Trust law rewards creativity. We like to say there are as many trusts as there are people and their situations. Regardless of your situation, there is likely a trust which can help you achieve your desired outcome. As stated on the main blog page, most practitioners stick to abstract discussion. This abstraction prevents readers from understanding whether a trust would have any practical value.
This page discusses common questions such as does a trust need an EIN, how do you modify an irrevocable trust, what happens if a grantor dies and other matters which aren't a great fit on our primary trust page, but which are important questions nonetheless. Find additional practical applications of trust law below.
Establishing a trust provides important protections for you during your lifetime, and your family after you are gone. We can assist with drafting irrevocable, dynasty, spendthrift and other trusts. Contact us today if you are interested in working together. It's our trust attorney's pleasure to help.
Wyoming increasingly competes with traditional offshore providers. Self-settled trusts, private trust companies and more are achievable using a Wyoming situs.
Most trusts are of a limited duration due to the rule against perpetuities. Fortunately, Wyoming allows 1,000 year trusts which mean your family, charity and whoever you wish will enjoy the benefits of your planning for generations to come.
The essence of asset protection is a judge cannot revoke your trust, nor can they force you to. However, an irrevocable trust is not set in stone and there are conditions under which such an entity may be changed, or dissolved, if met. It's important to note, most of the trusts on this page are flavors of an asset protection trust.
Very few trust jurisdictions allow the grantor and beneficiary to be the same, while also enjoying asset protection benefits during their lifetime. Wyoming trust law, fortunately, mirrors common offshore trust jurisdictions and allows such entities. This advancement has brough our law into line with the Cook Islands, Nevis and other popular offshore havens.
These foundations are relatively new under Wyoming law, but present a significant advancement for those with specific goals.
A CRT provides numerous asset protection and tax benefits, while also allowing you to provide funds for a worthy cause.