[WSBAPT] Donating time share to charity

[Sandra Perkins]

The problem is that most people want to give a time share to charity because
they can not sell it, and it costs them money in fees to keep it.

 

Unfortunately, those are also the reasons that most charities will not
accept donations of time shares.  Why would a charity want to get stuck with
an illiquid asset that costs it money in fees?  Charities want donations of
assets they can quickly sell and devote the sale proceeds to their good
works.  

 

Time shares are not assets; they are liabilities.  They almost always cost
more to transfer than they are worth.  It is especially costly when the time
share is a tiny interest in real property.  

 

I always cringe when a client mentions owning a time share.  I recommend
giving it away to a family member before death to avoid having to deal with
it after death.  

 

If you find a charity that will accept a donation of a time share without
requiring a large cash donation as well, please do let the list serve know.
That charity will be deluged with time shares!!

 

Sandra Perkins

 

Sandra Lynn Perkins, PLLC
1325 Fourth Avenue, Suite 2000
Seattle, WA  98101-2570
Telephone:  (206) 381-8500
Facsimile:  (206) 299-3890
sandra at slplaw.net

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ken Luce
Sent: Monday, May 25, 2015 9:41 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Donating time share to charity

 

Any recommendations on process to donate a fully paid up time share to a
charity? Or a charity that would accept such a donation?

 

 

Ken Luce

Tacoma, WA

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