Wyoming Dynasty Trust Setup

Summary

Setting up a Wyoming Dynasty Trust can be beneficial for managing licensing payments and investments, providing long-term financial security for your family. Wyoming offers strong asset protection, no state income tax, and privacy protections. Other favorable states include South Dakota, Delaware, and Nevada, each with unique advantages like perpetual trusts and strong privacy laws. Consult a lawyer to ensure compliance with state laws and to tailor the trust to your specific needs.

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What type of trust would I use I want it to benefit myself family and offspring
In California, you might consider setting up a Revocable Living Trust. This trust allows you to manage the assets during your lifetime and designate beneficiaries, ensuring benefits for yourself, your family, and offspring. Consulting with a lawyer can help you tailor it to your specific needs.
Would you like assistance in finding a local lawyer to help you with this process?
Id rather do Wyoming what about doing it in Wyoming what kind of trust is it called
In Wyoming, you can consider setting up a Dynasty Trust. This type of trust can provide benefits for multiple generations, ensuring that your family and offspring are taken care of. Wyoming's trust laws are favorable for creating long-term family wealth preservation.
Would you like assistance in finding a local lawyer to help you with setting up this trust?
A dynasty trust will work with this structure?
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Yes, a Dynasty Trust in Wyoming can work with the structure where the trust owns a company that receives licensing payments. This structure can provide long-term benefits and protection for your family and offspring.
Would you like more detailed information or have any other questions related to setting up this trust?
Can a dynasty trust own a company that owns stock REITs etc?
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Yes, a Dynasty Trust can own a company that holds stock, REITs, and other investments. This structure allows the trust to benefit from various income sources while providing long-term financial security for your family and offspring.
Do you have any other specific questions about setting up or managing the trust?
Where are the best places for a dynasty trust and why?
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In addition to Wyoming, other favorable states for setting up a Dynasty Trust include:
- South Dakota: Known for strong asset protection, no state income tax, and long duration for trusts.
- Delaware: Offers strong privacy protections, favorable trust laws, and no state income tax on trust assets.
- Nevada: Provides strong asset protection and no state income tax.
Each state has unique advantages, and consulting with a lawyer can help determine the best jurisdiction for your specific needs.
Do you have any other questions related to setting up or managing your trust?
Explain some of the unique advantages
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Sure! Here are some unique advantages of setting up a Dynasty Trust in the states mentioned:
- Wyoming:
- Strong asset protection
- No state income tax
- Long duration for trusts (up to *,000 years)
- Privacy protections
- South Dakota:
- Strong asset protection
- No state income tax
- Allows perpetual trusts (indefinite duration)
- Privacy protections
- Delaware:
- Strong privacy protections
- Favorable trust laws
- No state income tax on trust assets
- Allows perpetual trusts
- Nevada:
- Strong asset protection
- No state income tax
- Allows perpetual trusts
Would you like more detailed information or have any other questions related to setting up or managing a Dynasty Trust?