Oh, RATS! Timeshare inheritance.

[kent]

We just learned that in addition to some additional snowflake money, my wife also has an option of taking one of two timeshare units as a partial offset to some other cash in the estate.

Crap! The only good timeshare is a dead timeshare IMO

So the way things are headed, each of the beneficiaries has a choice - take X dollars and waive the timeshare or, take X dollars LESS the value if the timeshare. (like a timeshare is actually worth anything).

If each of the three decline the timeshare, they will be sold and the proceeds added to the trust - likely a huge amount bordering $100 in total?  I don't really know how much they are worth to somebody so far under the influence they don't know what they are doing.

If they all decline I can just see the lawyers lining up to buy them for $1 each.  I wouldn't pay that much myself but there's no accounting for what people will do if they think they're getting something for nothing.

Sigh - rant over   

Oh, one is in Hawaii and the other in Lake Tahoe - whoopee!

[Deleted]

I sort of share your opinion on timeshares so I would just let the lawyers have them for $1 each.  I'm sure they will find a tax loophole which allows them to write off any and all costs as business-related.  

[Deleted]

I'm set to inherit two myself.  I must say, my parents have gotten a lot of use out of them though.  The fees are crazy high though, like 2K/year. 

[busymom]

Nooooooo! Run Forrest run! (I'm thankful neither my nor DH's parents owned any timeshares.)

[The Captain]

Aug 25, 2015 15:46:10 GMT -5 Sum Dum Gai said:

I'll buy the timeshare in Tahoe. Way more than a $1. I might even go as high as $50. But it better be like right on the lake.

Oh, I just figured out where your avatar is from - SAO, right?

[Tennesseer]

My condolences, Kent.  

[zibazinski]

Nope. I love mine. I can go anywhere anytime. Unfortunately DH can't travel so I'm
Banking it but I'll give a few weeks to DD and her girlfriend for Europe and some to DS to take his girlfriend to Cayman.

[Bonny]

Aug 25, 2015 15:29:20 GMT -5 kent said:

We just learned that in addition to some additional snowflake money, my wife also has an option of taking one of two timeshare units as a partial offset to some other cash in the estate.

Crap! The only good timeshare is a dead timeshare IMO

So the way things are headed, each of the beneficiaries has a choice - take X dollars and waive the timeshare or, take X dollars LESS the value if the timeshare. (like a timeshare is actually worth anything).

If each of the three decline the timeshare, they will be sold and the proceeds added to the trust - likely a huge amount bordering $100 in total?  I don't really know how much they are worth to somebody so far under the influence they don't know what they are doing.

If they all decline I can just see the lawyers lining up to buy them for $1 each.  I wouldn't pay that much myself but there's no accounting for what people will do if they think they're getting something for nothing.

Sigh - rant over   

Oh, one is in Hawaii and the other in Lake Tahoe - whoopee!

What are the annual fees?

If they value the time share at $1 it's possible that they could be worth keeping. Both of those places are certainly "visitable" from the SF Bay Area.

[kent]

Aug 25, 2015 17:03:28 GMT -5 Bonny said:

Aug 25, 2015 15:29:20 GMT -5 kent said:

We just learned that in addition to some additional snowflake money, my wife also has an option of taking one of two timeshare units as a partial offset to some other cash in the estate.

Crap! The only good timeshare is a dead timeshare IMO

So the way things are headed, each of the beneficiaries has a choice - take X dollars and waive the timeshare or, take X dollars LESS the value if the timeshare. (like a timeshare is actually worth anything).

If each of the three decline the timeshare, they will be sold and the proceeds added to the trust - likely a huge amount bordering $100 in total?  I don't really know how much they are worth to somebody so far under the influence they don't know what they are doing.

If they all decline I can just see the lawyers lining up to buy them for $1 each.  I wouldn't pay that much myself but there's no accounting for what people will do if they think they're getting something for nothing.

Sigh - rant over   

Oh, one is in Hawaii and the other in Lake Tahoe - whoopee!

What are the annual fees?

If they value the time share at $1 it's possible that they could be worth keeping. Both of those places are certainly "visitable" from the SF Bay Area.

We don't have any detailed info on them yet.  At some point the lawyers will have to provide something a person can use to make an informed decision.  As far as the $1 comment goes, that's just me figuring what the legal sharks would try if nobody wants them.

Frankly, I don't care what the maintenance fees are I don't want to get locked into some static vacation location and being stuck with those fees forever (or until somebody actually buys it).

[zibazinski]

First I don't know anyone who goes to the same place every year unless they want to. Secondly some do have ending dates.

[kittensaver]

Aug 25, 2015 17:34:04 GMT -5 zibazinski said:

First I don't know anyone who goes to the same place every year unless they want to. Secondly some do have ending dates.

I would have NO problem spending a week on the beach in Hawaii every year . . . .

[Bonny]

I agree with Zib, Kent.

Do some research. Many are tradable. Do you and Mrs Kent regularly go on vacation? Hotel rooms in both of the locations mentioned aren't cheap; pushing over $200/nt during "the season". They may actually have some value on the trading market.

The "crime" of buying a timeshare is the initial investment and if you don't use it and get stuck paying fees for something you're not using.

[Bonny]

Aug 25, 2015 17:39:54 GMT -5 kittensaver said:

Aug 25, 2015 17:34:04 GMT -5 zibazinski said:

First I don't know anyone who goes to the same place every year unless they want to. Secondly some do have ending dates.

I would have NO problem spending a week on the beach in Hawaii every year . . . .

LOL, I'd think that alternating between Hawaii and a trade for the Caribbean could be pretty good. 

Or finally getting a chance to visit all of the Hawaiian Islands is a challenge I'm up for!

[souldoubt]

I know someone that has one in an area that is much more desirable now than it was when he first got it since the area has grown and is now known for music festivals.  He can trade it however the issue is actually finding someone willing to trade.  No one in Hawaii has listed their's as being available for trade for years otherwise he'd be going there.  I'd definitely say to look into the Hawaii one depending on the cost but that's coming from someone who goes there once a year and I'm sure a Tahoe enthusiast could say the same thing about the one in Tahoe.  

[dannylion]

At least a timeshare has the potential for being periodically useful.

I inherited a vacant lot at Salton Sea.

[Bonny]

Aug 25, 2015 18:43:39 GMT -5 dannylion said:

At least a timeshare has the potential for being periodically useful.

I inherited a vacant lot at Salton Sea.

LOL, that was beachfront property in the day!

Did you give it back to the County?

[sesfw]

I inherited a vacant lot at Salton Sea.

That reminds me ....... I inherited 1/3 of 2 1/2 acres in the dust bowl of central Calif.  No water, no chance of water.  Out of the blue someone wanted to buy it just before everything went 'south'.  We sold it.

[dannylion]

Aug 25, 2015 19:01:30 GMT -5 Bonny said:

Aug 25, 2015 18:43:39 GMT -5 dannylion said:

At least a timeshare has the potential for being periodically useful.

I inherited a vacant lot at Salton Sea.

LOL, that was beachfront property in the day!

Did you give it back to the County?

I've actually had offers from speculators buying up Salton Sea lots, usually for less than $1000. I'm not really interested in selling it now. I'm hanging onto it because I was born in California and sort of like still owning property in California, even if it's in a remarkably undesirable location.  The property taxes are less than $100 a year, and I pay $45 a year to the Salton Sea property owners' association, which includes liability insurance, so it's not much of an expense. Dad always swore that my grandchildren would be able to benefit from ownership. I'll probably just leave it to my cousin's kids/grandchildren and let them figure it out.

Fortunately, through the assistance of family in California, I was able to have the title transfer done for just the cost of the fees.  If I had had to pay legal fees on top of that, it would not have been worth it and I likely would have let it go. 

It was a good investment when my folks bought the lot in the 1950s.  Now it's just an albatross. 

[Artemis Windsong]

I inherited an albatross, also.  I am having to fight my brother in court because he controls the trust.  In the meantime the properties keep getting in worse condition while he does nothing.

I am worn to a nub.  Spent too much money on an attorney.  In need of a miracle.

[CCL]

Aug 25, 2015 17:34:04 GMT -5 zibazinski said:

First I don't know anyone who goes to the same place every year unless they want to. Secondly some do have ending dates.

Disney, for example. I'd be happy to take one of those.

[Bonny]

Aug 25, 2015 19:15:05 GMT -5 sesfw said:

I inherited a vacant lot at Salton Sea.

That reminds me ....... I inherited 1/3 of 2 1/2 acres in the dust bowl of central Calif.  No water, no chance of water.  Out of the blue someone wanted to buy it just before everything went 'south'.  We sold it.

What do you consider to be the Dust Bowl of Central CA?

I used to think that Barstow would be my version of hell but it's actually got a thriving farming community.

[sesfw]

What do you consider to be the Dust Bowl of Central CA?

Sorry Bonny, it was so long ago I can't remember.  I know it was in the central valley north of Bakersfield.

[Deleted]

Aug 25, 2015 17:34:04 GMT -5 zibazinski said:

First I don't know anyone who goes to the same place every year unless they want to. Secondly some do have ending dates.

Yeah, my parents have two in Key West and the one they have never gone to in the 20 some years they've owned it.  They use it strictly for trades.  The other one they've been to a few times, but it's such a valuable week that they normally trade that too and can get a couple weeks almost anywhere else.  They go all over the place, I think in the past year they've been to Breckenridge, Gatlinburg, Carmel, and Puerto Rico.