My parents have a deeded timeshare in Georgia. I'd like to avoid inheriting the liability of the timeshare maintenance fees. They notified me that my name is listed on the timeshare along with theirs. So the first logical step seems to be that I need to have my name removed from the deed. But how do I also prevent inheriting this responsibility from my parents (these seem very difficult to sell or even give away)?
Unfortunately, while you may be able to give your interest back to your parents (you'll need to find out how to do that by contacting the timeshare company, most likely- some timeshares are deeded, and some aren't), you can't avoid receiving it when they die unless you can convince them to take whatever steps they need to take now to leave it to someone other than you. The steps they need to take to do that, if they are willing to do so, are also determined by how the timeshare interest is created and controlled. If it's deeded and they can Will it to someone, they may be able to include a provision regarding the timeshare in their Wills or revocable trusts. If it's controlled by a beneficiary designation (some points-based timeshare programs are), they will likely need to fill out appropriate paperwork with the company. Talk to your parents. If they are willing, they need to talk to both (1) the timeshare company and (2) a good estate planning attorney.
Best wishes to you.
This answer is not intended to provide you with specific legal advice regarding your situation, or to create any attorney-client relationship. The intent is only to provide general information. You should be aware that you cannot rely on this answer to provide you with any protection against tax penalties. You should always consult your own attorney in order to obtain legal advice.
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