Anonymous
11/12/2018 16:33
Subject: ILs just bought a timeshare
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.
Anonymous
11/12/2018 15:26
Subject: ILs just bought a timeshare
My parents have one and we love going with them. We've used it around the country and a few times in England, Spain and Germany. We've never been to the same one twice and places aren't touristy. We went to it last month and it was fun for everyone. We had a 3 bedroom cabin so the kids had their own place. It was great being able to hang out in the family room and deck after they went to sleep.
But I can imagine it's different with inlaws. I never feel that comfortable with them. I could imagine not wanting to spend a week with them, cooking and picking a place. When we travel with them we stay in cheesy motels and it sucks. I'm stuck in a hotel room with sleeping kids all night.
But I can imagine it's different with inlaws. I never feel that comfortable with them. I could imagine not wanting to spend a week with them, cooking and picking a place. When we travel with them we stay in cheesy motels and it sucks. I'm stuck in a hotel room with sleeping kids all night.
Anonymous
11/12/2018 14:55
Subject: Re:ILs just bought a timeshare
Anonymous wrote:Anonymous wrote:
If you leave it to someone you don’t like and they don’t want it, the fees come out of the estate. Time shares are horrible.
My parents have one and they have to pay over 1k/year in maintenance fees. For that much I could just book a nice hotel room without having to book
It’s ridiculous. They looked into getting rid of it a few years ago. If they sell it back to the company they get 2% if what they bought it for. No joke. There are all sorts of used car salesmen types offering to sell timeshares - for a fee of course. Even then, you never get more than 50% what you bought it for. Time shares are the MLMs of real estate. They prey on retirees and older people. It should be illegal.
You can stay in a nice hotel for a week for $1k? Where?
I don't want to be in a position of defending timeshares -- I agree the sales tactics are shady, and I personally am not interested in owning one. But they exist for a reason and it's not insane or stupid to buy one if you treat it like a vacation expense instead of appreciating property. A timeshare isn't a real estate investment, it's a long-term pre-paid hotel -- a consumable. If you book a hotel through Orbitz you don't get that money back either. Timeshare owners have traded some flexibility for locking in a cheaper hotel rate.
For example, my childhood friend's family of 6 spent a week in Hawaii every year, in a 3 bedroom villa. There was a pool, activities for the kids, etc. It was a very cost-effective vacation if you want to take 6 people to a resort area. I get that OP isn't interested in locking that in, but it works for some people.
I can see how that would work for some people. It would be foolish to buy into something like this with the expectation that your grown adult children will spend their days off helping you to enjoy it.
You buy into something like that because YOU want to enjoy it and you can offer accommodations to your friends/family if they want them. You can't command/expect/guilt them into taking trips with you.
Anonymous
11/12/2018 14:51
Subject: ILs just bought a timeshare
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote: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?
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.
So, your solution is that the kids never go on vacation with their parents as a family?
Seriously, the grandparents need to let go. When children grow up they get married and have children of their own. That is their new little family and they need time together - yes, they even need vacations together. Kids are only little for a little while. Then they grow up and the cycle begins again. Grandparent vacations are an occasional thing not something that you are entitled to. I can’t believe I have to spell this out for you!
It must be hard being illiterate. You have my sympathies.
In the wise words of Elsa; Let it go, Grandma. Let it go.
Time to accept that families do not want to plan their vacations around your schedule. Time to let go. You’ll enjoy your time with your family much more this way and they will too. It’ll be okay, I promise.
I’m not a grandma. I’m the 35 yo mother of a 5 yo, who also would prefer not to burn a week of PTO to visit my in-laws. DH and I each take a (separate) week of PTO to separately visit our respective parents, with DS. Then we take an additional week as a family vacation, without grandparents. So DS gets three “vacations”, and we both get two. We both then have 2 weeks of PTO left over to cover sick days, school breaks, and take a long weekend, just the two of us.
OP could use the timeshare week as her DH’s separate week with the kids and his parents. Then she could take the kids to see her parents another week. And then she, DH, and the kids could take a week and go on a family vacation.
Your control issues and resentment of your own MIL must be clouding your reading and logical reasoning skills today, because your two previous posts are absolute gibberish. Maybe try to take a nap.
It's great that you've discovered a formula that works well for your family. Good for you! But not everyone has an equal amount of leave and not everyone can afford 3 separate trips like in a year.
Some people really only get ONE week of leave and they don't appreciate having it planned out for them by their parents.
BOTH parents only have one week of leave, and there are enough monetary resources to take a family vacation? How does this family handle sick days or teacher work days, or school breaks?
Ok. Dad takes a long weekend to the time share with kids (1 day of PTO for dad, 0 for mom). The family takes a long weekend vacation (Thursday-Tuesday). Mom has a day in reserve for a sick day.
Annual leave and sick leave are not the same thing. At my former company, new hires had one week of annual leave, a handful of "personal holidays" and a week of sick leave. After they had been there for several years they then got 2 weeks of annual leave.
The personal holidays were usually spent on things like snow days or staying at home for a repairman. Sick days are self explanatory. That week of annual leave was sacred and, no, I would not have appreciated having my leave days planned for me.
Anonymous
11/12/2018 14:46
Subject: Re:ILs just bought a timeshare
Anonymous wrote:Anonymous wrote:
If you leave it to someone you don’t like and they don’t want it, the fees come out of the estate. Time shares are horrible.
My parents have one and they have to pay over 1k/year in maintenance fees. For that much I could just book a nice hotel room without having to book
It’s ridiculous. They looked into getting rid of it a few years ago. If they sell it back to the company they get 2% if what they bought it for. No joke. There are all sorts of used car salesmen types offering to sell timeshares - for a fee of course. Even then, you never get more than 50% what you bought it for. Time shares are the MLMs of real estate. They prey on retirees and older people. It should be illegal.
You can stay in a nice hotel for a week for $1k? Where?
I don't want to be in a position of defending timeshares -- I agree the sales tactics are shady, and I personally am not interested in owning one. But they exist for a reason and it's not insane or stupid to buy one if you treat it like a vacation expense instead of appreciating property. A timeshare isn't a real estate investment, it's a long-term pre-paid hotel -- a consumable. If you book a hotel through Orbitz you don't get that money back either. Timeshare owners have traded some flexibility for locking in a cheaper hotel rate.
For example, my childhood friend's family of 6 spent a week in Hawaii every year, in a 3 bedroom villa. There was a pool, activities for the kids, etc. It was a very cost-effective vacation if you want to take 6 people to a resort area. I get that OP isn't interested in locking that in, but it works for some people.
Plus the, you know, $50,000 up front. Sure.
Anonymous
11/12/2018 14:40
Subject: Re:ILs just bought a timeshare
Anonymous wrote:
If you leave it to someone you don’t like and they don’t want it, the fees come out of the estate. Time shares are horrible.
My parents have one and they have to pay over 1k/year in maintenance fees. For that much I could just book a nice hotel room without having to book
It’s ridiculous. They looked into getting rid of it a few years ago. If they sell it back to the company they get 2% if what they bought it for. No joke. There are all sorts of used car salesmen types offering to sell timeshares - for a fee of course. Even then, you never get more than 50% what you bought it for. Time shares are the MLMs of real estate. They prey on retirees and older people. It should be illegal.
You can stay in a nice hotel for a week for $1k? Where?
I don't want to be in a position of defending timeshares -- I agree the sales tactics are shady, and I personally am not interested in owning one. But they exist for a reason and it's not insane or stupid to buy one if you treat it like a vacation expense instead of appreciating property. A timeshare isn't a real estate investment, it's a long-term pre-paid hotel -- a consumable. If you book a hotel through Orbitz you don't get that money back either. Timeshare owners have traded some flexibility for locking in a cheaper hotel rate.
For example, my childhood friend's family of 6 spent a week in Hawaii every year, in a 3 bedroom villa. There was a pool, activities for the kids, etc. It was a very cost-effective vacation if you want to take 6 people to a resort area. I get that OP isn't interested in locking that in, but it works for some people.
Anonymous
11/12/2018 14:28
Subject: ILs just bought a timeshare
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!
If the parents have no assets, then PP is correct, you just disclaim the timeshare and whatever fees the parents owe would be discharged at death just like any other debt.
However if the parents leave behind any assets, the time share company will go after the estate for any fees associated with terminating the time share agreement. You would get your inheritance minus the timeshare fees.
This is not my field, but I thought it would go like this: adult children disclaim the timeshare, inherit the rest of the estate. Now the remaining estate consists entirely of the timeshare, which passes to the next heir (who likely disclaims it) and and the next, and in the end it's just as if the parents died without assets. I assume at that point the timeshare company would claim the timeshare as the only available asset against the fees. No?
Anonymous
11/12/2018 12:55
Subject: ILs just bought a timeshare
I do think you should go and then decide and stop stressing now. Just talk to your DH ahead of time though so that he doesn't give them any sense that you all are all in for an annual trip. That said - it may be awesome.
We have a lot of vacation days so I understand that it is easier for me to even consider giving up one of our weeks at a less than ideal location but I love my ILs and travel already once a year with them, often a second week too.
We have a lot of vacation days so I understand that it is easier for me to even consider giving up one of our weeks at a less than ideal location but I love my ILs and travel already once a year with them, often a second week too.
Anonymous
11/12/2018 12:26
Subject: ILs just bought a timeshare
Anonymous wrote:Anonymous wrote:Anonymous wrote: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?
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.
So, your solution is that the kids never go on vacation with their parents as a family?
Seriously, the grandparents need to let go. When children grow up they get married and have children of their own. That is their new little family and they need time together - yes, they even need vacations together. Kids are only little for a little while. Then they grow up and the cycle begins again. Grandparent vacations are an occasional thing not something that you are entitled to. I can’t believe I have to spell this out for you!
It must be hard being illiterate. You have my sympathies.
In the wise words of Elsa; Let it go, Grandma. Let it go.
Time to accept that families do not want to plan their vacations around your schedule. Time to let go. You’ll enjoy your time with your family much more this way and they will too. It’ll be okay, I promise.
I’m not a grandma. I’m the 35 yo mother of a 5 yo, who also would prefer not to burn a week of PTO to visit my in-laws. DH and I each take a (separate) week of PTO to separately visit our respective parents, with DS. Then we take an additional week as a family vacation, without grandparents. So DS gets three “vacations”, and we both get two. We both then have 2 weeks of PTO left over to cover sick days, school breaks, and take a long weekend, just the two of us.
OP could use the timeshare week as her DH’s separate week with the kids and his parents. Then she could take the kids to see her parents another week. And then she, DH, and the kids could take a week and go on a family vacation.
Your control issues and resentment of your own MIL must be clouding your reading and logical reasoning skills today, because your two previous posts are absolute gibberish. Maybe try to take a nap.
It's great that you've discovered a formula that works well for your family. Good for you! But not everyone has an equal amount of leave and not everyone can afford 3 separate trips like in a year.
Some people really only get ONE week of leave and they don't appreciate having it planned out for them by their parents.
BOTH parents only have one week of leave, and there are enough monetary resources to take a family vacation? How does this family handle sick days or teacher work days, or school breaks?
Ok. Dad takes a long weekend to the time share with kids (1 day of PTO for dad, 0 for mom). The family takes a long weekend vacation (Thursday-Tuesday). Mom has a day in reserve for a sick day.
Anonymous
11/12/2018 12:24
Subject: ILs just bought a timeshare
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!
If the parents have no assets, then PP is correct, you just disclaim the timeshare and whatever fees the parents owe would be discharged at death just like any other debt.
However if the parents leave behind any assets, the time share company will go after the estate for any fees associated with terminating the time share agreement. You would get your inheritance minus the timeshare fees.
Anonymous
11/12/2018 12:21
Subject: ILs just bought a timeshare
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.
Anonymous
11/12/2018 12:17
Subject: ILs just bought a timeshare
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.
Anonymous
11/12/2018 12:01
Subject: ILs just bought a timeshare
Anonymous wrote:Anonymous wrote: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?
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.
So, your solution is that the kids never go on vacation with their parents as a family?
Seriously, the grandparents need to let go. When children grow up they get married and have children of their own. That is their new little family and they need time together - yes, they even need vacations together. Kids are only little for a little while. Then they grow up and the cycle begins again. Grandparent vacations are an occasional thing not something that you are entitled to. I can’t believe I have to spell this out for you!
It must be hard being illiterate. You have my sympathies.
In the wise words of Elsa; Let it go, Grandma. Let it go.
Time to accept that families do not want to plan their vacations around your schedule. Time to let go. You’ll enjoy your time with your family much more this way and they will too. It’ll be okay, I promise.
I’m not a grandma. I’m the 35 yo mother of a 5 yo, who also would prefer not to burn a week of PTO to visit my in-laws. DH and I each take a (separate) week of PTO to separately visit our respective parents, with DS. Then we take an additional week as a family vacation, without grandparents. So DS gets three “vacations”, and we both get two. We both then have 2 weeks of PTO left over to cover sick days, school breaks, and take a long weekend, just the two of us.
OP could use the timeshare week as her DH’s separate week with the kids and his parents. Then she could take the kids to see her parents another week. And then she, DH, and the kids could take a week and go on a family vacation.
Your control issues and resentment of your own MIL must be clouding your reading and logical reasoning skills today, because your two previous posts are absolute gibberish. Maybe try to take a nap.
It's great that you've discovered a formula that works well for your family. Good for you! But not everyone has an equal amount of leave and not everyone can afford 3 separate trips like in a year.
Some people really only get ONE week of leave and they don't appreciate having it planned out for them by their parents.
Anonymous
11/12/2018 11:57
Subject: ILs just bought a timeshare
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!
Anonymous
11/12/2018 11:55
Subject: ILs just bought a timeshare
Anonymous wrote: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?
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.
So, your solution is that the kids never go on vacation with their parents as a family?
Seriously, the grandparents need to let go. When children grow up they get married and have children of their own. That is their new little family and they need time together - yes, they even need vacations together. Kids are only little for a little while. Then they grow up and the cycle begins again. Grandparent vacations are an occasional thing not something that you are entitled to. I can’t believe I have to spell this out for you!
It must be hard being illiterate. You have my sympathies.
In the wise words of Elsa; Let it go, Grandma. Let it go.
Time to accept that families do not want to plan their vacations around your schedule. Time to let go. You’ll enjoy your time with your family much more this way and they will too. It’ll be okay, I promise.
I’m not a grandma. I’m the 35 yo mother of a 5 yo, who also would prefer not to burn a week of PTO to visit my in-laws. DH and I each take a (separate) week of PTO to separately visit our respective parents, with DS. Then we take an additional week as a family vacation, without grandparents. So DS gets three “vacations”, and we both get two. We both then have 2 weeks of PTO left over to cover sick days, school breaks, and take a long weekend, just the two of us.
OP could use the timeshare week as her DH’s separate week with the kids and his parents. Then she could take the kids to see her parents another week. And then she, DH, and the kids could take a week and go on a family vacation.
Your control issues and resentment of your own MIL must be clouding your reading and logical reasoning skills today, because your two previous posts are absolute gibberish. Maybe try to take a nap.