Trusts are a legal creation which separates the ownership and control of assets. Assets are owned by the qualified spendthrift trust and the trust has no owners, only a settlor, trustee and beneficiaries. Many states now provide benefits previously reserved for offshore jurisdictions. It is, therefore, important to understand how trusts work, their advantages and whether these advantages apply to you.
Taxes
Domiciling assets in Wyoming via a trust saves $10,000 for every $1M moved.
Privacy
Wyoming allows anonymous ownership. This keeps you and your family's affairs private.
Risk Management
Insuring against uninsurable - bankruptcy, taxes, lawsuits, bad choices, bad luck and more.
Simplicity
There are no residency requirements, nor do you have to visit Wyoming.
Self-settled Trusts
Form a trust with yourself as a beneficiary and still enjoy asset protection.
- Self-Settled Trusts Allowed
- No Wyoming Income Tax
- No Wyoming Estate Tax
- No Wyoming Tangible Personal Property Tax
- No Wyoming Intangible Personal Property Tax
- Wyoming Has Replaced Offshore Banking
- Few Requirements
- Full Benefit of U.S. Law
Property Not Protected
- Property to be used for the payment of court ordered Child Support.
- Property listed on an application used to obtain or maintain credit.
- Actions under the Uniform Fraudulent Transfer Act.
What is a Trust?
Think of a trust as a box. You place what you want into the box and put a lid on it. The lid may only be opened according to your instructions. A trust has beneficiaries which benefit from the trust assets, and a trustee which controls the trust. This separation of ownership from control provides protection from creditors. They cannot take what you don’t own.
Who Can Form a Trust?
Anyone. Trusts have existed for hundreds of years, but this has not bred familiarity. They are often thought of as expensive and complex. This is partly cultivated by trust attorneys to justify their exorbitant rates. We have a law firm which comes highly recommended for these situations.
Conclusion
Creditors can only go after what you own. Wyoming offers a wonderful opportunity for people to move assets out of the reach of creditors and still have access to those assets. Protection involves layering trusts and LLCs. Careful planning and implementation are prerequisite to any successful Asset Protection Plan.
