Homeownership in Jackson
To really know a place, you must live in it. That aphorism could not be truer than it is for Jackson Hole. Spackmans & Associates can confirm that owning real estate here is more than an investment in a lifestyle. With a wealth of financial incentives, homeowners find that they can take advantage of this one-of-a-kind environment while their assets are working for them. With 97 percent of the region’s land publically protected as open space, private lands are coveted and maintained with an eye toward the future.
In addition to the great beauty of this state, buyers and sellers find that establishing residency here comes with a host of financial benefits. Wyoming levies no individual income taxes nor corporate income taxes or estate taxes. This is why Bloomberg Wealth Manager Magazine has ranked Wyoming as the most tax friendly state in the U.S. Other noted publications regularly list Wyoming as the most business-friendly tax system of any state. Wyoming residents are further rewarded with some of the lowest property taxes in the region, no state tax on retirement income earned from another state, no state gift taxes, no personal property tax on property held for personal use, no state capital gains tax, no tax on individual mineral interest ownership, and no excise tax or intangibles tax.
The legislature works to protect the tax status to continue attracting more businesses to the state and keep it vibrant. Wyoming's ability to provide such benefits to its residents is a product of a resilient economy which is, in large part, driven by a rich mineral revenue base. Our state is noted for budgetary conservatism, budget surplus, and a rich income source from mineral severance taxes, all of which help homeowners and residents appreciate the many assets of living here.
Wyoming also offers some of the best asset protection laws of any state in the nation. These laws are designed to conserve individual and family assets from creditors and a Federal tax system which can deplete family wealth from one generation to the next. Wyoming will allow establishment of trust that can continue for up to 1,000 years, benefiting multiple family generations. Assets within the trust are not subject to Federal estate taxes and the income is not taxed by the State, again because Wyoming does not collect individual income tax or business income tax.
Additionally, Wyoming's Close LLC statute is widely considered the best combination of laws available to protect business owners from lawsuits. The statute is ideally suited to small business owners and family businesses which are a major part of the Wyoming economy. The rules enable the LLC interest owners to retain control under adverse circumstances and take advantage of valuation discounts when transferring ownership interest to others.
Wyoming legislators and homeowners are working together to look out for the best interests of the state’s future, and savvy buyers appreciate these benefits as they consider their options. Well versed in the many nuances of homeownership and investment, Spackmans & Associates invite clients to explore Jackson Hole real estate with experts who appreciate all that the region offers today and for the future.