WYOMING
Wyoming is a top trust situs due to its favorable tax environment, strong asset protection and privacy laws. It is an efficient, flexible and cost effective jurisdiction in which to domicile trusts. Wyoming trust situs can be created by utilizing a Wyoming trustee even if beneficiaries or grantors reside outside the state.
STATUTES
Wyoming is a top trust situs due to its favorable tax environment, strong asset protection and privacy laws. It is an efficient, flexible and cost effective jurisdiction in which to domicile trusts. Wyoming trust situs can be created by utilizing a Wyoming trustee even if beneficiaries or grantors reside outside the state.
DIRECTED TRUST STATUTE
Directed Trusts permit the separation of investment and administration responsibilities. In this way, a family or individual may select investment advisors but maintain a favorable situs through a Wyoming trustee.
STRONG ASSET PROTECTION
Certain trust structures and sole remedy charging order provide superior creditor protection for Wyoming Trusts.
NON-JUDICIAL SETTLEMENT
Wyoming enhancements to the Uniform Trust Code allow a trustee or beneficiary to modify a trust with or without a court order where permitted. This greatly decreases the cost, time and complexity involved in changing and existing trust instrument.
DECANTING & EASE OF TRUST REFORMATION
Wyoming has a dedicated decanting statute, which lends ease to trust reformation and migration.
PRIVACY
Names of grantors, beneficiaries and information regarding assets are not required to be reported. Trust details are not public record.
TAX
- No state income tax
- No state capital gains tax
- No corporate income tax
- No tax on trust income
- No state gift tax
- No estate or inheritance tax
- No intangibles tax
- Low insurance premium taxes
INNOVATIVE TRUST STRUCTURES
DYNASTY TRUSTS have duration of up to 1,000 years. As such, this vehicle can augment the preservation of wealth and minimize transfer taxes across multiple generations.
DOMESTIC ASSET PROTECTION TRUSTS can allow beneficiaries to enjoy assets within the trust with the added benefit of protection from future creditors, such as in a properly structured Domestic Asset Protection Trust (DAPT).
QUALIFIED SPENDTHRIFT TRUSTS provide additional creditor protection by removing the ability to attach the beneficiary’s interest in the trust.
WYOMING INCOMPLETE NON-GRANTOR TRUSTS (WINGS) allow the grantor to retain a beneficial interest in trust assets and avoid state income tax in the grantor’s home state without gift tax consequences. In addition, a WING Trust can combine state income tax savings with the asset protection benefits of a Statutory DAPT or Qualified Spendthrift Trust.
PRIVATE FAMILY TRUST COMPANIES (PTFC) Wyoming is one of a limited number of states that permits single family PFTCs to act as trustee for a trust or group of trusts. This structure allows for privacy and family involvement in the decision-making process, control over the investment asset mix, trustee succession and, importantly, is a tool by which the younger generation can be educated about valued family assets.
REGULATED
UN-REGULATED
TRUST PROTECTORS provide an additional level of oversight and can be granted various powers including the ability to replace a trustee or terminate the trust.
USE OF SPECIAL PURPOSE TRUSTS Wyoming permits the use of purpose trusts that exist primarily to hold the shares of Private Family Trust Companies, adding an additional level of privacy.
