Saratoga Springs Deed Question

[goldilocks_63]

Thinking of adding 100 points as an add on... but because I'll be too old, wanted to add my DD 5, a minor, as an owner, to make ownership transfer easier upon our death.

I am already her custodian for other things. Is it possible, to add a minor to a contract, as her custodian?

Thanks, Goldi

 

[BigDisneyKids]

You may want to give MS a ring on this, but I don't think she can be placed on the deed until she reaches the legal age (18). You may want to ask a real estate attorney too.

GL

 

[goldilocks_63]

Darren Green, over a week ago, but he doesn't return my call.

So I thought I'd ask you all.

 

[tjkraz]

I'm not an attorney, but I believe that what BigDisneyKids said is correct. A minor child cannot be listed as an owner.

 

[dcfromva]

goldilocks_63,
Another question is if it is an add-on, can you have different names on the deed other than what you had on the original contract?

I have a couple of custodial accounts for my DS. There are some tricky things involved with them such as if I were to pre-decease him and with him still being a minor, what I consider his assets would actually be considered part of my estate. (I didn't know that when I set them up. )

In my case, at age 18, my DS is in charge. He can do with his assets whatever he wants. (That isn't always a good idea)

This may not be a consideration since it is a timeshare we are talking about, but, if you had the deed in your name and were to pass with your DD as beneficiary, the value of the Timeshare at the time of your passing would be the basis for the taxes any capital gains if your DD decided to sell her interest.
If she were the owner of the Timeshare from day one, the basis for capital gains would what it is today. (ie scenario 1, with your name only and DD the beneficiary if the value went up to $150 at the time of your passing, $150.00 would be the basis. In scenario 2 with DD on the deed if you purchase at 79 and the value goes up to 150, the gain would be the difference (150-79 minus selling fees... )

Anyway, I'm sure there are many other considerations and it is probably the reason there are estate planning attorneys. I would recommend consulting with estate planning attorney to help you out to decide what is best for your particular situation.

-DC

 

[goldilocks_63]

Too funny.

My whole family is attorneys, and does wills and estates for high net worth individuals, but I have to go to my DVCers to get the answer. (like kids doctor's that are sick, never can get any attention because it's the family business



Based on the capital Gains issue, which I didn't think of... I'd rather have it as part of my estate, I guess.

At any rate, thanks, gives me enough info on the issue as to now decide.

You guys are the BEST!

Thanks, Goldi