• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Law Offices of Kobrick and Moccia

Long Island Estate Planning Attorneys

ESTATE, TRUST PLANNING &
ELDER LAW INFORMATION CENTER

Call Now: (800) 295.1917

  • Attend Our Free Webinars
  • Home
  • Our Firm
    • About Our Firm
    • Client Testimonials
    • Meet Our Team
  • Services
    • Blended Family Planning
    • Elder Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Guardianship
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Articles
    • Elder Law Resources
      • Commack Elder Law
      • Elder Law Reports
      • Harrison Elder Law
      • Hauppauge Elder Law
      • Rockville Centre Elder Law
      • White Plains Elder Law
    • Estate Planning Definitions
    • FREE Estate Planning Worksheet
    • FREE Seminars
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Is My Estate Plan Outdated?
    • Legacy Wealth Planning Consultation Form
    • Medicaid Resources
    • Probate Resources
      • Harrison Probate
      • Hauppauge Probate
      • Long Island Probate
    • Probate Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Communities We Serve
    • Nassau County
      • Garden City
      • Lynbrook
      • Malverne
      • Rockville Centre
    • Suffolk County
      • Commack
      • Dix Hills
      • Hauppauge
      • Nesconset
      • Smithtown
    • Westchester County
      • Harrison
      • Mamaroneck
      • Rye Brook
      • White Plains
  • Webinars
  • BLOG
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
Home » Trusts » How Time-Shares Are Funded into a Trust

How Time-Shares Are Funded into a Trust

December 23, 2015 by Anthony Moccia Leave a Comment

Time Shares are Funded into TrustTime-shares are a popular, and economical, way for people to own an interest in a fabulous vacation property in a dream location without having to spend a small fortune. If you own a time-share and you have established a trust agreement or plan to do so in the near future, you may be wondering how time-shares are funded into a trust.

A time-share operates by legally splitting the ownership of a property into segments based on time, usually weeks. Several purchasers are then able to own a “share” of the property. That share entitles them to use the property for the amount of time they purchased. For example, imagine you want to own a luxury condo in Paris, a location where real estate prices are typically high. Purchasing a condo in the heart of Paris would cost $2 million, far more than you (and many other people) can afford. To make the dream of owning a condo in Paris possible, the condo is offered as a time-share for $40,000 per share with one share equaling one week. You are then entitled to spend one week each year in the condo for every share you purchase. If you purchase two shares you may spend two weeks there and so on. Maintenance, upkeep, and taxes are typically split among the time-share owners or included in the cost of ownership.

What many people forget when they are transferring property into a trust agreement is that ownership in a time-share is, indeed, an ownership in real property that is deeded in the name(s) of the owner(s) as a general rule. If that is the case it can be transferred into your trust the same way any other real property is transferred. Typically, the transfer is accomplished by simply signing the deed over to the trust. Because there are always exceptions to a general rule, it is best to consult with your New York estate planning attorney about transferring your time-share into your trust.

One consideration, however, that applies any time real property is transferred into a trust is the tax consequences of the transfer of ownership. Because the property does, legally, change ownership it could trigger a change in assessed value and, therefore, a change in tax liability. Always check the tax consequences of your intended transfer before actually effectuating the transfer.

If you have additional questions or concerns about time-shares or trust agreements, contact the experienced New York estate planning attorneys at The Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.

 

  • Author
  • Recent Posts
Anthony Moccia
Anthony Moccia
Anthony Moccia is an attorney and partner at The Law Offices of Kobrick & Moccia.His practice focuses on estate planning and elder law.He is a member of the New York State and Nassau County Bar Associations.He frequently presents free seminars on wills & living trusts to area residents and his seminars are said to be “informative, entertaining & easy to understand.”
Anthony Moccia
Latest posts by Anthony Moccia (see all)
  • “Last Will and Testament” Origin - April 1, 2021
  • Do I Need a “Durable” Power of Attorney? - April 2, 2020
  • Joint Tenancy Pros and Cons - March 31, 2020

Filed Under: Trusts

Other Articles You May Find Useful

Hauppauge living trust attorneys
Why Would I Want to Make My Trust Irrevocable?
Harrison inheritance planning
Should I Leave My Children an Equal Inheritance?
Hauppauge revocable trusts
How Do I Know When to Use a Revocable Trust?
QTIP trust requirements
QTIP Trust Requirements
Hauppauge living trust attorneys
Why Might I Need a Living Trust?
Harrison living trust lawyers
Incentive Trusts

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

Law Offices of Kobrick and Moccia

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

GARDEN CITY

1305 Franklin Avenue Suite 170
Garden City, NY 11530
United States (US)
Phone: (516) 248-9500
Fax: (516) 248-7606

HAUPPAUGE

150 Motor Parkway Suite 401 (Regus)
Hauppauge, NY 11788
United States (US)
Phone: (631) 941-3400
Fax: (516) 248-7606

HARRISON

600 Mamaroneck Avenue, 4th Floor
Harrison, NY 10528
United States (US)
Phone: (914) 701-0777
Fax: (516) 248-7606

MAP

kobrick_sidbr_map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter

The information on this Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Kobrick and Moccia, Attorneys at Law. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

Law Offices of Kobrick and Moccia
Attorney Advertisement
© 2023 American Academy of Estate Planning Attorneys, Inc.