DVC Future Planning

[DizDays]

Unless circumstances were to change dramatically, DH and I plan to keep our DVC "till death and DVC we do part." That said, what is the smartest way to convey our DVC membership to whomever we choose to will it to? Are there better ways than others that would make it a smooth transition or somehow avoid any possible taxes, penalties, or fees?

I would be very interested to learn what anyone might already know about this topic.

Thanks!!

 

[disneynutz]

I would make sure that the party receiving your gift wants it and what shape will the resorts be in at that time?

The receiving party has to pay the dues and what if they just want to sell it?

The value may be worth nothing by then plus they have to pay a Brokers commission.

Just food for thought.

Bill

 

[CarolMN]

Since you are not a Florida resident, talk to your attorney to see if a living trust makes sense for your situation.

One of the advantages of a trust when you have property in multiple states is that your heirs can avoid probate in multiple states. So another advantage is that trusts are private and Wills are public. That may nor not be important to you.

Establishing a trust can be relatively expensive compared to a simple will, but it can be very advantageous to your heirs.

Some will advise adding the heirs to your title. Again, something to discuss with an attorney. There are advantages (and many different title options), but also some major disadvantages to that.

Good luck!