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No Income Taxes Wyoming imposes no income tax, no trust income tax, no capital gains taxes on trust assets, no state gift tax, no tax on out-of-state retirement income, and low property taxes. Wyoming business taxes and individual tax policies are as friendly as any beneficiary or trust settler could ask for.
Resident estates and trusts are taxable on the basis of their federal taxable income. The tax on the income of nonresident trusts and estates is discussed at 15-215, and the rules for allocation and apportionment of income of nonresident estates, trusts, and beneficiaries are discussed at 16-540.
Wyoming is one of only a few states that allows someone to form a trust and list themselves as a beneficiary. Wyoming imposes no income tax, no trust income tax, no capital gains taxes on trust assets, no state gift tax, no tax on out-of-state retirement income, and low property taxes.
For tax purposes a trust may be taxed in any state for which it is determined to be a resident trust under the governing states definition of residency. This could be based on the location of the grantor, the location of the trustee or trust administrator, or the location of the beneficiaries.
Nevada, South Dakota, Delaware, Alaska and Wyoming are generally recognized as the states with the most favorable trust laws and regulations. These states generally have a favorable tax environment, strong asset and privacy protection laws, and flexible decanting provisions and trust modification options.

People also ask

The cost of creating a trust in Wyoming varies depending on the complexity of your estate and the attorneys fees. The average cost for a basic Revocable Living Trust ranges from $1,000 to $3,000, while more complex trusts may cost more.
In Wyoming the trust may exist in perpetuity. Transfer Taxation: A purpose trust can be created and funded during the owners life or at his or her death. Gift Taxation: Your lifetime transfer may be structured as a completed or incomplete gift for federal and state gift transfer tax purposes.

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