What is the downside of putting your kids name on the contract?

[Dean]

Dean:

I have 7 (some rather small) contracts in just my name. I just purchased a resale of 25 pts (same resort, same use year as all my other contracts).

I put this new resale contract in my daughter's name, along with mine--so that she can now get all the perks. I am assuming that in a year or two that I can then "give" her one of my current contracts to give her more points to work with. Until then, I can transfer between the two different memberships as needed. Any advice?

Vickye

Transfer yes, give yes but combine with her current contract, NO.

 

[jamstew]

So, if I were to give my daughter one of my 25-point contracts (in our names jointly), I could transfer points to her when she needs them? That sounds like a good option, although I'm perfectly comfortable with a quitclaim the way you did it.

 

[Dean]

So, if I were to give my daughter one of my 25-point contracts (in our names jointly), I could transfer points to her when she needs them? That sounds like a good option, although I'm perfectly comfortable with a quitclaim the way you did it.

You would likely be limited to one transfer a year so better to transfer hers to yours than the reverse but either would be technically OK. I was running out the door when I responded before and after I sent that message I'm not sure that you couldn't combine them into one. You'd need to investigate further to find out for certain likely by talking to DVC member admin.

 

[DISNEY FIX]

So, if I were to give my daughter one of my 25-point contracts (in our names jointly), I could transfer points to her when she needs them? That sounds like a good option, although I'm perfectly comfortable with a quitclaim the way you did it.

You would likely be limited to one transfer a year so better to transfer hers to yours than the reverse but either would be technically OK. I was running out the door when I responded before and after I sent that message I'm not sure that you couldn't combine them into one. You'd need to investigate further to find out for certain likely by talking to DVC member admin.

Dean as a point of interest, is jamstew limited on how many points she could transfer in with a 25 pt. contract? Could she transfer in 300 points if she wanted to?
Thanks as always for helping us all understand our ownerships better!

 

[Dean]

Dean as a point of interest, is jamstew limited on how many points she could transfer in with a 25 pt. contract? Could she transfer in 300 points if she wanted to?
Thanks as always for helping us all understand our ownerships better!

With some systems yes but not DVC. The limit would be the one in/one out issue. Even then they might wave it (as well as the banked or borrowed points restrition on transfers) if jamstew keeps their name and simply adds the other party. They could also transfers this years and next years points then the daughter could bank them to get 2 years worth of transfers in one UY. But as I noted, Ithink this work best to use them and link reservations rather than transfring and if transfers are needed, it's still better to transfer from the smaller to larger one and have the other parties contract make any necessry reservations. In my case, my daughter is an associate on one contract and a membr on the other.

 

[TSMIII]

Not to be "Debbie Downer" here, but I strongly suggest that people think long and hard before adding others as owners to your account. If you do, your DVC becomes a joint asset. That means if, in this case, your adult child were to marry and divorce, your DVC may be looked at as a joint asset in any divorce proceedings. Now you might not mind losing an idiot as a son/daughter-in-law who would dare to mess with your DVC, but how happy would you be if you lost your points along with them??? This applies to bankruptcy also. If a co-owner ends up filing for bankruptcy, the courts may demand that the DVC membership is sold to offset debts.

Just another point of view...

Also, if you child is of college age and seeking financial aid, their assets are assessed at a higher rate than the parents' assets. So giving them your DVC can hurt their chances of maximizing any financial aid.

 

[jamstew]

Also, if you child is of college age and seeking financial aid, their assets are assessed at a higher rate than the parents' assets. So giving them your DVC can hurt their chances of maximizing any financial aid.

Absolutely! So many people don't understand how financial aid works at all.