Exit Strategy

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

If anyone from the industry . . . developers, associations, ARDA, etc. . . . is interested in a possible exit strategy for owners . . . given the tough times, increased delinquencies, increased bad debt and collections expense, and declining interest in timesharing, PM me.

[ampaholic Senior Member Find all posts View Profile Close ampaholic]

You aren't going to share with all of us - only a PM?

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

In today's mail I got a letter from a law firm proposing that we plan ahead our own personal exit strategy by recording beneficiary deeds for our timeshares, something I have already done myself for the price of recording on other property.

But, there you go, pick out someone who has been hateful to you, either real or virtually, and leave them your unwanted timeshares. Then let them deal with it.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I can imagine who you left them too.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I can imagine who you left them too.

I have it narrowed down to a half-dozen or so, and you are not outta the running.

[Presley Senior Member Find all posts View Profile Close Presley]

If we don't leave our TS to anyone, what happens? Do our heirs get stuck with them?

I wonder if we can will them back to the resorts themselves.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

If we don't leave our TS to anyone, what happens? Do our heirs get stuck with them?

I wonder if we can will them back to the resorts themselves.

We've had these discussions before. Maybe google will find a real answer.

Sure, you can leave anything to anyone, and it is theirs to deal with. No one gets stuck with anything not left to them, except in cases where a person dies intestate. You can google that, and find out how each state handles it. It's interesting.

"I leave my four cats' litter box to TonyG, and instruct my PR to not to empty it."

The resort has a claim against the estate if anything is owed, but it is unlikely that they would be notified (which they should be) by the executor/trix or Personal Representative, or that they would notice a notice.

They likely find out there is no longer anyone at the other end after the fact, when do not receive any more $$$, such as in my neighbor's case, and then if they do whatever they do, they wind up with the week back. Seems like a rather inconvenient way to get even.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

If we don't leave our TS to anyone, what happens? Do our heirs get stuck with them?

I wonder if we can will them back to the resorts themselves.

No one can force you to accept something that was left to you in a will. This question comes up fairly often here. (I really can't believe how many people think you can forcefully will a piece of property to someone when you die... Amazing!)

Kurt

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

No one can force you to accept something that was left to you in a will. This question comes up fairly often here. (I really can't believe how many people think you can forcefully will a piece of property to someone when you die... Amazing!)

Kurt

See, I told you we had talked about it before.

Yes, I am one who believes you can leave something to anyone you want, and they have to deal with, meaning they have to do what they have to do to decline it.

Add one more to my list of candidates.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I hope he gets the cat box.

[Presley Senior Member Find all posts View Profile Close Presley]

We've had these discussions before. Maybe google will find a real answer.

Sure, you can leave anything to anyone, and it is theirs to deal with. No one gets stuck with anything not left to them, except in cases where a person dies intestate. You can google that, and find out how each state handles it. It's interesting.

"I leave my four cats' litter box to TonyG, and instruct my PR to not to empty it."

The resort has a claim against the estate if anything is owed, but it is unlikely that they would be notified (which they should be) by the executor/trix or Personal Representative, or that they would notice a notice.

They likely find out there is no longer anyone at the other end after the fact, when do not receive any more $$$, such as in my neighbor's case, and then if they do whatever they do, they wind up with the week back. Seems like a rather inconvenient way to get even.

No one can force you to accept something that was left to you in a will. This question comes up fairly often here. (I really can't believe how many people think you can forcefully will a piece of property to someone when you die... Amazing!)

Kurt

I googled between these posts. PigsDad is right, although I didn't see state specific information. It looks like my kids can sign something that refuses ownership. I have no idea what happens to it after that. I suppose the developer will resell it.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I googled between these posts. PigsDad is right, although I didn't see state specific information. It looks like my kids can sign something that refuses ownership. I have no idea what happens to it after that. I suppose the developer will resell it.

We are both right.

You can leave anything you want to anyone you want, which is what I said.

They can't be forced to take it, which is what he said. (The heir has to decline/disclaim it, which is a minor hassle for them.)

Which is what we both say every time we have this discussion.

So, he can disclaim my timeshares & my cats' little box.




For tax purposes, disclaiming assets is the same as never having owned them. That's why it's important to follow the precise requirements of a qualified disclaimer. If the primary beneficiary does not follow these requirements, the property in question will be considered a personal asset that he or she has given as a taxable gift to the next beneficiary in line.

According to the IRS, the person disclaiming the asset must meet the following requirements to use a disclaimer:

•Make the disclaimer in writing
•Disclaim the asset within nine months of the death of the assets' original owner (in the case of a minor beneficiary wishing to disclaim, the disclaimer cannot take place until after the minor reaches the age of majority)
•The person disclaiming cannot have benefited from the proceeds of the disclaimed property
•The person disclaiming cannot have the assets indirectly pass to him or her
Keep in mind that the disclaimer is irrevocable; the person who disclaims the property can't come back later, after a failed business or stock market slump, for example, and reclaim those assets.



Read more: Refusing An Inheritance

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

I googled between these posts. PigsDad is right, although I didn't see state specific information. It looks like my kids can sign something that refuses ownership. I have no idea what happens to it after that. I suppose the developer will resell it.

After declining ownership it simply stays in th estate. The most likely course after that is for the executor of the estate to offer it back to the resort, letting them know that otherwise the property will be abandoned. If the resort doesn't take it back, the executor then does whatever is necessary for the estate to abandon the property - most likely that means petitioning the court for permission to abandon the property so that the probate case can be settled and closed.

Otherwise, at some point some entity to whom money is paid -most likely the homeowners association but it could be the county if taxes are billed directly to the timeshare owner - will foreclose. The trouble with that route is that it would leave the probate open for as long it takes for the foreclosure to occur, which could take years.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

See, I told you we had talked about it before.

Yes, I am one who believes you can leave something to anyone you want, and they have to deal with, meaning they have to do what they have to do to decline it.

Add one more to my list of candidates.

I am quite positive that I would not have to do much to "refuse" any trinket you left me in your will. That letter would go to the round file very quickly. But feel free to leave something to "Kurt in Colorado".

Kurt

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I am quite positive that I would not have to do much to "refuse" any trinket you left me in your will. That letter would go to the round file very quickly. But feel free to leave something to "Kurt in Colorado".

Kurt

Moving up the list.

Three Colorado timeshares and one litter box.