Did you know Teton County residents live in one of the most tax-friendly states in the U.S.?
Wyoming residents do not pay state income taxes, and the state Legislature has created a 1,000-year trust that helps residents protect assets. Wyoming residents enjoy low taxes because of mineral, oil and gas companies extracting coal and natural gas throughout the state which pays considerable severance. This makes Jackson Hole a tax haven for individuals.
Along with no state income tax, the state does not tax real estate transactions, gifts, tangible assets or out-of-state retirement income. The state repealed its estate tax in 2005, and Wyoming law allows the formation of dynasty trust¹ that let people shield their assets for up to 1,000 years.¹ Dynasty Trust – A technique designed to allow its creator to pass wealth from generation to generation without the burden of transfer taxes, including estate and gift tax and the generation skipping transfer tax (GSTT).