ILs just bought a timeshare

[Anonymous]

This thread is unintentionally hilarious and sad. It pretty much proves that in DCUM land, parents /ILs = inheritance or childcare.

[Anonymous]

Anonymous wrote:Why are you worrying about something that MIGHT happen and if it does, it's over a year away?

Not OP, but I understand her fear in this. With some ILs, if you're not on your guard right away, then you get pushed into doing things you never wanted to do. I suspect that's happened to OP and she knows if she doesn't plan for that, she'll be IL vacation hell every vacation.

[Anonymous]

Mine have purchased four all in the same city. Top that! We asked why don’t you just buy a small vacation property out there! It’s the only place they travel to.

[Anonymous]

Anonymous wrote:This thread is unintentionally hilarious and sad. It pretty much proves that in DCUM land, parents /ILs = inheritance or childcare.

No, not at all. You can definitely be very much in your parents' lives (and they in yours) w/o guilting each other into doing things.

[Anonymous]

OP -- you are getting way ahead of yourself. Take one year at a time. You know what's happening this year, that's all. You're going. Plan ways to make this year work .... time alone for yourself ... some time without the ILs. Don't get all crazy about future year problems that don't exist.

[Anonymous]

AGreed to just take it as it comes. This year might be horrible. It might be great. They also may decide they don’t like having you and your kids in their space all the time and never invite you again!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You don't have to accept an inheritance property: you can disclaim it. My parents own multiple timeshares and that's my plan.

That said, they get a lot of use out of their timeshares. It is a great way to travel with kids and family, and they've exchanged their week for locations all over the world. Growing up, we stayed in timeshares at Yellowstone, in Hawaii and England, Arizona, Idaho .... I'd say go with an open mind.

Can the estate be settled if the inheritance property isn't accepted by someone?

It seems terrible that these Timeshare dealers might be circling their clients like vultures waiting to swoop in and clean out their estate. Does that really happen? That there are lawyers out there that specialize in getting out of these contracts is worrisome!

Not pp, but I’m going to guess the timeshares will have to be sold by the estate or there is a buy-back/termination clause in the timeshare agreement, which it probably the market value of the timeshare. Either way, you are likely correct, an estate won’t be able to close until the assets are distributed. I’d guess the timeshare company would put a lien on the estate. One way or the other, the estate will have to deal with it.

I posted earlier about this. The deed or whatever on my ILs timeshare specifically named the kids as the "beneficiaries". So it couldn't be disclaimed by the estate because it passed directly to the kids. The estate, such as it was, closed with no problem but they were stuck with the timeshare and the annual fees. They tried to sell it back (no dice) or sell it/give it away on the various time share sites (no takers). This was a pretty low end timeshare for an undesirable week yet had high fees. My ILs were not the savviest people around. I forget the exact amount it cost to get rid of the thing - it was in the $5k-10k range though.

I suspect a couple of issues are getting intermixed here. 1. Most people don't pay for the full price of the timeshare upfront, they get a "great" deal and finance it over many years. IF the loan has been fully repaid and the maintenance fees are paid up for that year, you should be able to turn back in a timeshare minus some possible bogus fees. Reputable companies will not give you a problem but there are certainly some out there that aren't. In the scenario where it's paid off, the "value" of the timeshare is part of the deceased's estate value so if there are estate taxes owed that would be factored into the overall value of the estate.

2. I suspect this is the more common scenario - Parents, IL's, etc. bought the timeshare and it's still got 10+ years of payments left on the loan so the estate owes that amount and possibly an early loan prepayment fee if they want out. This could be a substantial amount which would be a debt of the estate just like if the deceased had a car loan. If with all of the outstanding debts there is not money in the estate to pay, I can't see how the timeshare company could go after the children for that money. The stories from pp's sound more like they are just annoyed they got $10k less or whatever was owed taken out of "their" inheritance.

As to OP's original post, if they bought with a timeshare on Interval International, there is no shortage of places to trade into. There are a lot of very nice Marriott, Hyatt's and Sheraton's on II - all over Florida, Phoenix, Sedona, Aspen, Lake Tahoe, Hawaii, Aruba, St. Thomas, St. John, etc. Don't despair just yet. Hopefully, they bought a good one and you get to go some nice places! I'm not saying you need to vacation with them all the time but maybe you will find it's not that bad. With kids it is really nice having a full kitchen and washer/dryer.

[Anonymous]

Our family owns a timeshare in a point system, so we can pretty much go anywhere in the world. We’ve had it for about 10 years (bought in our late 30’s) and have been all over the mainland US, Hawaii, Aruba, Canary Islands, Europe. There are 4 locations within a 2-3 hour drive of DC which is great for long weekends, etc. I actually hate staying in hotels now when we can stay in 2 and 3 bedroom condos with resort amenities at most places for a lot less than a single hotel room. We bought ours outright on the resale market, so limited initial investment. The yearly maintenance fees are manageable (less than $2k a year) but we get 6-8 weeks vacation a year with that depending on where we go. We split it with another family member who uses 3-4 weeks worth.

My suggestion is to give it a try once and see if you like it. You don’t have to go ever year and maybe this timeshare has good trading value in RCI (to other time share properties) or is a point system where your relatives can reserve at a different place each year. Honestly, it sounds like the timeshare is not the issue, you just don’t like vacationing with the in-laws.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Send your husband with the kids.

I hate this type of advice.

Maybe she wants to spend her vacation days with her children?

Why can’t she go on vacation with the kids during one of the other 51 weeks? The kids presumably need childcare during Spring vacation anyway. I’m not saying she needs to do it every year. So, unless op has declared Spring vacation as their mandatory family vacation week to be used as a family vacation every single year, then it seems like a great option for the years they weren’t planning anything special.

The answer to this question is because both parents work and the children go to school so they don’t have unlimited vacation days. Are you this clueless?

If the kids need childcare during spring break, I can see how this could be a good option for the kids only. If the DH is using up his vacation days to take the kids then yes, it’s taking away a family vacation from the children - because again, people don’t have 52 weeks of vacation days - unless you’re retired. Try not be so obtuse.

Lol. I can’t believe your reading comprehension is that bad. The prior sentence isn’t suggesting 51 weeks of vacation. It’s inducating 51 other weeks that provide options to take a vacation.

Tou with lack reading comprehension skills or being deliberately obtuse. It’s only one or the other.

OMG, let me spell it out for you: Kids are in school 36-38 weeks a year. That takes up a big chunk of those 51 available weeks of the year. Then there’s the parents schedule: For most people who are employed there are many weeks where your attendance at events or workload prevents you from taking PTO. That leaves very few available weeks as real options for the family to take a vacation.

I cannot believe the lack of common sense sometimes.

But yes, I suppose if the parents did not work and the children did not attend school, they would have 51 other opportunities for a week long family vacation. Maybe you know families like this, but I do not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Send your husband with the kids.

I hate this type of advice.

Maybe she wants to spend her vacation days with her children?

What’s stopping her? He takes PTO and takes the kids for vacation week 1. She takes PTO and takes the kids for vacation week 2. Then later in the year, they both take PTO and do a third week of vacation.

That means the family can never take an international vacation or a long domestic vacation. OP is saying that she wants to travel to different places. I get it. My family loves to go on international trips - 2 weeks is the minimum to make it worthwhile. We’ve also done domestic trips like Alaska and I would have been sad to to cut it short just so I could save vacation days for the ILs annual condo trip. I can understand doing it sometimes, but every year?

It would be really depressing to never be able to go on big trips with the kids.

[Anonymous]

My parents got a timeshare and expected us to go with them every year. I love them, but had zero interest in the location. We once went when they swapped it for another place, but the trade-in quarters were so cramped that we never wanted to do that again.

After that, when they invited us each year, we just said we had other plans & they got used to doing their timeshare on their own. Occasionally, we invited them to join us in other locations, and they did, sometimes swapping timeshares, but we always got our own room nearby. Inviting them to join us helped them understand it wasn’t that we didn’t want to See them; just that we wanted to visit new places. My parents finally sold their timeshare a few yrs ago for pennies on the dollar and swore they’d never do another one again.

OP, in your case, it sounds like you don’t want to see your ILs that much, but also don’t want to offend. I think the gentlest way would be to plan independent travel early enough that you can graciously decline their offer each year. They will get used to going on their own.

[Anonymous]

I thought my in-laws were relatively smart- then they bought a timeshare. They really have no business doing this as they have very little retirement and live off social security. They wanted us to join them at the timeshare but everything books too fast for the weeks the kids actually have off from school, darn it

[Anonymous]

Just looking to see if anyone is interested in buying a timeshare. Ocean City, MD. Studio, sleeps 4. Right on the boardwalk. Second week in June.

[Anonymous]

Anonymous wrote:Just looking to see if anyone is interested in buying a timeshare. Ocean City, MD. Studio, sleeps 4. Right on the boardwalk. Second week in June.

You and every other timeshare owner!

[Anonymous]

Anonymous wrote:Just looking to see if anyone is interested in buying a timeshare. Ocean City, MD. Studio, sleeps 4. Right on the boardwalk. Second week in June.

list it on tugbbs.com or redweek.com for sale or for rent.
great resources for timeshare owners- can help you sell/give away your timeshare, or make better use of it