Top 10 Benefits
Hey there, Wyoming. What’s up with you guys? You guys are amazing. You have the top ten benefits for tax purposes, the state of Wyoming, and now you might not live in Wyoming, but there’s going to be some interesting topics that we cover here that are related to Wyoming and what they do.
But in sameness, you might see some similarities, similarities between Texas or maybe even some things that are better. So if you have a ton of money, you’re going to be super interested in this one, just like boatloads of money. This is an important topic for you.
So let’s go ahead and split the screen and take a look. And the first thing we have is there is no state income tax, very good, just like state of Texas also has that next item down as we scroll down is they have dynasty trusts, OK? All right. So go ahead, Sean, and maybe read through this one real quick for us.
In Wyoming, you can shield your real estate from federal estate taxes for up to a thousand years.
Why hang on that crazy. A thousand years, a thousand years through a dynasty trust, which can be established in Wyoming for the benefit of your family or other beneficiaries by sitting there?
Isn’t that crazy? A thousand years. You have to register it in Wyoming. Right. And but it’s crazy. Oh, yeah. You can transfer you can transfer your real estate and very limited liability company or family partnership and then put that into the dynasty trust.
Ok, right. So just trying to go over that one with the dynasty trust is a big deal. They have no tax and out of state retirement income. So if you happen to be making a retirement income in a different state, then it wouldn’t be taxed. So, for example, if you lived in the state of Texas for a very long time or another state that did have state income tax and you’re getting the money spent, do you if you live in Wyoming, they’re essentially saying like, no, no, we’re not going to do that for you.
If you have a lot of money, you invest in a second home in Wyoming and, you know, maybe somebody we know has this dynasty trust a thousand years, I mean, that’s been a long time that we can see if someone knows a thousand years is really, really impressive. They talk about Jackson Hole there. They have no state gift tax.
So if you give stuff to your heirs, you don’t have to worry about gift tax. I don’t know the exact limit of what it is, but I think it’s 12 million. I’m not sure the exact thing inheritance tax does not in excess state inheritance tax. OK, so they got rid of that. And two thousand five, they have low property taxes there.
So that’s good. They don’t have an excise tax. OK, so when you’re buying stuff like gas or groceries or whatever, you’ll do. All right. No tax on mineral ownership. OK, and intangible taxes. So if you happen to have items that you have that you own and control, you won’t pay tax on those as they’re kind of going up. Interesting, right? Well, now we know why Megan stays in Wyoming, protects all of her money, all of our all of our money.
So thank you guys for hearing about interesting things with the state of Wyoming and the tax benefits related to it. And if you do, the reason we covered items like this is because if you do have a client who has an extreme amount of wealth, then maybe this is important to him. Maybe it’s something they didn’t think about in the state of Texas. The longest trust I heard was like, you know, the living generations plus X amount of years.
So if you had, you know, kids and grandkids and whatever that is, you can only go so many generations past where it is. Yeah, it only goes so long, but a thousand years. That’s crazy. Just think about that length of time that this could continue on.
So that’s how you build real, real and if you can generational wealth, they might be able to establish a new one is going. You get taxed after a thousand years. I’m not here to worry about that time frame, but I am glad that we were able to talk about this topic.