My In-Laws Are Trying To Leave Us a Timeshare
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- Опубликовано: 7 сен 2024
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I don't get how people are still falling for timeshares. It's been universally known it's a scam for decades. HOW?
My friend has one for 30 years. She goes to different places around the country.
My parents recently gave one to my wife and me. It honestly isn't too bad of a deal if you never pay upfront and only pay maintenance fees. About $800 a year for a suite for 1 week at a 5-star resort in Mexico. Now, if you never use it, of course it's gonna be a bad deal...
These are the people who get taken by emotional hype.
The same reason people still buy whole life insurance. It’s all sales.
Vidanta or a different one?@@HedgeFundAnalyst
My brother was talked into 3 timeshares. He was lonely and single and loved the attention they gave him at the time. 10 years later he tried to sell them to me for half he paid for it. Ridiculous. When he died, the payment obligation died with him.
ur bother tried to scam you? thats a messed up family you got
Usually most states the payment obligation will go to any family member unless they quickly reject it.
@@G7130BS
A beneficiary can decline the inheritance by telling the executor he doesn't want the item.
A dude in France inherited $400k cash from his uncle who lived in Switzerland.
The dude accepted the inheritance, thinking probably the taxes would be less than $400k.
Well, Switzerland took 50% as taxes and France took 60% as taxes!!!!
The dude found himself owing 10% of it to the French government!!!!
@@curtisalex456 That's why I live in a civilized society: Texas
@@curtisalex456Switzerland does not levy an inheritance tax. That story is nonsense.
@@samuelsullivan9546 I’m an aged Texan, and it’s not civilized or sensible anymore. The property taxes in Texas are ridiculously high, the power grid is a disgrace, and we have openly corrupt people in government who get re-elected anyway.
@@jacksons1010 Google it, there's inheritance tax in Switzerland. Inheritance tax in France is complicated and atrocious!!
This story was on French TV in a program about Inheritance tax.
My mom inherited a property from my grandmother when she passed. The tenants decided they weren't going to pay rent or utilities. My mom had to get a lawyer and the lawyer informed her that she had to keep the lights and water on for the tenants and that it could take up to a year to evict them. After spending TENS OF THOUSANDS of dollars over the course of a year, with endless headache, my mom was finally able to sell the property for $10,000 more than what was owed on it. So to everyone saying "I wish someone would gift me a property" or "just sell it after they pass", you have no earthly idea what the details are on these rentals. They could very well be a curse not a blessing.
I'm an engineer. I would have put a pressure regulator on the incoming water so you couldn't even shower. I would have removed one of the 120V legs so random things wouldn't work and that means no dryer, stove, or air conditioner.
It's a really good point that the reality of dealing with real-estate (and I'm sure rentals, all the more) can't just be treated as an after-thought. It's totally reasonable that they want nothing to do with the rental properties, indeed!
I own a rental management company. Everything you said is right, especially in California. That is why I no longer have rental property there or do business in California.
Also, in most cases, lease agreements do not terminate upon death of the landlord or upon sale of the premesis. So, if you buy or inherit rental property that has a tenant, you may have to "buy the lease out" or wait months until the lease expires. This often makes rental properties a tough sell.
thats a near worst case scenario though, statistically just like how most people are not criminals, most renters are good people
a friend had a similar offer; he told them this; why don't YOU sell it for us......worked!!
Great idea!
The worst kind of inheritance: CHORES 😂
'did u luv us or not?!' :-)
Seriously!
Why wouldn't they just take the houses and sell them
If theyre trying to leave the rentals to them and want them to be landlords while theyre still alive, they either have to be landlords that they would hate, or sell the properties and upset the parents, so it is lose-lose.
Or they could hire a property manager.
@@airthrowDBTHe said they were leaving the property to them in the will, meaning it would not take effect while they are alive.
@@jonnelson9760 AKA "someone who will neglect your property, steal you blind and get you into legal trouble."
Came here to say exactly this.
Just because someone leaves you something in a will, doesn't mean you have to accept it.
Dave never asked if she had any siblings...could they leave it to another child? Just accept the houses and sell them and ignore the time share like he said.
The time share will take you to court and win money for 5$100,000 hoa fees
@@fdllicks How do you figure that? The time share contract dies with the in-laws.
@@majorlagg9321- nope, it goes with the estate and is distributed as per the will. A beneficiary doesn’t have to accept it, but the “estate” (executor) will have to deal with it. In some states, a beneficiary might have to decline in writing. Best to seek legal advice in the respective state.
My sister inlaw was frail and terminal. 2 family members transfered the deeds to her and paid all the fees to do so. So when she passed there was no outrageous surrender fees. Saved them thousands doing this.
Yep, best thing to do when an in-law is dying is to heap all your bad financial decisions on them so they can't take it to the grave with them
Timeshares are a rip off
Own 4 disagree
For some not for all
I understand where thjs guy is coming from. A nephew recently offeref to give me a time share. I tokd him NO thankyou. I have also been offered my mother's house when she passes away and I have again said no thank you just get it sold and distribute the money. I am retired and I am absolutely insistent that my remaining years be kept simple.
You want your mother to deal with selling her house instead of you, so that you can just get the cash and your life remains simple. You sound pretty spoiled. Maybe she will distribute the cash: to others and not include you.
you sound pretty selfish... its not like selling a home is a hard task, but it is something and you should help your mom with it, obviously she is older than you and also in retirement. she literally wiped your butt as a child and you wont help her sell the home? delusional. "i dont want 300k+ because it would require me to make a few phone calls and talk to a real estate agent" what lol?
@@bradycone I think they are saying they don't need the money and don't want to deal with the headache. But yeah, it's pretty ugly to your mom. Just accept it, tell family they can take what they want (at the correct time) and then hire a realtor and an estate/garage sale company to sell all the stuff.
@@bradycone that's not what I said. The details are my mother will live in that house until the day she dies. After she passes away the estate executor will take care of it and I am not the executor.
@@scott4825 see my comment above my mother had nothing to do with this it was the estate executor my mother would live in the house until the day she dies then the executor will take care of it all of that has been laid out in the trust for years
Under most circumstances, you can refuse a gift from an estate or trust. In the context of an estate (probate), all that is usually required is filing a document, often called a disclaimer, by which the recipient of the gift declines to accept it.
Dave should've mentioned that.
I did this when my grandmother died. All the kids got some land. I turned mine down because I'm out of country. I asked for a single cheese plate (worth 2$) because I just wanted something to remind me of meals we'd shared.
Sell the properties shortly after you inherit them.
I'd don't understand why anyone wouldn't do that unless the parents have a large mortgage attached to them.
@@TheRealCartman1 Good point if the property value is underwater to the mortgage. Then there is the realtor’s commission to take into account. Generally seller’s closing fees are nothing compared to the buyer. Agreed with the above commenter. If you can unload it without taking a personal hit and your definitely NOT the landlord type, sell, sell, sell.
If the property is underwater, then just let the bank have it. If it's not, donate it.. or just give it to the tenants, if they've been there long term.
Take rental property and sell it
Why would you not take it?
It's not a property. You aren't the owner. Because timeshares are a trap. They are nightmare to legally get out of.
Timeshares cannot be sold. You can’t even give them away.
Are you not listening, there are both rental properties AND a timeshare.@janelleg597
Because sometimes people don't want to deal with real estate.
@@TheRisky9 Just get an agent to sell them and respect the money in return that was gifted. He doesn't need to deal with anything.
Just price it all to sell. Not a big enough problem to hurt the feelings of your in-laws who mean well.
Same. If anything, itll all be tax free realized gains.
Not if the parents are thinking they want to give it to them to rent out long term as an investment, they would get upset at them just flipping the houses and losing the opportunity as they see it.
@@airthrowDBTThis is in their will, so they will be dead when the properties change hands... I don't think their feelings will be hurt.
@@airthrowDBTthat’s their problem. All of it is their problem
@@debbylou5729 Sure, but these people don't need the money, so the headache of arguing with their parents over this "gift" they don't want wouldn't be worth it.
Years ago my in-laws (broke people) tried to gift us their time share. I told my wife that we are "refusing delivery".
I had a call from a time share company, and was really getting the hard sell. I shut the caller down with 6 words, “I’m a devotee of Dave Ramsey!”
That’s 7 words. “I’m” is a contraction of “I” and “Am”
That's a great tip! Thank you!!!
@@johnnnysilverhand9819 What a dumb comment. A contraction is one word.
Why not accept the rentals and sell it…?and don’t accept the time share.
What if the rentals need a roof ? 😂
or squatters that wont leave...repqirs that need doing to sell..
@@lombardo141 Homes can be sold as. Making some money is more than nothing.
@@lombardo141 so what if they do? You get a house for free! So you have to pay 20k for a roof. Who cares?
What if you’re in a pandemic and the government won’t let you sell?
They left a liability, not an asset.
Older rental properties that have been fully depreciated with (usually, often significant) capital gains are IDEAL to pass on to a survivor via a will. At least from a tax perspective -- a full (and free) step-up means the heir can sell (as soon as possible) with much less tax liability than if the original owner sold it before dying.
I don't want rental properties either, but I'll take two and just sell them, and like Dave said, just pretend the time share doesn't exist and it will go away on it's own.
if you don't want the rentals you sell them, pretty simple. not sure why he's bent out of shape about it. i dont want rentals either, but if they were left to me, i could manage it till lease is up and sell.... and like dave said don't touch the time share or sign anything, and let it go.
exactly- or keep one of the rentals as a vacation place and watch the value rise and you have more wealth - if the rentals are in poor shape bad area etc it get it but if all you have to pay are taxes you always take the property
That's like leaving someone a middle finger.
Thank you. You gave me my first laugh of the day.
What's the problem? Just sell it all when they pass, duh. You don't have to tell them what you're going to do.
Not so simple with the rental properties depending on where they live. Many people do not want to purchase a rental with existing tenants. It can create a lot of stress and drama
@@whosaidthat9265then end the lease when their contract is up and sell it.
@@whosaidthat9265no need to sell it as a rental. Just sell the house. Give the tenants notice. What's the problem?
@@moimeself1088 in some states it is easier than others. Just depends on tenant law in PA which I am not familiar with. Other than non-payment of rent, some states can be very ridiculous about tenants rights to stay. Where I live, for example, the tenant has 120 days to identify if they want to buy the property as first rights of refusal. That’s a hard and fast rule. We don’t know if the property discussed is a single family home or MDU. A lot of factors to consider in the process.
You can’t sell a time share it’s a nightmare from hell alive or dead ha
I notice he saying leaving “us”. Are they leaving it to his wife and him or just his wife. If just his wife then she should have been the voice.
Plus it seems ridiculous to say no to property that they could sell and keep the money from but he thinks he makes better financial decisions than his in laws.
I would accept the rental property and put it right on the market to sell
Please do not give me free rental properties. Please no. Anything but that.
Like he's allergic..
Being a landlord sucks. Been there done that. But if they were ok with me selling the house I’d take it
A free rental property is not free. Don’t kid yourself 😂
@@lombardo141 Were they offering to sell the properties to him?
@@lombardo141 this is the dumbest comment. I wish my family would give me free property. Worse case scenario you sell.
My mil left her house to her 4 children. It wasn’t worth much and needs a lot of work. Sister in law runs the show and she’s got issues. My spouse had the attorney remove our names as we didn’t want to be involved in any way with the house. We did both have to sign legal paperwork. It’s been 3 years and the house is just sitting, continuing to fall apart, full of SIL’s belongings and mil’s belongings and nothing has been done to sell, rent out, or whatever you do with a 110 yr dilapidated house. We never made a better decision and sleep well knowing we’re not on the hook for anything financially regarding this house.
I've heard horror stories about timeshares. As to the rental properties, no way to know what problems come with them. I like the advice of "just don't sign anything."
They inherit the property with a stepped up basis, which can be an incredible financial windfall. They inherit it, then they sell them. Done 💰
Most likely the intent of the parents is to pass along something financially significant to the daughter and that’s still the case
Absolutely. This call and the response are crazy. If they sold now, they may have big capital gains taxes, which can be avoided with the step up basis. And, if they sell they are missing out on future appreciation, especially if they live for a couple more decades.
The caller sounds so ungrateful.
@@bradyconethey’re not ungrateful; they are scared of being forced into an investment they don’t understand and work they don’t want to do. My own panic at this possibility went way down when I realized that you can decline an inheritance. Not saying I would decline it, but I like knowing I am in charge of my life and demands can’t be forced upon me that I haven’t agreed to.
I get not wanting the rental... But why not... Sell them?
Probably don't want the headache, and if it's in the middle of a lease I imagine having to wait it out, possible responsibility for utilities, repair for selling. From what I'm gathering they are getting their life handled and don't need extra on top.
Free doesn't always mean free
You can refuse any inheritance, don't over think it.
No he needs to overthink it. If you inherit one you need a lawyer to un-inherit it otherwise you own it.
@@Mitzi73Its very easy to refuse an inheritance. Couple of forms and done.
?????
You Deed a house, file with the state,
Then die,
I think the State could pressure you.
Take it and sell it
Am I lost on this call? A relative wants to give you possibly hundreds of thousands of dollars in rental property and you don’t want to accept it. I’d be a little miffed too. What Dave said, accept it with gratitude and sell it the week after they’re gone. Ignoring the timeshares is a no-brainer.
Time shares are white elephants.
Plus, rentals can be a headache.
They can also be a pain to offload.
@@stacybender4414 Dave already told him he was off the hook re. the time share. The rentals, how much trouble could it be to list them w/ a realltor & you get what you get. I don't see much of a problem here.
@@stacybender4414 Rentals are in high demand!!
Not even charities accept time shares.
No one will buy it
Seriously.., why would you not accept it and sell them …
You can't sell a time share
@@vjs4539 Two rentals are not timeshares.
@@vjs4539yes you can.
@@vjs4539no but you can sell the rental properties at least.
Ill take the free stuff. Just deed it over to me when the time comes
This was helpful as I’m looking at a very similar situation with a time share being passed on by my in laws. Good to know you just don’t sign anything and it’ll die
Don't ever tell the parents what you might plan to do, unless you are all in accord and the communication is healthy on all sides. If the parents are laying this on you without considering your perspective, (1) it is not a gift, it's a form of control from beyond the grave, and (2) their view of the relationship has no room for you to think differently about it.
It's not about his willingness to receive, it's about their wanting to give. Her parents see it as a gift to take care of their daughter. Don't insult them by refusing the lifetime efforts of their labors.
They can deal with it when the estate is probated. They are not obligated to take an inheritance.
The mobile home park’s attorneys tried to sue my Ex and I for the cost of removing his mother’s trailer when she passed. They only knew we existed because one year for Christmas we paid her lot rent. She had been a life long hoarder and it was better than gifting her stuff. We lived over 1000 miles away and there was no way I was going down that rabbit hole when everyone else just looked away. I wrote a letter to the Judge letting him know we would not be attending the hearing and that we were not making a claim for assets (there was nothing) nor were we responsible for her liabilities. I think the park just wanted to cover themselves.
The rentals could be dealt with. If they're worth $1M, tell the in laws that if you inherit them, you'll sell them for $100k. And yes, ask the in laws to try to sell the time share for $1 and then be surprised that nobody will buy it for $1.
They could accept the rental houses as inheritance and then sell them soon as they clear probate court. I would be up front with my intention to do so if they view it as a legacy thing they would know that it would end only months after their passing. This may be more palatable then outright refusing everything which they make take offense to. If there is debt on the rentals it would be a no go, not worth assuming the loan.
It’s a huge tax advantage to inherit a rental properties and then sell vs. having them sell them and inheriting the cash.
I wondered about that. Estate taxes, debts and funeral costs are paid by the estate first, so what’s remaining are the benefliciaries property. So then, I suppose, if real estate is sold, other than transactional fees and taxes, the cash is not taxable?
I mean… you could always sell them once you get it?
The time share is a different deal…
A friend of mine has a few rental properties. If he gets a call from a tennant offering to pay some of the rent late at night he will drive over to the tennant with his receipt book. If if he waits until the next day the tennant has spent the money on something else. Most of the time.
Sounds like semi bad tenants?
Though rent is definitely high in many places. I just hope he is a fair landlord. Haha.
Here’s your inheritance: Debt & Unwanted Responsibility 😂
The humanity wins the wealth ❤I’m in positive mode 😂
How you kno the rentals weren’t paid off?
Right
He gave no indication that the properties had debt.
My parent have made every bad move in the book, including timeshares. Even they know it’s a bad idea, but they won’t let it go.
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Dave’s laugh is everything 😂
If the parents are reading this - leave the rental properties to me. I'd greatly appreciate the generosity of your gift and the hard work you put into creating the legacy.
you get one I'll take the other- this son in law is ungrateful and disrespectful- Id be thankful if my inlaws left us a vacation place unless it was a total dump or such then id thank them and refuse to take it when they pass if there really were issues with properrty
If the houses are paid off even with tenants. Take em and sell it off. If they still have a sizeable mortgage. Well based on them not wanting to be landlords. Dont even take them.
I directed my Dad to sell and SPEND it on himself. I ensured him I was doing just fine and did not need to rely on an inheritance.
Depends where and what the rentals are. They house peop,e who are up to date on rent, then give them lots of notice the property is being sold. Again sometimes rentals sell with the good tenants in them. But bad tenants behindvin rent, or on section 8 you are into evictions, and squatters a d alk that to clear themmout before you can sell. So its not do easy peasy to say " just sell". Tenants in many states have lots of appeals and protections.
Take the houses and sell them. Your tax base will be what they are worth when he dies. So you will be able to sell them and pocket what they seek for minus any expenses involved in the sale.
Not a fight worth having to me. If there are other siblings express that they might want these items more than you. Otherwise, deal with it when the time comes. You can always sell stuff or even distribute it later. To me the "the inheritance is their money and not yours" kind of applies here. When someone gives you a gift, do you tell them it's crap? Do you say "grandma, I know you spent 6 months knitting me this sweater, but it's ugly and I'll get laughed at."
Absolutely. He seems so disrespectful.
And arrogant and nasty. Not his inheritance he has no say.@@bradycone
In the jurisdictions I know, an heir can disclaim an inheritance when the will is executed.
just a note: a will can’t force you to take anything. An item can be refused.
We sidestepped the time share landmine when we were in our early 30's we almost went for the "free weekend, just attend a 3 hour meeting" trap.
receive the gift graciously!!!!! and sell it..big deal!
Yeah... what my thought was... he is throwing free money away.
I'd take the rentals but why would anyone ever give someone else an obligation like a time share
Why would you turn down a rental? If you don’t want to be a landlord then sell it. It would have been nice to know how much was owed on the rentals.
Absolutely. Dave didn't ask nearly enough questions. The caller didn't say anything about them having a mortgage, so I would assume they are paid off. Or depending on how old the in-laws are, it could still be decades away from their demise, so by then they would be.
What a crazy call, and a crazy response. I think Dave messed this one up.
By the way he speaks, the properties might not be paid off. Inheriting a mortgage is not inheriting a property.
I don't know about the USA, but in Canada we have to get mortgage insurance, so if I die, the house is paid off.
He didn't indicate that at all. And, he didn't say how many decades until they are expected to kick the bucket. If it's still a couple decades away, they would certainly be paid off, if they aren't already.
Dave really should have asked some more questions and this guy shouldn't be so ungrateful to his in-laws.
@@dudeorduuude5211mortgage insurance is not mandatory in Canada. It’s optional, and few take it.
Yeah that assumes the loan is near the value of the property, which would be unlikely for so wine at that stage of life. If it’s a small loan, it could still be a very generous inheritance.
First world problems. I don’t think the in laws need to reorganize their property to make it acceptable for you to graciously accept.
Why they cant sell them once they inherit them?
Parents do their kids no service in not teaching them boundaries and that kids have the right to say no without feeling guilty.
I have my last mortgage pmt on my condo this September! I rent it out. I’ve been lucky to have good tenants
I had a friend that went to Las Vegas with her husband, brother and sister-in-law and they bought a time share at one if the resorts. She was so excited and I just didn’t know what to say. About two years later she asked me if I knew what a rip off a time share was. I said yes but you all had already signed the paperwork there was no reason to tell you anything at that point. She passed away a few years back and I so wanted to tell her daughters to not even acknowledge that thing but they were actually fighting over who was going to get it so I kept my nose out of their business. I hope it turns out ok for them.
If the parents leave the time share in their will, you can refuse it in probate court.
Thank them, then tactfully ask the rental houses' locations, mortgages, etc. Sell them or if worse comes to worse, donate them to a local charity/non-profit and let them use or sell them. You can probably get a tax write-off, too. The time share - even Goodwill wouldn't take that donation.
Why not take the property and sell it?
strange call.... Don't you hate when people want to leave you their properties... wish this was our problem, LOL!!
He’s an idiot
It's not as cool as it seems.
@@TheRisky9
True...owning property is a lot of work and often expenses.
I would not want somebody leaving me property, especially without my informed consent.
@Coryraisa why wouldn't you just sell them and invest the money?
@@rachelcarper9297
Sometimes it's not easy to sell property.
No, you do not place that sort of burden on another person to have to sell property.
Usually when you're selling property, you have to pay a real estate agent.
So, no do not attempt to force unwanted property on somebody, especially in the guise of a "gift."
No need to wring your hands. At the relevant time (after they pass), disclaim what you don't want.
I absolutely agree with Dave on this. Happy wife. Happy life. Let her say this.
Dealing with a similar situation with my in laws - they’ve got several random pieces of property that aren’t worth very much between the Us and Mexico…My mother in law is a bit of an emotional person cause each piece was bought from somebody she knew. My wife doesn’t want to hurt her feelings…but we are in the same page and straight told them - if you leave us this stuff we will price it to sell and take the first reasonable offer cause we don’t want it - so if there’s somebody in particular you want to have a parcel (and there are cousins that want it) we said to just sell it to them and give them a good deal on it…it ain’t worth it for us to even settle an international estate.
I can't discuss things and deal with people so call Dave for approval. 😅
Not exactly an accurate representation of this call.
The family is right. This guy is an ungrateful whiner. Sell the rental properties and don’t sign the docs for the time share. Collect several hundred thousand dollars, be grateful, shut the hell up and move on. Most people wish they had this problem.
Well said!!!!
I’ll never include my son in law or daughter in law in talks about the will.
Suggest they donate the properties to a charity.
I’ll take the rental properties !!!
With a big thank you and a smile.
I would take only the rental properties and sell them off:)
Rental properties can be sold. Timeshares are a boat anchor.
Should have kept his mouth shut, graciously accepted the wishes of the parents, and sold the properties after they received them. Geez!
I love this guy great poster I can relate with you we have to have control of our own destiny in life you gonna have a house pay in no time I love where are you going? I pay my house and I have zero debt. The joy you reap after it’s amazing gives tremendous meaning to live life. I love it. Good luck buddy.
Those rentals are amazing gifts. When they pass away, the cost basis will reset and you can sell them if you like. Free cash. Thank you!!!
You can sell the rental properties as soon as you inherit them. The time share though is totally different. They are almost impossible to sell.
I’d rather you leave me a bologna sandwich than a time share 😂
@@tkbreen1381 I'd rather eat a head cheese, liver and onion sandwich with jalapenos than have a time share. 😅😅
Is it just me or? The caller is showing off! He can just take it and sell the rentals.
Wesley Financial Group refuses to help me take over timeshares. I told them that I will take the entire top floor of several towers in the Gatlinburg / Pidgeon Forge area for $10 per unit, cash. To be owned outright with Zero Lot Line. Only 20 units they are trying to help get people out of.....but they don't want to get them out that bad.
I have family that had timeshares. I always thought it was a bad idea. You have to pick your week for vacations based on other peoples schedules. You have to clean the place when you leave. My wife and I like to stay in hotels where we can vacation in different places every year. Also if we go to a beach place and the weather is going to be bad we can just pack up and drive someplace else.
That's the best advice, sell the properties and ignore the time share so it goes away.
Take the rental properties and just sell them don't transfer any legal forms for the time share and just write deceased on any bills and send them back
So pay a property management company for a year thn sell them...
Because the wife and I attended a Hilton time share promo over 20 years ago I still occasionally get calls from them. Last time I just told them not to call me again unless they could get Dave Ramsey to endorse their product. They quickly hung up. 🤣
Uh... just take them and sell them when they are gone? Free money?
Just because someone leaves you something in their will, fors not mean you need to accept it.
dude run away from time shares fast. I had to sell time share properties in my Father-in-laws trust, you don't want that nightmare, trust me!
Is Pim short for something? I haven’t heard that name before
Party in my mouth
A friend let me use his Time Share for the cost of the maintenance fee (good deal). We got to the resort and to get the towel cards I had to get the from the Time Share desk. Haha. I told the lady I’m not a Time Share person. She said… “Oh, it’s not a Time Share it’s a Vacation partner resort”. Uh… still no.
Take the rental properties and sell them.
Take the rentals and then sell them. pay out your mortgage.