I know someone will know this or where to go

[pattyoh]

My husband passed away on July 3. We have 5 DVC OKW deeds. I was not going to do anything but change the names (they were joint) with DVC. Sent in the papers to do that and they wrote back that they would change the names, but of course, if the deeds were to be changed, I should contact a Florida real estate attorney. So, I decided that would not be necessary.

Our home state is Ohio. Now, because of one thing or another, it seems that I have to file an Ohio Estate Tax return. I won't owe, but must list everything. Egad! That means the DVC. What kind of a value do I put on something like that. I don't want to have to resort to an appraiser.

Has any else ever had this situation. How do I get a value for the DVC I own?

I can't believe these things are happening to me.

Any input is so welcome.
Pattyoh

 

[disneynutz]

I would think that current value is what they could be sold for today. Pick out some comparable listings from a resale site, save a copy for your records and use the average for you valuation.

 

[RobDoc]

You could also reasonably value them as what you originally paid. I think either method would be acceptable. If this is necessary in order to place a value on your estate, I would try to value it using a higher amount if possible since that would likely be the basis used when your is ultimately settled at some distant point in time.

Sorry for your loss.

 

[edk35]

I am so sorry for your loss. I hope you get anwers from someone to make this easy on you.

 

[bookwormde]

I would think that you could get one of the resellers to give you an estimate of their value, just on the prospect of a potential future sale. Having something from a 3rd party is useful if there are any future questions. Do not forget to deduct sales expenses from the gross value.

For rough purposes I would say $70/pt less $7/pt for sales commission for a net of $63/pt, assuming these are 2042 contracts.


bookwormde

 

[JerJan]

So sorry for your loss Patty, I lost my husband on July 12. We had our DVC in our "Trust" so I can't answer your question, the attorney took care of everything. Best of luck....

 

[Dean]

Your best option would be to contact one of the resellers and get a suggestion based on the home resort (OKW in this case) and the contract sizes. If you haven't owned too long you could also use the purchase price. The retail price would be apples to oranges assuming your contracts are 2042 expiration. You may want to find someone knowledgeable in this area for your state to figure out whether you want the number to be higher or lower. My guess is higher for basis purposes as noted above but it's just a guess. I am sorry for your loss. There are ways to change the deed if you need to without paying the $2000 or so involved with a formal closing company or attorney.

 

[tomandrobin]

I do not have ant answers, I just wanted to express my sympathy for your lost.

 

[justloveit]

So sorry for your loss, and that you have to deal with this. I hope you have many DVC memories to cherish.

 

[Disney_Villain]

For rough purposes I would say $70/pt less $7/pt for sales commission for a net of $63/pt, assuming these are 2042 contracts. bookwormde

I agree. You would have to list what you could reasonably sell them for. Do not go by list prices that DVC sells them for now, or what you paid for them years ago.

 

[CarolAnnC]

My husband passed away on July 3. We have 5 DVC OKW deeds. I was not going to do anything but change the names (they were joint) with DVC. Sent in the papers to do that and they wrote back that they would change the names, but of course, if the deeds were to be changed, I should contact a Florida real estate attorney. So, I decided that would not be necessary.

Our home state is Ohio. Now, because of one thing or another, it seems that I have to file an Ohio Estate Tax return. I won't owe, but must list everything. Egad! That means the DVC. What kind of a value do I put on something like that. I don't want to have to resort to an appraiser.

Has any else ever had this situation. How do I get a value for the DVC I own?

I can't believe these things are happening to me.

Any input is so welcome.
Pattyoh

My sympathies to you on the loss of your beloved husband.

When my first husband passed, I had DVC change the records to just my name. I was in NH and did not have to prepare paperwork such as Ohio is requiring of you. Is this because of probate that you must complete the form? I would definitely contact an attorney for the best advice possible in Ohio. Good luck!

 

[pattyoh]

Thanks to all of you who posted.

I do have an attorney here in Ohio -- we thought this would just be a simple matter of filing the will and going on from there. Of course, things were complicated by one tiny item not in our joint names and now we have to have the courts go through the motions of quasi probate and then relieve the estate (me), so the one small item can be transferred.

This is where the problem of a list of assets comes in. I would not have had to do that but for the one item not in our joint names. And then that requires that we file Ohio Estate Tax Return.

The suggestion of contacting a reseller is a good one. I have looked at the resale listings and took an average of what people were asking for their points. The suggestion of a deduction for commission charges is also good. I can come up with a ballpark figure with that.

I have worked with DVC and have submitted their forms for changing DVC records to show just my name on their records. I don't think I have to transfer the actual deeds changed. When I die because they were joint, they will automatically to to the kids and then they can worry about having the deeds changed.

And who knows what will transpire down the road?


Another Question.
Would it be possible for me to go to the Orange County Florida recorder's office when I am in Orlando in October and have the deeds changed at that time? I could bring along all of my proofs, etc. (Am I kidding myself on this?)

I really appreciate all of your kind thoughts and your information and help.
Pattyoh

/SIZE]

 

[Dean]

Thanks to all of you who posted.

I do have an attorney here in Ohio -- we thought this would just be a simple matter of filing the will and going on from there. Of course, things were complicated by one tiny item not in our joint names and now we have to have the courts go through the motions of quasi probate and then relieve the estate (me), so the one small item can be transferred.

This is where the problem of a list of assets comes in. I would not have had to do that but for the one item not in our joint names. And then that requires that we file Ohio Estate Tax Return.

The suggestion of contacting a reseller is a good one. I have looked at the resale listings and took an average of what people were asking for their points. The suggestion of a deduction for commission charges is also good. I can come up with a ballpark figure with that.

I have worked with DVC and have submitted their forms for changing DVC records to show just my name on their records. I don't think I have to transfer the actual deeds changed. When I die because they were joint, they will automatically to to the kids and then they can worry about having the deeds changed.

And who knows what will transpire down the road?


Another Question.
Would it be possible for me to go to the Orange County Florida recorder's office when I am in Orlando in October and have the deeds changed at that time? I could bring along all of my proofs, etc. (Am I kidding myself on this?)

I really appreciate all of your kind thoughts and your information and help.
Pattyoh

/SIZE]

As I noted, you should determine if it's in your best interest to have a higher or lower number. You likely have about a 15% range in which you can work from listing prices without commission to actual sale prices then deduct the commission. Give it's possible to sell without using a broker, no reason you must take that cost into account. As for changing the deed, you can do it yourself. You'll need to submit it to DVC for ROFR, get new deeds the record the ROFR and the deeds. Total cost for 5 deeds around $115 assuming you do the deeds yourself and get DVC to put the ROFR on all contracts into one document, which they can do. A quit claim deed is pretty easy but might cause issues later if you sell by preventing the buyer from getting title insurance. I guess the question is whether you need to. Since DVC will change it and you could likely sell with your signature and a death certificate. You may want to ask your lawyer about his.

 

[pattyoh]

I have decided not to try to transfer the deeds. DVC will have the owner of record changed in their records and if I decide to sell, there should be no problem with that correct info and a death ctf. If I still have DVC when I pass on, the kids can sort it out and that, too should be no problem.

I have looked at the DVC Resales at the Timeshare Store and printed out the list of OKW contracts for sale. I can take an average from that and will probably use a low average.

It's all this nit picky stuff which is driving me to distraction. The grief process is horrid and all of these details make it more so for me.

Thanks again to one and all for your input -- you are just great people!

Pattyoh

P.S. I am going to try a trip "home" in October. Maybe I will see some of you there. I think everyone is going to be there according to room availability! You will know me because I will be the one smiling and sobbing at the same time. My DD, SIL and my beautiful little 23 month old grandson will be with me. The grandson will be the only one who will be smiling without sobbing.

 

[jerseygal]

Is important to show fair market value at date of death...

There is a "step up" in basis when you eventually sell. Another words, the gain will be based on the difference between the FMV on date of death verus the sale price when you eventually sell; not the difference between sales price and cost basis(what you originally paid for it plus closing costs)...As you can see, even if Timeshare Store Resale Prices are "inflated" for estate purposes, in my opinion, this is adequate.

I would simply use the Timeshare Store for a reasonable estimate of fair market value.

Hope this helps..Hope you have beautiful memories of your vacations with DVC!

 

[della]

Just wanted to say I'm sorry for your loss.

 

[lizanne]

Sorry, I don't have any advise but I wanted to express my sympathy to you Patty and JerJan.