Ten Reasons to Own Property in Wyoming:
- No state income tax: No state tax on personal or corporate income.
- Dynasty trusts: You can shield your real estate from federal estate taxes for up to one thousand years. This trust must be administered in Wyoming.
- You can establish a trust in Wyoming for the benefit of your family or other beneficiaries.
- You can transfer your real estate into a Limited Liability Company or family trust, then, transfer it into the Dynasty Trust–which will continue for one thousand years. This can allow multiple generations to make use of and enjoy the property without having to pay estate taxes.
- No inheritance or estate tax: Wyoming repealed its estate tax January 1, 2005.
- No state gift tax: Real estate can be gifted to your heirs without having to pay a State gift tax.
- No tax on out-of-state retirement income: Wyoming does not tax retirement income which is earned outside of Wyoming.
- Low property taxes: Wyoming has low property taxes compared to other states.
- No excise taxes: Wyoming does not tax prescription drugs or food for home consumption.
- No tax on mineral ownership: Wyoming does not tax mineral ownership.
- No intangible taxes: Wyoming does not tax financial assets such as stocks and bonds.
- No tax on the sale of real estate
Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country.
Wyoming is ranked second most tax friendly state by Kiplinger.com
Note: A tax planning professional should always be consulted to gain full understanding of the tax regulations as they pertain to your specific circumstances.