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Affidavit of Disclaimer? Timeshare

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Affidavit of Disclaimer? Timeshare

Old 04-16-2012, 04:41 PM
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Default Affidavit of Disclaimer? Timeshare

So, my parents don't want their (Orlando FL) timeshare anymore and have decided they are just going to stop paying for it. They realize it will go into collection, they'll be hounded, and their credit rating will suffer. They feel they're too old and don't need credit so they don't care about any of that. I don't agree. My preference would be that they just pay whatever they can negotiate and get out of it the right way (if there is a right way).

My only concern is that I don't get stuck with this white elephant when they pass on. My Dad plans to will it to another party (lucky them ) and an internet attorney told my Dad to make sure I file an Affidavit of Disclaimer.

Any guidance, help, info, from the legal minds out here? Thanks in advance.

Last edited by kone; 04-17-2012 at 05:49 AM.
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Old 04-16-2012, 04:54 PM
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Affidavit of Disclaimer..and interesting option.
I have never heard of it...but it looks like it suits your needs..very interesting.
I love the part where it says you are legally treated as if you were dead...

From Wikipedia:
Disclaimer of interest (also called a renunciation), in the law of inheritance, wills and trusts, is a term that describes an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust.

There are a number of reasons why a person might wish to avoid an inheritance, particularly if the proceeds would only go to their creditors, or if it would drastically affect their income tax liabilities. Under the common law, a person who disclaimed their interest would be treated as though they had died before the trust or will came into effect. This was a sensible option if the disclaiming party was an heir by descent, whose own children would then take in his place and without the imposition of a gift tax.

The disclaimer must be in writing and submitted to the court overseeing the disposition of the estate within a legally specified time period, which is usually nine months after the death of the person from whom the disclaiming party stands to inherit, or twelve months after the creation of a trust by a living person. An affidavit may be required in which the disclaiming party must swear that he has not received any consideration (i.e., compensation) for the disclaimer. The disclaimer must also occur before the disclaiming party has enjoyed any benefits of the trust or inheritance. Many jurisdictions now have statutes that prohibit a disclaimer when the individual is insolvent or receiving certain public benefits due to low income.

A disclaimer of interest is irrevocable. It must be a complete, and not a partial disclaimer. Such a disclaimer can be made by a legal guardian on behalf of a person who lacks the capacity to make the disclaimer themselves, but this usually requires the finding by a court that the disclaimer is in the ward's best interest.
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Old 04-16-2012, 06:39 PM
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I have only heard about this when there is a remarried couple and one dies and the widow(er) disclaims part of the estate so the deceased's heirs get it.
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Old 04-16-2012, 07:18 PM
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You wouldn't file the disclaimer until your parents both pass on. Check the minutes of the association. You may be surprised how many units they have taken back voluntarily to save legal fees. My sister works for an attorney who handles timeshare forfeitures for associations here in Orlando. If you want, PM me the place where they own and I'll see if I can get some good info for you.
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Old 04-16-2012, 09:18 PM
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I am just curious, what's the story on the timeshare?

Has he tried selling it on ebay, or craigslist, for $1?

Seems like someone would be willing to take it off his hands for "nothing" (understood that fees etc come with that nothing) and then he wouldn't have to deal with all of the BS... maybe he's out $250-500 for a transfer fee and somebody else takes the long term hit.
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Old 04-17-2012, 03:53 AM
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The affidavit would have you disclaim interedt in the entire estate not just the time share. The unpaid dues will become a claim against the entire estate not just the TS.
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Old 04-17-2012, 04:32 AM
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Maybe they could gift it to their church. Bad PR going after the church for something like this.

I know there is a process for giving the weeks to the association. If you read the minutes you will see where it is discussed.
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Old 04-17-2012, 05:09 AM
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Originally Posted by fichtion View Post
The affidavit would have you disclaim interedt in the entire estate not just the time share. The unpaid dues will become a claim against the entire estate not just the TS.
That's how I'm reading it as well. Thanks.
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Old 04-17-2012, 05:40 AM
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Originally Posted by Flot View Post
I am just curious, what's the story on the timeshare?

Has he tried selling it on ebay, or craigslist, for $1?

Seems like someone would be willing to take it off his hands for "nothing" (understood that fees etc come with that nothing) and then he wouldn't have to deal with all of the BS... maybe he's out $250-500 for a transfer fee and somebody else takes the long term hit.
I believe it's now called Mystic Dunes Resort and Golf Club - part of Diamond Resorts. My parents (surprise!) got this thing many years ago so that we could visit them each year as they spent the winter in Fla. It worked out for a few years but it's been pretty much wasted for a lot of years since. I believe there's some value to timeshares but you have to be on top of things, understand all the rules, and then play the game to your advantage; things my parents never did. I think getting rid of it is possible but now that they're older, and with my Mom having Alzheimers, it's just over my Dad's head I'm afraid. I've advised him about all the possible ways to rid themselves of it but he's resisted anything that will cost more $ so I'm hesitant getting involved too much. Imho they are going to have to pay something to do it right. In his defense, they've already been "taken" by a place promising to sell it.

ugh

Last edited by kone; 04-17-2012 at 07:03 AM.
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Old 04-17-2012, 06:15 AM
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Looks pretty grim, some other discussions online suggest that those particular timeshares have a value right around $0... if he is up to date with his fees, you never know, might still be someone out there willing to take it on "for free"... otherwise as above I would assume eventually he (or you) will have a problem on his hands...
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Old 04-17-2012, 07:02 AM
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Originally Posted by Flot View Post
Looks pretty grim, some other discussions online suggest that those particular timeshares have a value right around $0... ... otherwise as above I would assume eventually he (or you) will have a problem on his hands...
of course.

thanks.
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