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My friend just told me her husband's parents are "gifting" them the down payment for a house. She said they will be paying the mortgage and everything else. "Your names will be on the title, right?" "Oh, uh, no, it's going to be titled in their trust. But if they die it'll go to my husband." Hopefully I've planted a seed of doubt in her mind about paying for a house that's not even in your name. But sheesh, even if the inlaws are perfectly well intentioned, what happens if my friend wants to get a divorce? She is totally hosed sideways.
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Mar 4, 2019 00:34
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moana posted:My friend just told me her husband's parents are "gifting" them the down payment for a house. She said they will be paying the mortgage and everything else. I'm pretty sure that's the intent. They've essentially assured their investment stays with the son.
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Mar 4, 2019 00:37
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Krispy Wafer posted:I'm pretty sure that's the intent. They've essentially assured their investment stays with the son. Good with money and good with matrimony.
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Mar 4, 2019 00:56
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There used to be a billboard on the highway near my old apartments that was advertising "fractional ownership opportunities"
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Mar 4, 2019 01:01
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Krispy Wafer posted:I'm pretty sure that's the intent. They've essentially assured their investment stays with the son. 100% to insure the house stays with the son. In most states a "spendthrift provision" to a trust will specifically protect it from being attached in a divorce, bankruptcy, or other type of situation, if it is an irrevocable trust (which it almost certainly is). Says a lot about what the in-laws think of the wife today! Even better if the son colluded with them in the first place. If it is the kind of trust I suspect it is then his parents can't back out on him, he'll get it for sure when they pass. His wife, on the other hand, will indeed be hosed sideways. Likely some form of rental agreement will come next, to further separate it, as well as provide a cleaner set of legal responsibilities as far as care, insurance, etc. (which is how the parents will explain it, prodded by their lawyer, I am sure).
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Mar 4, 2019 01:32
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Estate planning doesn't say anything about how much you like or trust someone.
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Mar 4, 2019 02:59
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GoGoGadgetChris posted:Estate planning doesn't say anything about how much you like or trust someone. If the wife isn't on title but is going to be paying the mortgage, it does.
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Mar 4, 2019 03:07
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GoGoGadgetChris posted:Estate planning doesn't say anything about how much you like or trust someone. It does when they do it this way. "Gifting" a down payment to buy a house for them but instead really buying it themselves (the parents), renting it to their son and daughter in law, then putting said house in a trust for the husband... is planning of a different sort, and depending on the situation might even be the smart move, but speaks volumes of their opinion of the wife. There's one reason to structure it this way and that is to make sure if they are divorced she doesn't get any of it. The trust could easily be in both their names. Or there are even simpler ways to do it if their real goal is to help the young couple buy a home. This way says "we don't trust her".
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Mar 4, 2019 04:21
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GoGoGadgetChris posted:Estate planning doesn't say anything about how much you like or trust someone. If the parents just wanted the couple to have a down payment on the house they can just do that. It's not only cheaper to cut the couple a check since no trust documents are required but it greatly simplifies the mortgage situation. The bank will find it problematic (assuming anyone tells them) if people who aren't on the mortgage are responsible for making the actual payment. Also, if their state has a homestead exemption for property taxes then they'll likely be ineligible for that since a trust owns the property. The only reason to go through all of the trouble and expense if the parents want to retain control of the property and exclude the wife.
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Mar 4, 2019 05:18
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Ixian posted:I am pretty sure there is also an Always Sunny episode where this happens, now that I think about it. Dennis yelling at Frank in their next scene is one of my all time favorite lines on the show: https://www.youtube.com/watch?v=dQlPsZmx8l0
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Mar 4, 2019 07:07
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moana posted:My friend just told me her husband's parents are "gifting" them the down payment for a house. She said they will be paying the mortgage and everything else. Putting aside the obvious 'son, we want to help you but that whore you married will definitely cheat on you and you will have to divorce her' message they are sending. Perhaps you could hightlight to your friend that she and her huband are not buying a house, they are agreeing to rent one. Her inlaws are buying an investment property and she is agreeing to be a tenant. With several twists: No tenancy agreement to protect them. Yes, they will have statutory rights, but they will never be able to exercise them. Any disputes with the landlord and they will have to bend over and aquiesce. They will be responsible for maintanence and repairs. They can never, ever leave or buy a place of their own.
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Mar 4, 2019 08:56
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Enchanted Hat posted:It is so well established in pop culture that timeshares are a scam and a money pit, how are people still buying these? Are there still people buying literal snake oil to cure their illnesses? Lead out in cuffs posted:I get the distinct impression that the people buying them are not, by and large, young enough to be attuned to pop culture. So, my day job is with a firm that has a partnership with a timeshare company. I do not work with them directly, but I do end up updated whenever they make major changes to their marketing preferences. Here are some of the things they have changed in the 3 years I've been at this company, and I think it will tell you plenty about both the management of said firm and their desired customer base: - Openly gay couples can now be courted as prospects. Circa 2018. - The minimum age for prospects is now 28. This has risen twice in three years. - The most revised request is for minimum household income. For some reason people who do not make a lot* of money do not feel bad just ceasing to pay timeshare companies! - Married couples are always accepted. Single women are always accepted. Single men are a hard no "due to moral reasons". Can't have someone at a timeshare hitting on people in other units, I guess? The only reason I know this one is because single women changed during my employment period from also being immoral to "all are welcome". - Probably the most telling about the average age of their base and/or whoever makes decisions over there: They've begun asking if any data we send over can include emails as well as phone numbers. Starting this January. If you've received a spam call of some sort about a vacation destination in the past so many years and fit the above, I possibly had a hand in it and I'm sorry. They spam me just as much as you. * this one I'm not specifying solely because it could out the specific company, sorry - the most I'll say is "not six figure, but close"
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Mar 4, 2019 11:59
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BWM, BWL. Missed court last month and received letters letting me know they issued a warrant. Internally kind of freaking out. quote:So in October of 2018, I went to court for a couple tickets I picked up in Missouri (live in Nebraska btw). Lawyer got the tickets downgraded to something that wouldn't show on my record. Agree at the courthouse to pay smaller payments over a 5 month period. I paid the November's payment on time, but due to horrible decision making I didn't pay December's, January's, or February's yet. March 26 is the final payment date. In my head, I didn't think it was a huge deal and I would just pay it in full before then. Apparently, it was, and I received letters earlier in the year telling me I was ordered to court on January 26 to answer for the missed payments. I didn't check my mail until tonight (again, horrible decision making) and I noticed they issued a warrant since I missed court. Just wondering what course of action I can take? Can I just pay the rest of the tickets in full and forget about it? Or am I in extra trouble for missing three payments?
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Mar 4, 2019 13:03
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Shut up Meg posted:
Pretty much agree on every part except they could leave, the parents could rent to someone else and the son, at least, would still benefit depending on how the trust is structured. Obviously, that isn't what the parents intend, so there's also an emotional factor to consider... basically the whole thing sounds like a serious family drama shitshow waiting to explode.
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Mar 4, 2019 13:59
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Krispy Wafer posted:Do they call them timeshares anymore? Disney calls their version a Vacation Club. Two friends of ours (young 30s?) got suckered by one of these. They were coming to DC and got a free night in the hotel in exchange for listening to the timeshare pitch. Before they went -- there's no way we'll agree, we'll just be there for the minimum time and then leave, etc etc. Then they showed up to dinner about an hour late, and with news! They had bought in! You see, it's great because you get points that you can spend on any hotel and it's at a great conversion rate and all it really does it commit you to a lot of time at (Hilton?) hotels. Absurd amount of money up front and then some every year after. I finally convinced them to google the program and look at reviews. All of which were horribly negative and said the salespeople lied. So they were able to cancel during their 5 day cancellation period at least...
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Mar 4, 2019 14:25
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END ME SCOOB posted:
Let me guess, you aren't calling numbers on the federal do not call list because technically it's independent contractors doing the sales? Anything I could ask them to find out if its your company?
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Mar 4, 2019 16:29
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Zauper posted:Two friends of ours (young 30s?) got suckered by one of these. They were coming to DC and got a free night in the hotel in exchange for listening to the timeshare pitch. Before they went -- there's no way we'll agree, we'll just be there for the minimum time and then leave, etc etc. People going to timeshare seminars believing they’re too smart to sign a contract is like doctors thinking they can fly small planes. There’s a dangerous disconnect to thinking you’re smart enough to avoid the risks. The whole sales process is designed to convince people who had no plan to sign a contract to sign that contract.
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Mar 4, 2019 16:36
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I feel like the hours I would spend at the seminar basically negate any benefit from whatever free hotel stay I might get. Maybe when I was younger and didn't have kids and made less money it would have been worth it, but now even if I don't buy anything I'll still feel ripped off after spending several hours listening to a sales pitch.
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Mar 4, 2019 16:41
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I wouldn't want to go to one of those presentations because, as has been said, a lot of people who think they're too smart to fall for it do fall for it. But I'd be really interested in seeing a recording of an actual successful session. There's got to be some bizarre moon maths involved to make a timeshare seem like a good idea, probably along with some unpleasant pressure tactics.
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Mar 4, 2019 16:54
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I don't understand how people go in knowing it's a scam and then still fall for it. Do they just forget in the middle of the presentation that they're being scammed?? Of course it's going to look like a deal! It's a scam! You know this!
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Mar 4, 2019 16:56
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I’ve never really understood what a timeshare is or why they are a scam but at least I’m wise enough to know that“free x subject to y!” is never a good start to anything
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Mar 4, 2019 17:02
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Enchanted Hat posted:I wouldn't want to go to one of those presentations because, as has been said, a lot of people who think they're too smart to fall for it do fall for it. But I'd be really interested in seeing a recording of an actual successful session. There's got to be some bizarre moon maths involved to make a timeshare seem like a good idea, probably along with some unpleasant pressure tactics. One of the tricks they use is to tell you they're having a raffle and if you bring in a check or a credit card that ends with the pair of digits (I think it was a pair) then you win whatever the prize is. I wrote a program the night before that used the bog standard credit card validation algorithm so I could put in the digits and validate whether or not there was ever a valid outcome from this raffle. I remember that the pair they gave was legit, but I doubt they were using a validator to make sure that was the case. I honestly expected them to only ever choose a pair of numbers that couldn't be valid, but I suppose part of the tactic is that somebody has to win every so often to sell the fantasy. I don't think I need to explain why - from a psychological standpoint - they wanted you to bring in a credit card/personal check to have at the ready. We walked out of there after about an hour and a half with our voucher for free tickets to some destination. I immediately read the fine print and some googling and found that the "free voucher" could only be redeemed for something like $120 worth of processing fees. We passed on using it. In short, it's not even worthwhile or entertaining to go there with intent to find flaws in it. It's really, truly, incredibly, nakedly, obviously a waste of time and money. The whole thing works on a specific set of people with specific characteristics and whoever said before that making 1 or 2 sales out of 50 is enough is most definitely accurate. Hoodwinker fucked around with this message at 17:21 on Mar 4, 2019 |
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Mar 4, 2019 17:18
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It's not really a scam, it's just a terribly bad deal, in the same way as a 20% auto loan. You buy the right to live in a property for X weeks per year in exchange for cash up front and an obligation to pay part of the running costs, but when you realise that you're paying way more than what that right is worth to you, it's impossible to get rid of the timeshare and the payment obligation.
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Mar 4, 2019 17:23
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Is there a case where time shares ever make sense?
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Mar 4, 2019 17:25
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Enchanted Hat posted:It's not really a scam, it's just a terribly bad deal, in the same way as a 20% auto loan. You buy the right to live in a property for X weeks per year in exchange for cash up front and an obligation to pay part of the running costs, but when you realise that you're paying way more than what that right is worth to you, it's impossible to get rid of the timeshare and the payment obligation. The Slack Lagoon posted:Is there a case where time shares ever make sense?
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Mar 4, 2019 17:25
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The Slack Lagoon posted:Is there a case where time shares ever make sense? What did you do
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Mar 4, 2019 17:26
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Hahahahahahahaha How The gently caress Are Timeshare Sales Real Hahahaha Nigga Just Don't Buy The Timeshare Like Nigga Close Your Wallet Haha (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 4, 2019 17:28
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Enchanted Hat posted:What did you do Definitely not buy a timeshare. It just seems like a certain amount of people must get value out of timeshares since they are still around, particularly when it seems like everyone equates timeshare with bad
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Mar 4, 2019 17:30
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The Slack Lagoon posted:Definitely not buy a timeshare.
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Mar 4, 2019 17:30
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We stayed at a ranch resort this past weekend. Couple hundred cottages that all looked the same and had Brasada Cottage unit 1, Brasada Cottage unit 2 etc, but they also had actual street addresses and small locked "owner's closets" off the main room. Is "owning an individual hotel room" a hot new form of real estate shenanigans? Is this literally what a time share is? I couldn't help but think how nice it would be to have a vacation getaway that also nets a little profit each year, but I'm sure it gets utterly decimated my management fees and the like.
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Mar 4, 2019 17:52
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Homeopathic remedies must have some medical benefits, otherwise why would people still be selling them?
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Mar 4, 2019 17:54
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There’s a highish-end Toronto hotel that works that way since about 2009, but I don’t know how well it performs financially for the unit owners. Probably better than “buy a condo that is empty 90% of the time”, at least.
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Mar 4, 2019 17:56
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The Slack Lagoon posted:Definitely not buy a timeshare. See: whole life insurance See: Verizon phone insurance See: car dealer paint “protection” plans or anything with Ziebart See: MLMs, crystals, essential oils, homeopathy/quack chiropractors
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Mar 4, 2019 17:57
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My grandparents had multiple timeshares. When my grandpa passed away last year, my parents inherited this wonderful bounty. They insist they are able to sell enough points to cover the monthly costs and still get a few weeks out of it every year. My parents are generally pretty good with money so this has left me  I've gotten a couple of free stays out of it though so I'm not pressing too hard.
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Mar 4, 2019 17:57
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brugroffil posted:My grandparents had multiple timeshares. When my grandpa passed away last year, my parents inherited this wonderful bounty. basically your parents have graduated from being scammed, to scamming others, congrats
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Mar 4, 2019 18:19
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Hoodwinker posted:from Wisconsin Say no more BMan posted:Hahahahahahahaha How The gently caress Are Timeshare Sales Real Hahahaha Nigga Just Don't Buy The Timeshare Like Nigga Close Your Wallet Haha Definitely say no more The Slack Lagoon posted:Is there a case where time shares ever make sense? Three words: time share horse
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Mar 4, 2019 18:33
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Do time share presentations use ringers at all? I got roped into a “job interview” that turned into a MLM presentation to sell water purifiers and it was obvious several audience members were in on it. They’d ohhh and ahhh, get unreasonably excited about this terrific opportunity, and ask leading questions at just the right intervals. If I was running a time share presentation I’d pick an area with really lovely wireless internet. I have to imagine these work best on cruise ships or resorts where your coverage is limited and you lack the ability to quickly fact check.
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Mar 4, 2019 19:46
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Krispy Wafer posted:If I was running a time share presentation I’d pick an area with really lovely wireless internet. I have to imagine these work best on cruise ships or resorts where your coverage is limited and you lack the ability to quickly fact check. Your target market would never even think to do fact checking, I think.
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Mar 4, 2019 19:53
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Leperflesh posted:basically your parents have graduated from being scammed, to scamming others, congrats hell yeah Boomer Final Form achieved
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Mar 4, 2019 19:55
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Murderball posted:Three words: time share horse These actually exist. One of my friends has one and not only does she get to pay for part of a horse, she gets to volunteer at help out at the stable to save more money. I guess it could be gwm overall because it's a lot cheaper then owning an entire horse and paying the upkeep yourself. 
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Mar 4, 2019 20:20
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