Check out the benefits of a Wyoming qualified Spend Thrift Trust.
This is Wyoming’s version of a Domestic Asset Protection Trust. It can own property, stock, hold cash, or any other asset(s). It is irrevocable, meaning the assets cannot be taken back by the person that puts them in the trust, its creator. But the creator can take out 5% of the assets per year plus any interest that has been paid by the trust on the assets. (Be sure to check with your tax advisor on how the taxes work when you do this.) After forming a trust company, the trust can have a maximum life of 1,000 years.
Forming a trust company is the best asset protection you can get inside the US. The main points of the trust are:
- It is private. It is not an entity filed with the state but it is an internal agreement done by an attorney, so there is no public record of it, except with the IRS, as it must have its own tax id number. Also the members and managers of the LLC’s associated with the Trust do not have to be listed on the public record with the state of Wyoming.
- It gives iron clad asset protection. It is a separate entity from its creator, managed by a Trustee not the creator. As such the assets inside of the trust cannot be taken out of it to satisfy an obligation of the creator of the trust.
- Allows for using a Private Trust Company as Trustee. The Trustee must be either a person that lives in Wyoming or a Private Trust Company (which can be an Wyoming LLC), approved by the Wyoming banking commission. This LLC must also have an office presence inside the state of Wyoming. This Private Trust LLC’s sole purpose is being the Trustee to this one trust. The Trust can pay this LLC for Trustee services.
- Having control. The Trustee can be advised by an Investment Advisor (which can be an LLC). The creator can be the manager of this LLC and also a member of it. The Trust can pay this LLC for investment advice. This gives the creator total say in what the trust is allowed to do, as by law the Trustee must do what the Advisor says.
- Flexibility and control. The Trust beneficiary can be an LLC. This LLC can be managed by the creator, but the creator cannot be a member of it. The members can be changed, giving the creator flexibility over who gets the assets of the trust, if say there was something that changed with one of the original members of the Beneficiary LLC.
Forming a trust corporation costs $4995 and includes the Trust written to your exact specifications by an attorney, two hours of attorney time, a Private Trust Company, a Wyoming LLC Beneficiary and an Investment Advisor LLC, physical address and mail forwarding service, VM phone service, and help to establish bank account.
When you call we will see if it is a good fit for you. If you feel like you need to talk to the attorney before you place your order, he charges a $495 fee, which is refundable if a trust will not work for you, or applied to the cost of the trust package when you order. It is not refundable if you both believe that a trust will work and you do not place the order.