1. No State Income Tax
With no state tax on personal or corporate income, “you have more disposable income,” Jones says.
2. Dynasty Trusts
In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Jones says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the ‘dynasty trust,’ which can continue for a thousand years.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
3. No Inheritance or Estate Tax
“Wyoming repealed its estate tax as of January 1, 2005,” Jones says.