Multi Family Purchasing Strategy

[Marionnette]

It isn't only about how long your will be able to travel. My advice was for the OP who indicated they are just now looking at buying a timeshare for the first time. Is the OP considering this as a way to have other family members join them on vacation or for other reasons? Regardless of the sales pitch, timeshares are not free vacations and there are still annual fees for maintenance & trading, most of those costs will likely go up over time and you have no way to know by how much. Disney seems far more reputable with their timeshares, but when you look around at all of scams associated with timeshares, it is still something to consider before jumping in for the first time.

Okay, so when you said:

^^ Along the same lines is it also wise to purchase any type of timeshare if you are already in your 60's? As people get older and perhaps become less mobile, they will likely travel less and if you live a long distance from Disney, the time/expense to drive/fly there could become too much of a hassle.

You really meant “Is it wise for anyone to purchase any type of timeshare?”

I really misunderstood your post.

 

[RoseGold]

OMG! How old are you? Just because someone is 60-ish, that doesn’t mean they won’t be traveling for the next 20-25 years.

I bought a lot of points right now, while I have small kids. I mean, I have almost four contracts now! I plan to sell most (all?) as my kid ages out of princess dinners. That doesn't mean I won't be traveling, but I definitely don't expect to go to Disney as much with older kids or expect to camp out for two weeks in the summer at WDW with a teenager. You can travel without going to Disney.

I can see a grandparent with a similar view on Disney/DVC. Plenty of people plan to use for, say, 10 years and sell. Perfectly valid plan, especially for someone in their 60s.

 

[Wedgeout]

When I read it, I just see awesome parents wanting DVC resale and are involving their children. As far as age, it will only keep them healthy, active, and happy for years to come.

 

[Darb]

Just to clarify: everyone involved understands what timeshares are and what DVC is and how much it costs, etc. It is specifically because everyone is planning to make frequent trips over the next few decades with large family groups that this is being considered for the first time now.

In terms of use and ages- all the grandkids are under 5 so there’s realistically 15-20 years of potential trips with “kids”. And while we obviously don’t know what may happen in the future in terms of changing health or finances or interests, Disney World is also a priority vacation for my parents, my sister, and myself. So as long as they are capable of traveling, my parents will most likely still want to visit WDW. And they are making this purchase planning on leaving it to me and my sister to use/manage/sell as needed or wanted once they are no longer able to travel themselves.

It’s entirely possible for our situations to change in 10 years or 25 years to the point where ownership no longer makes sense and the choice is made to sell. But right now, everyone understands what they’re getting into and why it makes sense for us.

 

[Marionnette]

Just to clarify: everyone involved understands what timeshares are and what DVC is and how much it costs, etc. It is specifically because everyone is planning to make frequent trips over the next few decades with large family groups that this is being considered for the first time now.

In terms of use and ages- all the grandkids are under 5 so there’s realistically 15-20 years of potential trips with “kids”. And while we obviously don’t know what may happen in the future in terms of changing health or finances or interests, Disney World is also a priority vacation for my parents, my sister, and myself. So as long as they are capable of traveling, my parents will most likely still want to visit WDW. And they are making this purchase planning on leaving it to me and my sister to use/manage/sell as needed or wanted once they are no longer able to travel themselves.

It’s entirely possible for our situations to change in 10 years or 25 years to the point where ownership no longer makes sense and the choice is made to sell. But right now, everyone understands what they’re getting into and why it makes sense for us.

Maybe your parents might want to consider purchasing two contracts under their names only but placing you and your sister on as associates. That way, both you and your sister can “manage” the contract but ownership and liability for dues remains with your parents. Since you are considering resale, blue card benefits are of no concern for you anyway.

If they eventually want to pass ownership on to you and your sister, they could do a gratuitous transfer of one contract to each of you.

 

[Darb]

Thanks for all your advice! It seems like the consensus opinion really is that the potential risks of future disagreement or conflict are a greater challenge than possibly having a few years of complicated co-management of point transfers and a little extra money in multiple closing fees. That’s where we were leaning too.

I think it would be best to plan for a little extra work in the short term but to protect the “happiness” of DVC ownership from any future family pain.

 

[RoseGold]

If they eventually want to pass ownership on to you and your sister, they could do a gratuitous transfer of one contract to each of you.

If this is the plan, I don't see why it doesn't just start with titling in either OP's name/sister's name or OP + grandma/sister + grandma. If they have a really complicated estate, with lawyers already involved, another option is to go with a corporation with clear rules on who gets what. But yea, separate contracts is a minimal expense (maybe no expense?) way to equalize the split.

This is a large purchase. It's worth a phone call with their estate attorney and some clear discussion about intentions.

DVC can't be split, it has to be sold to buy someone out. And estates and divorces and bankruptcies can and do force sale to equalize the cash payout. I can't think of anyone I'd want to share a DVC contract. I don't even like my SO's opinion on my DVC plans haha. All that to say, separate contracts!

 

[Darb]

Maybe your parents might want to consider purchasing two contracts under their names only but placing you and your sister on as associates. That way, both you and your sister can “manage” the contract but ownership and liability for dues remains with your parents. Since you are considering resale, blue card benefits are of no concern for you anyway.

If they eventually want to pass ownership on to you and your sister, they could do a gratuitous transfer of one contract to each of you.

We weren’t sure about this either. My understanding was that there could be extra work around inheritance transfers if family wasn’t already on the deed as an owner.

 

[Wedgeout]

We weren’t sure about this either. My understanding was that there could be extra work around inheritance transfers if family wasn’t already on the deed as an owner.

I’m going to probably really stir it up but here goes..
How about testing the family dynamic by having the parents sponsor the purchases. One contract in your name and one in your sister’s.

 

[Marionnette]

We weren’t sure about this either. My understanding was that there could be extra work around inheritance transfers if family wasn’t already on the deed as an owner.

There’s Florida probate costs if the property is inherited. But a gratuitous transfer occurs while the owner is still living.

 

[RoseGold]

. My understanding was that there could be extra work around inheritance transfers if family wasn’t already on the deed as an owner.

Sort of, JTWROS doesn't really care if you are family. There are tons of options: trusts for the grandkids, living trusts, multiple names on the deeds, title to OP/sister now, corporations.

Your parents really need to have a discussion with their estate attorney. It's a lot easier to do this from the jump to achieve whatever their goals are, just filling out the right form with the title company at purchase. This is real estate and a five figure discussion. It's worth a little lawyer time to do it right.

 

[Deb & Bill]

If this is the plan, I don't see why it doesn't just start with titling in either OP's name/sister's name or OP + grandma/sister + grandma. If they have a really complicated estate, with lawyers already involved, another option is to go with a corporation with clear rules on who gets what. But yea, separate contracts is a minimal expense (maybe no expense?) way to equalize the split.

This is a large purchase. It's worth a phone call with their estate attorney and some clear discussion about intentions.

DVC can't be split, it has to be sold to buy someone out. And estates and divorces and bankruptcies can and do force sale to equalize the cash payout. I can't think of anyone I'd want to share a DVC contract. I don't even like my SO's opinion on my DVC plans haha. All that to say, separate contracts!

Plus if you purchase two contracts and title them differently, they become two separate memberships.

 

[Sandisw]

^^ Along the same lines is it also wise to purchase any type of timeshare if you are already in your 60's? As people get older and perhaps become less mobile, they will likely travel less and if you live a long distance from Disney, the time/expense to drive/fly there could become too much of a hassle. Where multiple families are involved it is difficult to predict the future. People's taste in vacation vary, so you might find one family wants to go to Disney frequently, while the other does not. A simple example could be your children get more involved in sports and your family needs to be more focused on that and has less time for any annual Disney vacation. Disney timeshares are apparently more reputable then many others that are around, but they are still mostly a pre-paid vacation expense.

It might make more sense to simply pay for vacations as you go and then let everyone decide what they want to do in any given year.

This made me laugh because honestly, its just silly to think that people in their 60s aren’t good candidates for a Timeshaee.

Heck, I am mid 50s and am up to 775, with the hope of being 1000 someday!

 

[_19disnA]

I was speaking to the OP asking the original question who indicated this was a first time purchase and providing them some things to think about. Never said this applies to everyone. Everyone thinks they will live a long time and there are some forums that speak to buying timeshares as an 'investment'. To each their own I guess................LOL.

If it works for your situation, the go for it.

 

[crisi]

If you can't afford the extra closing costs and time it takes to find a few contracts, you are going to be sorely disappointed in the cost of attorney's fees to settle your parents estate when it all goes South. Also consider events other than your parents predeceasing you....what will happen if you or your sibling divorces? If one of you - or one of your partners dies? If one family gets Disneyed-out and starts talking Grandma and Grandpa into selling for a timeshare in Mexico while the other still wants Disney.

 

[Disneybuckeye]

I agree on the separate contracts, but even with a family of 4 I would not be happy vacationing all the time in a studio and a two bedroom with 7 people is a lot. Everyone has different vacation patterns and preferences, but we spend a decent amount of time at the resort and I hate having people on top of me. Of course you can always add on if you realize you don't have enough points for the room size you really want.

If DH and I travel alone we occasionally do a studio (but not BLT). We prefer 1 bedrooms for 2-3 people and 4 or more we prefer a two bedroom. The only exception is VGC as the one bedrooms we have stayed in there were nice sized for 4 people. Good luck with your purchase.

 

[mamaofsix]

I agree on the separate contracts, but even with a family of 4 I would not be happy vacationing all the time in a studio and a two bedroom with 7 people is a lot. Everyone has different vacation patterns and preferences, but we spend a decent amount of time at the resort and I hate having people on top of me. Of course you can always add on if you realize you don't have enough points for the room size you really want.

If DH and I travel alone we occasionally do a studio (but not BLT). We prefer 1 bedrooms for 2-3 people and 4 or more we prefer a two bedroom. The only exception is VGC as the one bedrooms we have stayed in there were nice sized for 4 people. Good luck with your purchase.

I was going to say the same thing. OP mentioned sister's family of 5 sharing with the parents in a 2 bedroom. That's going to get tight really fast as the kids grow.

I'd say they should be planning for enough points for a GV PLUS another studio each time, at a minimum. Or two 2 bedrooms, with the family of 5 sharing one, and the family of 4 + grandparents sharing the other. Not sure what the plan is for home resort, but OKW would be my preference for this situation, due to the low point cost of their GV's.

 

[paults]

I have 2 contracts and all will be easier to sell alone. No way would I buy a single contract over 200 points but that's just me.