Intergenerational issues

[Grandbuddy]

Wife and I took our two boys, their wives, and 4 grandkids to WDW week after T'giving and stayed at an All-Star resort - most I could afford for 3 rooms for a week! Had a great time. One boy has 3 kids, but one stayed with us, so it worked out OK. But crowded. Looking at DVC as a way to help the boys and their families (and us) always have access to a quality vacation at a reasonable price. Watched the DVD and have read pages and pages of forum discussions looking for folks who bought in and are miserable. Everyone seems pretty content, which is encouraging.
With two boys, would I need to split my points between two contracts, in order to leave each one a Disney legacy? (Hope to stick around awhile, but I am a granddad already, and these "leases" last longer than I will.) If so, and if I look at resales, would both contracts need to have the same month of issue or whatever that "year" thing is? And, do both parties on the mortgage get a "blue" card? If so, can we buy one in my name, with one son, and the other in my wife's name, with one son? Sorry for so many questions, but the DVD doesn't get down to many specifics, and I am reluctant to involve a guide at this point, when I know I probably will want to buy at a discount, if I can. Also, is there any reason to avoid any particular Disney World resort. The 2054 end date makes the SSR look really attractive to me. Hope somebody has been patient enough to read this all the way to the end....

 

[bobbiwoz]

Welcome to the Disboards!

We are grandparents now in our 60s. We are not ready to begin dividing our assets and all of the DVC points are in DH's and my own name. If we need or want to sell I don't think our DS's should be involved in that decision. JMO.
We treat the family to WDW vacations. DVC does make it much more affordable!
Bobbi

 

[RobDoc]

...With two boys, would I need to split my points between two contracts, in order to leave each one a Disney legacy?

DVC ownership may be directed to others in you will, so it's not critical to have your family members on the original deed. This may be set up thru your will or accomplished thru trusts. If your family would be able to "share" equitably, a single contract could work in this situation. Otherwise, having a contract for each may be necessary.

(Hope to stick around awhile, but I am a granddad already, and these "leases" last longer than I will.) If so, and if I look at resales, would both contracts need to have the same month of issue or whatever that "year" thing is? And, do both parties on the mortgage get a "blue" card?

If you purchase multiple contracts thru resale, they do not need to have the same Use Year or Home Resort. You may purchase whatever is available that meets your needs - even smaller than the 160 points required thru DVC. Anyone named on the deed will get a membership card and be eligible for all member perks. All names on the deed will also share in the financial responsibility and should one have a challenge due to divorce/bankruptcy/etc. it could create a challenge for the others on the deed. (Just something to be aware of.)

If so, can we buy one in my name, with one son, and the other in my wife's name, with one son?

Yes, that may be done. Just be aware that there are potential pitfalls with such am arrangement and the future ownership transfer can be accomplished
in other ways.

Enjoy!

 

[DeeCee735]

It's not a bad idea to contact a guide if you are seriously considering purchasing. They are very low key and not pushy at all. They will answer all your questions, but leave it up to you to decide when or if to purchase.

 

[TisBit]

One of the advantages to putting their names on the deeds is that they will instantly be "members" and be able to access the privileges (discounted AP's etc). While not a huge thing, it can come in handy. But as others have mentioned, there could be pitfalls and issues, but it comes down to how your feel your family could handle these things.

 

[jamstew]

Wife and I took our two boys, their wives, and 4 grandkids to WDW week after T'giving and stayed at an All-Star resort - most I could afford for 3 rooms for a week! Had a great time. One boy has 3 kids, but one stayed with us, so it worked out OK. But crowded. Looking at DVC as a way to help the boys and their families (and us) always have access to a quality vacation at a reasonable price. Watched the DVD and have read pages and pages of forum discussions looking for folks who bought in and are miserable. Everyone seems pretty content, which is encouraging.
With two boys, would I need to split my points between two contracts, in order to leave each one a Disney legacy? (Hope to stick around awhile, but I am a granddad already, and these "leases" last longer than I will.) If so, and if I look at resales, would both contracts need to have the same month of issue or whatever that "year" thing is? And, do both parties on the mortgage get a "blue" card? If so, can we buy one in my name, with one son, and the other in my wife's name, with one son? Sorry for so many questions, but the DVD doesn't get down to many specifics, and I am reluctant to involve a guide at this point, when I know I probably will want to buy at a discount, if I can. Also, is there any reason to avoid any particular Disney World resort. The 2054 end date makes the SSR look really attractive to me. Hope somebody has been patient enough to read this all the way to the end....

You're in the same spot as I am with two children and three grandchildren interested in Disney. I'm in the process of buying a resale contract at BCV and will then, hopefully, add a contract at VWL through Disney. I talked to my rep at the Timeshare Store about putting kids' name on the deed with me, and we decided that it was much simpler just to name them as associate members. This enables them to make reservations, etc., and I'll name both of them on both contracts for that purpose. Then I'll leave the separate contracts to them in my will. My daughter did mention that she and her brother wouldn't have any trouble sharing, but I think it will simplify things for them, in the long run, by owning separate contracts. They can still share if they want to. At least that's my thinking on it

 

[paults]

we have to adults kids and 2 child contracts 1 is BWV 150 pts and 1 is 100 BWV pts we still need to add-on 50 pts to even out the pts per kid

 

[beacher]

If you buy two separate contracts, I would attempt to keep them in the same use year. If you do, they will be treated as one master contract with an extension; you will have more flexibility with reservations using points from both contracts. If the contracts have different use years, moving points between them constitutes a transfer and members are currently restricted to one transfer per year.

I imagine this only applies if the two contracts are in the same name - your idea about naming others might inherently create separate masters. However, other posters have mentioned that the legacy issues are better handled in a will, and that seems better. Why not give yourself the most flexibility while you are enjoying your DVC purchase!

 

[Grandbuddy]

Glad I found this place

 

[Cruelladeville]

I think you might be better off just keeping the contracts in your name, and here's why: when your grandkids become adults, the contracts can become community property in the case of a divorce or a bankrupsy. Also, you don't know when they are going to be able to afford the dues. You think you are doing a wonderful thing by willing the kids a contract, but you are also giving them a debt that must be paid every year. Just because you love DVC doesn't mean that they will. Do you want to saddle the kids with the need to sell the doggone thing right after you die? And, will they know how to do that, if they need to? Use the DVC contracts, split the points for the kids to use, but give a lot of thought to willing the contracts to the kids upon your death, because it may not bring the joy that you expect those contracts to bring.

 

[Grandbuddy]

But if the contract(s) go to the kids, it means all our assets are also going to them. We're not "rich," but I don't think they'd find it a burden to pay their dues in that situation.