Timeshare companies are high pressure sales companies that love to target retirees and seniors with the goal of getting them to buy in to timeshares. Salespeople will often tell seniors that their timeshares are the perfect investment to pass down to their children or grandchildren to serve as a vacation home they can rely on year after year. However, an elder law attorney in Tampa will often warn seniors against buying and passing down timeshares.
The Dangers of Timeshare
The potential of handing a vacation home down to your children can be alluring, but you should consult with an elder law attorney in Tampa before signing on the dotted line. Timeshares do not just require regular monthly payments under a contract but can also have exorbitant fees such as maintenance and management fees that your beneficiaries will become responsible to pay.
Most timeshare fees start around $1,000 per year and can go up from there depending on if the property is in a hurricane zone. There are also yearly increases in fees to compensate for inflation which can end up costing your beneficiaries 50% more over just ten years. What you think is the perfect gift to your family, may end up costing them much more than you, or they, bargained for over the long term.
The best thing you can do is get out from under the timeshare. Some resorts do not have resale options, but there are other strategies that you can use to get out of the contract or sell your share. Do not sign any agreements with the timeshare company or a buyer or transfer until you run the contract past an elder law attorney in Tampa. There are many scammers out there who will claim to be able to negotiate on your behalf to cut you a deal with your timeshare. The only person you can trust is a credentialed elder law attorney in Tampa.
If you are ready to see how you can unload your timeshare and get the best financial outcome for your beneficiaries, call The Law Offices of Kimberly K Muenter at 941-229-2529.