Best way to transfer title to (an adult) child?

[starry_solo]

Here's a guide to add someone to a deed (but not replace original owners):

https://www.disboards.com/threads/s...xisting-contract-gratuitous-transfer.3701707/

 

[bumbershoot]

and a waiver of right of first refusal needs to be sought and provided by Disney.

Takes an email and about a day. Easy.

To do it, you need someone that knows what they are doing because the deed needs to be precise to avoid later legal disasters

many people gratuitous transfers on their own.

You can actually contact DVC and they can give you some information.

They’ll tell you to use their one title agency that’ll be about $400. They’ll act like they’ve never heard of som using another agency or doing it on their own.

The other possible issue is gift tax filings.

For a gratuitous title transfer? Not sure that’s a thing.

 

[jimaok]

I recommend lt transfers. I just added my two DDs to our contract. From first contact to finalization was exactly one month. Almost everything was done online- as the original owners my wife and I had to get our paperwork notarized- our daughters did not. The process cost me $190.00 total. The place Disney recommended was $500. Lt transfers was very professional and extremely knowledgeable and prompt. I thought about doing it myself but I’m really glad I chose them instead. My DDs are now blue card carrying members and my wife and I don’t have to worry if something happens to us- the contract is a survivorship contract .

 

[AnteUp0824]

Can this work for non family? I have a friend who wants to sell their contract. Could they transfer to me and be taken off the contract? And if yes would I receive the full benefits? Like blue card benefits?

 

[drusba]

Can this work for non family? I have a friend who wants to sell their contract. Could they transfer to me and be taken off the contract? And if yes would I receive the full benefits? Like blue card benefits?

Yes and no. All transfers of ownership are done via a deed, resulting closing that would include filing of required documents and payment of applicable fees with the applicable government agency.

However, more occurs with a sale. You will also need a contract for sale. It must be submitted to DVC to give it the opportunity to exercise its right of first refusal, and thus the opportunity to purchase the contract on the same terms as your sale agreement. Also, in that situation, the buyer would not get a blue card and would not be entitled to DVC discounts and other benefits.

 

[Travel60]

drusba said:


The other possible issue is gift tax filings.

For a gratuitous title transfer? Not sure that’s a thing.


Drusba - yes it is a thing. If I give anyone (other than my spouse) a gift, it is a thing. As mentioned above, if the value (cash, stock, land) is less than $15,000 ($30,000 for a couple), it is no issue. But, if I give someone half of a, say $50,000 item, that's over the limit and the gift tax filing has to be made.

 

[squirrel!33]

For a gratuitous title transfer? Not sure that’s a thing.


Drusba - yes it is a thing. If I give anyone (other than my spouse) a gift, it is a thing. As mentioned above, if the value (cash, stock, land) is less than $15,000 ($30,000 for a couple), it is no issue. But, if I give someone half of a, say $50,000 item, that's over the limit and the gift tax filing has to be made.

I am a CPA and I can confirm that this information is correct. However, while you will need to do a tax filing for Gift Tax (if the gift to you from your parents is worth more than $30,000), there is a unified transfer tax credit that can be utilized that will make the gift tax zero. (This is basically using the exemption for estate taxes during your lifetime instead of at your death and the amount of this exemption is so high that unless your parents' net worth is over $20 million, you will have no tax concerns)