Why Wyoming Trusts
April 14, 2016
By establishing a trust, you are building a foundation for the security and protection of your family. With the addition of our experienced teams in Jackson Hole and Laramie, Wyoming, we have the capability and expertise to capitalize on Wyoming’s progressive and favorable trust laws. With expected changes in the tax laws on the horizon, Wyoming’s wide range of benefits make it the ideal place to implement your estate plan:
Wyoming residents are not required to pay state income taxes. This benefit extends to non-residents accumulating income in an irrevocable trust. Furthermore, there is no corporate income tax, no gift or inheritance tax, no capital gains tax, and no tax on mineral ownership.
Strong Asset Protection Measures
Wyoming is one of the few states authorizing “self-settled trusts.” These trusts are formed for your personal benefit to provide protection from the claims of creditors while retaining certain financial advantages. Self-settled trusts are complicated and require the assistance of qualified legal counsel.
Governing laws and the needs of your family change and evolve. A trust protector, a third party appointed by the trust, has unique powers to modify the terms of the trust in the face of unforeseen challenges.
1,000 Year Duration
Wyoming law allows a trust to last for 1,000 years, thereby providing your family greater asset protection and tax reductions for generations to come.
Directed trusts allow for the separation of responsibilities of the trustee and investment advisor. This benefit provides the trustee the ability to select a new or retain their current trusted advisor, thus relieving them from having to manage complex investment assets.
A purpose trust is designed for the fulfillment of a specific purpose rather than the benefit of beneficiaries. This unique trust allows the support of non-charitable endeavors such as a business, the maintenance of an art collection or the care of a family pet.
Under Wyoming privacy laws, trust agreements do not need to be recorded or registered. This assures the privacy of your family estate plan and information regarding your assets.
Uniform Trust Code
With the adoption of the Uniform Trust Code and the state’s fast, friendly and efficient court system, Wyoming stands out as one of the most modern and innovative trust states in the country.
If you’re interested in learning more, watch our recent webinar discussing Wyoming trusts, their benefits, and specific case studies, or contact us to discuss your estate planning needs and determine if a Wyoming trust would be of benefit to you.