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Author
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Topic: Family Trust
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Nancy
TUG MemberPosts: 513
From:
Registered: Dec 2000
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posted 10-13-2004 17:24
    
We are probably going to set up a family trust. Does anybody have their SA timeshare deeded to a trust? Has anybody done it after buying in SA, not while? Should I even be concerned about putting this low value item in a trust?Thanks for any insights on this, Nancy IP: Logged |
Skatduder
TUG MemberPosts: 183
From: Edmonds, Wa
Registered: Dec 2000
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posted 10-13-2004 19:25
I'm in the process of setting up a trust.
I hadn't thought about my SA's. But when I bought them I
put them in my kids names too..Just a funny thought.. The televison cost more than my
SA's.. and its 10/yrs old.. lol If I had a gold crown I might do it.. IP: Logged |
RayHoek
TUG MemberPosts: 20
From: Brisbane Australia
Registered: Oct 2003
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posted 10-13-2004 22:37
We enquired about it when we purchased our 2 and were told that the admin and transfer fees to a trust were (don't quote me on this)at least double. Best to enquire.IP: Logged |
Nancy
TUG MemberPosts: 513
From:
Registered: Dec 2000
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posted 10-16-2004 17:10
Thanks for the replies. Doubt if I bother putting my one SA in a trust.Nancy IP: Logged |
Diane
TUG MemberPosts: 713
From: Albuquerque, NM
Registered: Dec 2000
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posted 10-18-2004 11:24
We put a couple SA's into a family trust after purchasing them and the remainder as we purchased them. It was very easy to do although it took some time. Assuming you have a family trust already set up just email the resort and ask for their forms, or what they require to change ownership to the trust. The fee Mt. Amanzi charged at the time was all of $25. I don't remember the other, but it was not much. Our main reason for doing that is that we did not want our children or the resort to have to deal with probate in a foreign country over so small an investment. The legal fees would far exceed the value of the investment. We don't buy into the sometimes expressed view that the resort can foreclose after levies are not paid. That takes time and money and, in my opinion, is irresponsible and unfair to other owners when it is so easy to avoid.Incidentally, we used a separate trust just for the SA resorts as we did it our ourselves with a form from NOLO amd wamted to keep things simple. Our RCI membership is paid up until 2015. RCI would not put our membership into the trust as they require that the name of an individual as member. However, they were willing to add to our names "In care of the XXXXX Family Trust", for whatever good that might be. Diane IP: Logged |
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