Puttting a contract in others name?

[eeyoresmom]

We are most likely going to buy another resale contract. I am thinking of putting this one in DD's name since she will inherit it anyway. She currently lives with us but will most likely move out next year. Will she still get the DVC AP discount on tickets or is this benefit no longer available to resale? I also want to make sure there are no major tax implications to her.

 

[disneynutz]

She won't get any direct buy perks and it will be a separate contract/membership from your existing one.

Bill

 

[eeyoresmom]

Thanks. I thought that was the case but wanted to make sure before we purchased.

 

[Dean]

We are most likely going to buy another resale contract. I am thinking of putting this one in DD's name since she will inherit it anyway. She currently lives with us but will most likely move out next year. Will she still get the DVC AP discount on tickets or is this benefit no longer available to resale? I also want to make sure there are no major tax implications to her.

No perks. The only tax issues I can think of are how the taxes are divided for deductions and if it sells for a profit in the future. There are many other financial considerations though including FAFSA if applicable and if she has financial issues, it could affect the contract. If you add her to your current one, she will have the benefits, much cheaper than buying retail for the option.

 

[eeyoresmom]

No perks. The only tax issues I can think of are how the taxes are divided for deductions and if it sells for a profit in the future. There are many other financial considerations though including FAFSA if applicable and if she has financial issues, it could affect the contract. If you add her to your current one, she will have the benefits, much cheaper than buying retail for the option.

If I add her to my current contract will she get the benefits( most interested in the AP discount), if she moves from my home?

 

[Dean]

If I add her to my current contract will she get the benefits( most interested in the AP discount), if she moves from my home?

As long as you do now with that contract.

 

[eeyoresmom]

Thank you. This was a resale contract but I was grandfathered in with the benefits. Does that change her ability to get the benefits?

 

[CarolMN]

Thank you. This was a resale contract but I was grandfathered in with the benefits. Does that change her ability to get the benefits?

No.

 

[eeyoresmom]

Thank you. How do I go about adding her to the contract? Do I need a real estate lawyer?

 

[Dean]

Thank you. How do I go about adding her to the contract? Do I need a real estate lawyer?

You can do it yourself for about $40 for a single contract or get LT transfers to do it for about $175.

 

[eeyoresmom]

one more question. If I do this now and DD moves out and marries, will her husband also get the AP discount?

 

[CMNJ]

one more question. If I do this now and DD moves out and marries, will her husband also get the AP discount?

He should because his address would match hers and the AP discount is for the DVC owner and family living in the same household. Keep in mind if you put your daughter on the contract as an owner and she then has financial difficulties it will be considered part of her estate (or if she marries and then divorces).

 

[Dean]

one more question. If I do this now and DD moves out and marries, will her husband also get the AP discount?

As noted, yes if she’s an owner and he has the same documented address of record. But not other perks if unaccompanied. In some states the asset would become part of his assets as well and at risk if he had financial issues or with divorce or death.

 

[eeyoresmom]

Thank you. I'm sure that's the case in Massachusetts. I'll have to think about it.