Wyoming has the lowest overall tax burden in the US, making it a top situs for trust and related assets. 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.
MODERN TRUST LAWS
Wyoming has adopted modern trust laws that maximize the benefit of using trusts to manage wealth. Wyoming statutes allow for 1,000 year dynasty trusts as well as directed trusts in which advisors may be named to direct investment decisions. Wyoming statutes facilitate trust migration and allow trusts to be modified using non-judicial settlements.
STRONG FISCAL MANAGEMENT
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 $22 billion surplus sovereign fund.
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.
PRIVACY AND PROTECTION
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.
DIGITAL ASSET LEGAL FRAMEWORK
Wyoming is the only U.S. state with a comprehensive legal and regulatory framework to address digital assets, and the only state to clarify the legal status of digital assets as property within the UCC. This makes Wyoming the preeminent jurisdiction in which to custody and manage digital assets.