Domestic asset protection trust planning in Wyoming dates back to 2007, when the state enacted legislation recognizing a form of trust labeled the “Qualified Spendthrift Trust.” A settlor may create a Qualified Spendthrift Trust with a trust instrument appointing a “qualified trustee” for “qualified trust property” if the trust agreement meets the following requirements:[1] The trust agreement stipulates that the …
Wyoming Private Trust Companies – An Overview
In our discussion on both Wyoming Qualified Spendthrift Trusts and Wyoming Domestic Asset Protection Trusts, I explained that you need the services of a qualified trustee. The term “qualified trustee” is defined under Wyoming law as (i) any individual who resides in Wyoming or (ii) a person or entity authorized under Wyoming law to act as a trustee if that …