Seasons Aviara is dog friendly. It is one of the few timeshares that is pet friendly. That is a big benefit for those of us in California who can drive with our dogs and consider our pets to be part of the family.

I would also like to look at how to leverage timeshares as a business expense.
edkeeler@comcast.net
We have several timeshares, and need to have a discussion with our two daughters as to their interest in the timeshares down the road. As some have said, perhaps finding out if other relatives or friends have an interest would be a viable solution.

 

[Anne&Jim]

I will send you a private message.

I’d like to know also, if you don’t mind.


Sent from my iPad using Tapatalk