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Ultra-high net worth individuals (i.e., net worth in excess of $30 million) have always created sophisticated trust-based financial plans to protect, grow and transfer their assets. Family offices were created to provide the professional services necessary to ensure that these sophisticated structures are properly managed. Family offices typically cost $500,000 to $1million a year to run, making it difficult for all but the very wealth to even consider these types of plans.

Encore Trust Management services change all this. You can think of Encore Trust Management Services as a “family office” for individuals with net worth less $30 million. Encore Trust provides a turn-key interface necessary to complete the day-to-day financial, reporting and other administrative tasks involved with a implementing a sophisticated trust-based financial plan.

Why Wyoming?

Trusts are separate tax paying entities, and as such, trusts can determine the legal jurisdiction that governs their activities – this is referred to as situs (think of it as where the trust “lives”). Just like with an individual, the situs of a trust, determines the state income tax it must pay. Wyoming has no state tax. As a result, Wyoming is a good place for your trust to live.

In addition to no tax (income, capital gains, corporate or git tax) at the state level, Wyoming’s trust friendly statutes also authorize:
1000 year dynasty trusts (verses 21 years after the death of the last named beneficiary in most states)
Self-settled asset-protection spendthrift trusts
Directed trusts
Purpose trusts
Trust protectors
Statutory decanting
Private Trust Companies

The advantages of having your trust(s) situs in Wyoming are hard to beat (not to mention, Wyoming has cowboys and cowboys are cool).