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

[oldxr]

I am 58 and have 15 years left on my unit in Cabo.That probably will work out about right .But I see timeshares for sale on here and I would guess that some were part on an inheretance that is no longer wanted.

 

[terrygee]

Default.
It's on St Thomas.. no more use to me or value anymore.
Fortunately I don't need credit for anything anymore and don't give a hoot what happens.

 

[BigRedOne]

Interesting tread, never really thought about this. I will be retiring next year and definitely will not continue my RCI membership because it has just gotten too expensive. I have had my TS for around 30 years and have had wonderful trades but haven’t really used my home resort in Branson much. I plan on just going to Branson every year (only a two-hour drive) until I can't travel any more then give it away; to my kids if any of them want it. My resort is on Lake Tanycomo where there is great trout fishing.

 

[clifffaith]

Give our Diamond Hawaii Collection points to anyone who wants them, or pay DR $250 to take them back. That will happen sooner rather than later. When Cliff dies (he's 80, I'm 62) I'll have to wrestle with selling all of our 44,000 Worldmark points vs keeping a small portion for myself and selling the rest.

 

[deslagle]

I just got done giving back 2 Shell Vacation Club properties that are Wyndham. We got so tired of phone calls telling us we had to buy into Wyndham to fully use our properties with Shell.
Wyndham time share presentations have typically taken 2 & 1/2 hours to say "NO"!
I see our Raintree Vacation Club property is managed by Wyndham at two locations we have visited (Birch Bay & Miners Club). They are taking over in time.
I have 6 properties and all are every other year. So essentially 3 a year.
My daughter, who can financially use them and pay the maintenance fees, wants both the Hacienda Tres Rios and the Windjammer Landing Villas. Both are all inclusive.
She has never visited the Morritts Londoner but we suspect she may want that one also. The Londoner is a well decorated 2 bedroom with interior design by Mimi Morritts, herself.
The Raintree Vacation Club will eventually be controlled by Wyndham and can be given back (Miners Club in Park City) or sold.
I have sold and bought timeshares off redweek.com and TUG. I can deed back my Maui and Kauai timeshares if I can not sell them.
The key is to price them below what others are charging if you really want to sell them as one ages out of timeshare travel (Via Redweek or TUG). Better some money for our timeshares then just to
give them back. I never paid full price for any timeshare and most I got in 2008-2009 (reshuffled) when the re-sale was very cheap.
We have 8-10 years remaining for timesharing, we guess, unless health changes. We also realize that on fixed incomes and savings we can not incur huge airline price increases over the next 10 years and the increasing maintenance fees. If all else fails and the resorts refuse to take them back, there is the "No Reserve" ebay auction action that can be taken.
I also am a member of Timesharing Today magazine and can sell them there. Pricing competitively is always the way to sell them.

 

[Tucsonadventurer]

My kids want ours and my sister is buying a resale week where we own so we are hoping that my sister will also leave hers to my niece and nephew and then the cousins can vacation together as they all live in different states.

 

[Oldbaba13]

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

We own two timeshares in Mexico and cannot utilize them much any more. Since it is almost impossible to sell, I would like to know HOW DO YOU GIVE TIMESHARE AWAY?

 

[Mamianka]

We are both 68, retired from teaching in our fifties, but still teach privately and play professionally (classical musicians). We bought a pre-build Grand Chateau like babes in the woods in 2004 - since, we mostly traded it out for Florida in the winter or several other really nice spots - no more than a dozen of the whole stable, but one visit to LV had us come home with a resale in Ft. Lauderdale, EOY. All in (with the 3 grand trading upgrade around 2000?) we are in for 19,900 plus 13,900 plus 3,000 - let's say 37,000. With fees over the years - add maybe another 30,000 on that. We have had a lot of nice vacations - but now wish to travel to other places and have other experiences. Adult son(38) and DIL - no grandkids - want no part of this. So as stated above - we will try to sell them (buyer picks up fees) hand then back to Marriott - or just tell them we are defaulting. Do not care about our credit rating - will not be borrowing a stick of gum before we check out. I will ask my younger friends if we can give them a *gift* - wonder if there is a charity that can take these (doubt that . . ) but this *gift* is like giving folks a large messy Italian Mastiff that drool on everything - gee, thank for the expense and inconvenience in maintaining this! If there was a Make A Wish, Veterans, or any other organization that would pick these up, and use them among their clients, I would gladly hand ours over - we want to have clean hand in 2 years. Not a question of money here - we just want our freedom to do other things. If someone finds a really god outfit that we can all just HAND our unwanted places to, and they will use it for GOOD, not profit (OK, run an honest biz if they want . . ) then fine. we just will be gone in 2021. All exit ideas welcomed, folks.

 

[VacationForever]

We are both 68, retired from teaching in our fifties, but still teach privately and play professionally (classical musicians). We bought a pre-build Grand Chateau like babes in the woods in 2004 - since, we mostly traded it out for Florida in the winter or several other really nice spots - no more than a dozen of the whole stable, but one visit to LV had us come home with a resale in Ft. Lauderdale, EOY. All in (with the 3 grand trading upgrade around 2000?) we are in for 19,900 plus 13,900 plus 3,000 - let's say 37,000. With fees over the years - add maybe another 30,000 on that. We have had a lot of nice vacations - but now wish to travel to other places and have other experiences. Adult son(38) and DIL - no grandkids - want no part of this. So as stated above - we will try to sell them (buyer picks up fees) hand then back to Marriott - or just tell them we are defaulting. Do not care about our credit rating - will not be borrowing a stick of gum before we check out. I will ask my younger friends if we can give them a *gift* - wonder if there is a charity that can take these (doubt that . . ) but this *gift* is like giving folks a large messy Italian Mastiff that drool on everything - gee, thank for the expense and inconvenience in maintaining this! If there was a Make A Wish, Veterans, or any other organization that would pick these up, and use them among their clients, I would gladly hand ours over - we want to have clean hand in 2 years. Not a question of money here - we just want our freedom to do other things. If someone finds a really god outfit that we can all just HAND our unwanted places to, and they will use it for GOOD, not profit (OK, run an honest biz if they want . . ) then fine. we just will be gone in 2021. All exit ideas welcomed, folks.

Sounds like you own Marriott properties? Just give them a call, I believe they do take back deeds as long as there is no loan or money owing on them.

 

[turkel]

Why give them to Marriott to resell? Every Marriott given away on TUG has had an immediate taker that I have seen. The Grand Chateau is platinum if a 2 bedroom you may get about 2k for it if your patient. If you just wanna wash your hands of it ask the buyer to pay closing and fees. The Ft. Lauderdale if platinum may get a few $$ as well. You could post them both on e Bay with no reserve and see what you can get. Buyer paying fees again.

All this is of course based on there being no loans.

 

[stumahlin]

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

We're selling them, albeit slowly, one by one. When we need a week here or there, it's very easy to rent (and often less expensive than maintenance was). And we've given our two sons, our estate planning attorney, and our trust officer detailed instructions on how to get rid of them if we end up leaving some behind.

 

[Germanyboy]

We travel two or three weeks a year with our daughter her husband and our two granddaughters. We have 1.1 million Wyndham points and they are very much interested in keeping them in the family;we have already put it into a trust to go to her. And a couple more years will start transferring her name on to the deeds.

 

[stumahlin]

RE: dougp26364 said: ↑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. The Spinnaker week will likely have to be given away or defaulted on.

We ponied up a few grand to Spinnaker for their "vacation club." They took back our totally worthless week in Hilton Head (we signed a quit claim deed) and the "club" can be abandoned by us or our sons anytime during the 20-year life of said "club." We rationalized the expense for the "club" as a part of our completely-overhauled estate plan.

 

[skimeup]

Interesting thread. My understanding is that no one has to inherit anything she doesn't want. So if I knock off and still own my ts, can't my kids just refuse to take them? (Of course, I'll try to get rid of them if I have to stop traveling, but if the unexpected happens?)

 

[Thomfam]

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


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Add me to your list . Thanks, Patti
thom500@aol.com

 

[Larry M]

i have a fixed week at Edisto Island Ocean Ridge. Not Wyndham, a small independent organization with 15-20 units. I paid $1500 for the unit. Maintenance has increased every year. I've let my son's family use it for the last 5 years. The agreement expires in 2026 and my guess is that they will not get the signatures to renew the agreement. I'll take the money and run.

 

[gctippett]

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


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I also would like to have some information on this topic.... as I do my own taxes and this is of high interest.

 

[VacationForever]

I also would like to have some information on this topic.... as I do my own taxes and this is of high interest.

I would suggest talking to your CPA to make sure suggested business write offs will hold up in an audit.

 

[Fasttr]

Interesting thread. My understanding is that no one has to inherit anything she doesn't want. So if I knock off and still own my ts, can't my kids just refuse to take them? (Of course, I'll try to get rid of them if I have to stop traveling, but if the unexpected happens?)

Yes, your kids could disclaim the timeshare inheritance if they so choose to.

 

[Dean]

Interesting thread. My understanding is that no one has to inherit anything she doesn't want. So if I knock off and still own my ts, can't my kids just refuse to take them? (Of course, I'll try to get rid of them if I have to stop traveling, but if the unexpected happens?)

That's true but the estate is still responsible and thus it cannot clear probate. The executor would have to dispose of them in some way or ask a judge to legally remove them from the estate. I'm told they will often do so but generally at a year or more of trying to dispose of them.

I also would like to have some information on this topic.... as I do my own taxes and this is of high interest.

You should consult a tax CPA or lawyer but here are a few thoughts. If you rent or offer for rent, you can't deduct as a business expense. Otherwise if you actually use it for true business you can deduct a portion for that year based on the % of business vs personal use. I'm told that "rental" to family doesn't count as a rental legally but who knows. I think writing off the traditional trip to check on the timeshare like many condo owners do is about 99% impossible to do. And the 15 days free rental as a condo is almost impossible to qualify for but theoretically possible in very limited circumstances. I also believe that timeshare deductions, even if one technically qualifies, are going to increase the risk of an audit. Other than real estate taxes, I'd tread lightly.

 

[tugboat89]

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?

 

[tugboat89]

Yes, your kids could disclaim the timeshare inheritance if they so choose to.

We have 19 weeks and have owned them for about 25 years. We have been done over 200 exchanges with RCI (who we don't really like) others with several other exchange companies, (our favorite is Platinum Interchange - but small inventory) we decided to buy in at a deeded fractional share (2 units 1/6 interest) on the coast of Washington State - Surfcrest Resort. 17 of our weeks are there. We still have low fees. About $350 per week. We also have gone to our resort some. We decided to buy in instead of buying long term care insurance. So fare art has worked out good for us. Much for fun!!! We give weeks to our local charities for their annual auction even though not tax deductible. Last auction brought $1,200 for a week that i booked in Arizona. With exchange fees it cost us out of pocket about$500. Great for us and great for the charity. We also give weeks to our best friends. Very satisfying!!! Our three daughters and our grandson use the weeks as well. We will leave them in a trust for the use of the kids and we will put enough assets in the trust to fund the maintenance fees. We have enjoyed the heck out of it!! We would never have done as much travel as we have done. The pressure of the weeks going unused has force us to travel more. I will be 80 very soon and we are slowing down but still happy about being a timeshare owner. Tugboat 89

 

[Caligirlfrtx]

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 need to learn how to write our Timeshares off as business expense. Any tips?

 

[VacationForever]

I need to learn how to write our Timeshares off as business expense. Any tips?

Ask your CPA. I highly suspect the answer is no and it won't stand up in an audit if you do so.

 

[Caligirlfrtx]

Ask your CPA. I highly suspect the answer is no and it won't stand up in an audit if you do so.

I was considering sending my employees on vacation using my units. I will speak with my accountant.