Can you use Gratuitous Transfer to move memberships into a trust?

[disneybirds]

I have read many of the threads about Gratuitous Transfer, but don't see anyone mentioning moving membership into a trust. Is this for only adding children/other names to a membership?

If we move our membership into the trust, will be lose our reservations? I currently have a reservation rented and definitely don't want to lose that one.

Thanks!

 

[Anthony1971]

Concerning a Trust. it depends.... You have revocable trusts and irrevocable trusts. Revocable trust you maintain control period think putting a beneficiary on a bank account you can remove this at any time and is in fact a revocable trust. Irrevocable trusts needs to worded as a Grantor trust where you maintain control of the property until..... (wording can vary a lot). Yes the title of the deed will change however any other part should not. I would strongly suggest hiring a lawyer if this is your intention costly but will protect your property if your intention is to keep your property in your name. There are different ways to deal with cash. If you are looking for free advice on a forum you will find exactly that...... A trust is expensive we paid around 8-10 when all was said in done for my parents.... With a strong note as not always needed the younger you are when you start planning.... there are other ways. A trust in my mind is a matter of how much you trust the person(s) you may gift to and to make sure it is used for you and only you.....

 

[RoseGold]

Def some stories here of people doing it. Never used them myself, but a lot of people used LT Transfers. I would give them a call to make sure before I set it all up with a lawyer. I'm sure LT has done this before, and that's who I would hire.

 

[disneybirds]

Concerning a Trust. it depends.... You have revocable trusts and irrevocable trusts. Revocable trust you maintain control period think putting a beneficiary on a bank account you can remove this at any time and is in fact a revocable trust. Irrevocable trusts needs to worded as a Grantor trust where you maintain control of the property until..... (wording can vary a lot). Yes the title of the deed will change however any other part should not. I would strongly suggest hiring a lawyer if this is your intention costly but will protect your property if your intention is to keep your property in your name. There are different ways to deal with cash. If you are looking for free advice on a forum you will find exactly that...... A trust is expensive we paid around 8-10 when all was said in done for my parents.... With a strong note as not always needed the younger you are when you start planning.... there are other ways. A trust in my mind is a matter of how much you trust the person(s) you may gift to and to make sure it is used for you and only you.....

Thanks! We have already hired a lawyer and the trust has been created. I just had not many mentions of people putting it into a trust. Most seem to just be adding their kids to the deed.

 

[disneybirds]

Def some stories here of people doing it. Never used them myself, but a lot of people used LT Transfers. I would give them a call to make sure before I set it all up with a lawyer. I'm sure LT has done this before, and that's who I would hire.

Thanks! I will look into it. Our lawyer here is not licensed in Florida.

 

[Stormalong Smiths]

Just completed this process using the instructions outlined on the thread below. We already had the trust set up so this helped us avoid the extra cost of a FL-based attorney or trust company:

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

Our existing reservations were not affected, since my husband and I remained the members. It was reasonably easy to draft a new deed using our existing deed as a template, and then we had it notarized at UPS and sent it off to the Orange County Comptroller along with their Property Transfer Information Form, check for recording fees/taxes, and a return envelope for them to send the deed back once recorded. Once I saw the deed recorded on the OC Comptroller site, I emailed a link to DVC Member Admin and my account was updated very quickly. The whole process took about 10 days.