The State of Wyoming is tax friendly and advantageous to individuals and business entities due to its favorable tax and business laws. Bloomberg Wealth Manager magazine has consistently ranked the State of Wyoming one of the friendliest states in the nation for wealthy people. These benefits include:
- No state income tax
- No state inheritance/estate tax
- No gift tax
- No state capital gains tax
- No franchise tax
- No excise tax
- Low property taxes
- No business or occupation tax
- No intangibles tax
- 1,000 Year Rule Against Perpetuities
- Low Filing Fees
- Low Annual Report Renewal Fees
In addition to tax friendly legislation, the State of Wyoming has also enacted favorable trust legislation and business legislation, making Wyoming a desirable place to situs businesses and trusts. Due to its close proximity to Grand Teton National Park, Yellowstone National Park, world class skiing and culture, Jackson Hole is a desirable location for those individuals looking to establish residency or a second home in Wyoming.
The Majors Law Firm, P.C. advises clients from all over the country looking to move their residency to the State of Wyoming or their businesses or trusts to the State of Wyoming.
M. Jason Majors holds an advanced degree in Tax Law (LL.M.), and is experienced in representing clients with tax controversies before the Internal Revenue Service, structuring complex tax and business transactions, and advising clients on advanced estate tax and generation skipping tax strategies.