Wyoming has emerged as a leading situs for managing generational wealth due to its beneficial tax, trust, and privacy laws. Wyoming is also the only US state with a comprehensive legal framework for digital assets making it the preeminent jurisdiction in which to establish crypto estate plans.
Most tax-friendly state in the US Wyoming has the lowest overall tax burden in the US, making it a top situs for generational wealth planning. Wyoming residents pay no state income or capital gains tax, and no gift or estate tax. This benefit may be extended to non-residents who transfer assets to a Wyoming non-grantor trust.
Healthiest fiscal position in the US Wyoming receives high marks for its fiscal management and substantial financial reserves. The Wyoming legislature is required by constitution to pass a balanced budget and has accumulated a $25 billion surplus sovereign fund.
Strong privacy and creditor protection laws Wyoming laws provide strong privacy and creditor protection. Wyoming trust details including grantors, beneficiaries and trust assets are not part of the public record. Wyoming is also one of the few states that allow the creation of a domestic asset protection trust.
Only U.S. state with a comprehensive legal framework for digital assets Wyoming's Legislature has passed 24 laws to address digital assets including clarifying the legal status of digital assets as property within the Uniform Commercial Code. Furthermore, Wyoming has established a Chancery Court to provide streamlined resolution of commercial, trust and digital asset cases. This makes Wyoming the preeminent jurisdiction in which to manage digital assets including cryptocurrency, digital securities, and NFTs.
Private Trust Companies Wyoming is one of the few states that authorize both regulated and unregulated private trust companies. Furthermore, Wyoming requires no capital contribution to form an unregulated private trust company, making it an attractive jurisdiction for clients who prefer to designate a private trust company to serve as trustee.
Modern trust laws and innovative trust structures Wyoming has adopted modern trust laws that maximize the benefit of using trusts to manage generational wealth. Wyoming statutes allow for 1,000 year dynasty trusts as well as directed trusts. Wyoming statutes also facilitate trust migration and allow trusts to be modified using non-judicial settlements.
Figure 1: Comparison of Trust Jurisdictions
About Two Ocean Trust
Two Ocean Trust partners with families to manage multi-generational wealth. We deliver customized investment and trust solutions to ultra-high net worth individuals, private trust companies, and foundations.
Based in Jackson Hole, we are uniquely positioned to provide access to Wyoming’s tax advantages, modern trust laws, and enhanced privacy protections through collaborative relationships focused on the long-term goals of our clients.