In the world of estate planning, each state has its own advantages. For Wyoming, it has built a well-deserved reputation which is excellent for the creation of a new trust or migrate an existing one. Due to the benefits of utilizing its Wyoming asset protection trust, the state of Wyoming can be considered as one of the best trust jurisdictions and one of the most conducive states for business due to features like fiscally sound governments, low tax burden, sensible business-friendly rules, and pro-business legislature which provides special estate planning opportunities for people and businesses.
Unique Benefits of Utilizing Wyoming Asset Protection Trusts
Wyoming is one of the few states that have passed a law to provide asset protection benefits via a “self-settled trust” which makes it possible for you to create the trust and be a recipient. A self-settled trust also helps to protect your beneficiaries and yourself from creditors’ claim, which helps maintain your wealth by ensuring that it is distributed the way you projected.
Another benefit of utilizing the Wyoming is that it gives you the chance to create a purpose trust. It is different to that of traditional trust in the sense that this particular one is created to cater to a set of named recipients; these trusts are created to fulfill a particular goal you may have. Examples of a purpose trust are a trust which gives you the freedom to take care of an art collection or maintain a family pet after you’re gone.
A Wyoming asset protection trust also can help you build a lifelong legacy, protecting your family for a long period of time. Most states trusts have limited number of years, but that of Wyoming can last up to 1,000 years, providing superior asset protection as well as generation-skipping estate tax aids for loved ones or households.
Wyoming consistently ranks among the favorite states in the nation in which to create a Private Trust Company, in the past years, as families and wealth management experts have placed more emphasis on the benefit of choosing a jurisdiction with a favorable trust climate, Wyoming’s popularity as trust situs has grown more remarkably.