live in Jackson Hole have chosen to have our primary
residences here. Some of the reasons are
emotionally driven, such as the attachment to the
scenic beauty, the access to Grand Teton and Yellowstone
National Parks, world-class skiing, fly fishing
and golfing, and the overall quality of life.
Other reasons are more practical in scope and
these would include Wyoming's overall tax-climate
benefits when compared to all other states.
For years, Bloomberg has rated Wyoming as one
of the top three tax-friendly states in the U.S.
Here are the top ten tax benefits.
1. No state income tax.With no tax on personal
or corporate income, you have more disposable
income.
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. You can
transfer your real estate into an LLC or family
trust and then put that into a dynasty trust,
which can continue for 1,000 years. As a
result, multiple generations can make use of
and enjoy the property without having to pay
estate taxes or sell the property to pay taxes.
The trust must be administered in Wyoming.
3. No inheritance tax or estate tax. Wyoming
repealed its estate tax January 1, 2005.
4. No state gift tax. Somebody who owns property
in Wyoming can gift that real estate to
their heirs without having to pay a gift tax.
5. No tax on out-of-state retirement income. A
lot of second-home owners in Jackson Hole
live on retirement income they earned from
another state of residence. Wyoming doesn't
tax income earned from another state, which is
beneficial.
6. Low property taxes compared to many states.
Property taxes are based on the assessed value
of the property.
7. No tax on mineral ownership. If you own minerals,
you won't pay a tax on them as you
would your home.
8. No intangible taxes. Wyoming doesn't make
you pay a tax on financial assets like stocks and
bonds.
9. No excise taxes. When you fill up your car
with gasoline or buy a bag of groceries, you
won't pay any state tax on your gas or food.
10. No tax on the sale of real estate.
Today, Jackson Hole offers some very compelling
reasons for property ownership. Many listings
are on the market for the first time and the
selection of offerings is the most dynamic in years.
Please call me to discuss why choosing Jackson
Hole may be the right decision for you today.
