Why Wyoming…? That’s Easy!

As state tax burdens continue to increase across the U.S., many taxpayers are considering establishing residency in states, like Wyoming, that have favorable tax climates.

In March, 2013 Wyoming was rated as the top tax-friendly state by Barrons Penta (Barron’s Penta offers advice for families with assets of $5M or more). Residents of Wyoming reap significant tax benefits due to its tax certainty, asset and creditor protection and state budget surplus of $1 billion.

So why else is Wyoming so special? Read on:

• According to a study by 24/7 Wall Street, Wyoming is the 2nd best run state with regards to account debt per capita, budget deficits, unemployment, and median household income

• Wyoming has very progressive estate and tax planning legislation with more to come

• Wyoming has $6.1 billion in their Mineral Trust Fund and nearly $1.3 billion in cash in their Legislative Stabilization Reserve Account

• Wyoming has a AAA credit rating, the highest possible (and better than the Federal Government)

• All Wyoming high school graduates have access to the Hathaway Scholarship, a state program that provides free college tuition to hose who qualify with both merit- and needs

• And if you need more convincing, Wyoming has the lowest beer tax at just 2 cents per gallon.

When compared to higher tax states such as California, New York, Illinois or Maryland (which recently instituted a “rain tax” estimated to cost Marylanders $300 million annually) it becomes clear why Jackson Hole, Wy is experiencing a surge of tax-motivated buyers.

Wyoming Residency… Start with the Tips Below:

A variety of individuals and resources are needed to assist individuals looking to call Jackson Hole home. Stephan Adamson of Gonnella Adamson, PC states “Demonstrating the intent to terminate residency in the old state and establish residency in Wyoming is a fact based analysis and should generally involve the following actions”.

• Maintaining a domicile (preferably one you own) in Wyoming;
• Selling your residence in the former state (or at least downsizing);
• Spending more time in Wyoming than anywhere else;
• Registering to vote (and voting) in Wyoming;
• Registering vehicles in Wyoming;
• Obtaining a Wyoming driver’s license;
• Renewing your passport to re?ect Wyoming;
• Amending estate planning documents to react Wyoming residency;
• Moving financial accounts to Wyoming;
• Moving situs of trusts to Wyoming;
• Engaging in social, civic, and religious organizations in Wyoming;
• Preparing and signing an afdavit of domicile;
• Making charitable donations in Wyoming (consider reducing the charitable
donations in the old state);
• Establishing relationships with a doctor, dentist, accountant, and attorney in
Wyoming; and
• Changing mailing address to Wyoming: financial institutions, magazines,
memberships, clubs, and insurance.

Each state and taxpayer’s circumstances must be analyzed separately to determine the ability and method to avoid state income tax consequences from a state the taxpayer is leaving. A variety of individuals and resources are needed to assist individuals looking to call Jackson home.

Living the Jackson Hole Lifestyle

Of course there will always be people who choose Jackson Hole because it is a beautiful place to live. With its proximity to Yellowstone and Grand Teton National Parks, the surroundings are truly breathtaking. In addition, only 3% of the land in Jackson Hole can be privately owned, assuring the wildlife corridors, open spaces and western character will always remain.

Jackson Hole, WY has direct flights from 12 major cities, making it the easiest Rocky Mountain resort destination for travel. And new for 2104 – Jackson Hole Mountain Resort is named #1 ski resort in all of North America. It is bound to be an incredible year in Jackson.

Package this all together and Jackson Hole becomes nearly irresistible. The certainty, security and quality of life are compelling indeed. Just ask any resident.

12 Direct Flights to Jackson Hole From Top Cities

By: Ed Liebzeit, COO Jackson Hole Sotheby’s International Realty

Jackson Hole is a non-stop flight away! Yes, this is becoming the common theme when people talk about air travel to Jackson Hole.

Getting here will be easier than ever this winter with 12 non-stop flight routes. The formation 11 years ago of the Jackson Hole Air Improvement Resources Board, or as it is better known Jackson Hole AIR or JH AIR, has opened up flight routes across the country.

For the 2013-14 ski season we will have non-stop flights from 12 different airports including new winter flights from JFK, Seattle and Houston. All major airlines–United, Delta, American and Frontier (United Express and Skywest also support Jackson flights for United and Delta) are serving Jackson Hole offering numerous options.

JH AIR works because of strong support from the Jackson Hole business community led by Jackson Hole Mountain Resort along with Grand Targhee and Snow King. The additional support of businesses and especially our Platinum Sponsors who contribute a minimum of $25,000 annually has allowed us to provide revenue guarantees to the airlines that has greatly improved our air service.

Jackson Hole Sotheby’s International Realty is a Platinum Sponsor because we know how important having good flight schedules is and we are committed to helping guests and visitors now and in the future.

The strong relationship between JH AIR and our airline partners has resulted in joint planning and collaboration leading to our additional non-stop flights. This on-going effort has produced more airline seats in and out of Jackson Hole, with an 8% increase this winter compared to last year. That combined with having non-stop flights from 12 airports makes connections easier than ever and greatly simplifies travel for all domestic as well as our international visitors.

Jackson Hole can clearly say it has the best air service of any resort in the west. That combined with Jackson Hole Mountain Resort being named #1 in North America will hopefully make us the destination of choice for vacations and everyone who is even thinking about owning a home or condo in the mountains.

The Historic Bar BC Ranch, Jackson Hole, WY

One of the first dude ranches established in Jackson Hole, the Bar BC Ranch was homesteaded by Mr. Struthers Burt and Dr. Horace Carncross in 1912. Burt, a renowned author, and Carncross, one of the first American students of modern psychology, hailed from Philadelphia and were drawn by a quest for the freedom and adventure of the “Old West.”

As the first dude rancher in Jackson Hole, Struthers also owned a portion of the old JY Ranch, which still exists today as donation to Grand Teton National Park by the Rockefeller family. One of the most famous dude ranches, the Bar BC catered to wealthy and important individuals from New York to San Francisco and from England, France and Canada. The ranch’s upper portion had its heyday in the 1920s and 1930s with 28 hand-built log cabins and a main lodge, providing a romantic stay in the old west with true cowboys, unfenced ranges, kerosene lanterns and songs sung at night around the campfire.

The lower Bar BC Ranch was the actual cattle ranch and hay farm for the operation, as well as a retreat for the owners’ family and friends. Mr. Irving Corse arrived at the Bar BC Ranch in 1920 after finishing Yale University and serving in the First World War. Employed as a ranch hand, he eventually became part owner. He and his wife Margaretta successfully operated the ranch well into the 1960s. It was later purchased and operated as a cattle ranch by former US Senator and Wyoming Governor Cliff Hansen.

Today, the Bar BC Ranch is the top selling luxury ranch property in Jackson Hole. Featuring a limited number of individual ranch parcels chosen for their solitude, vistas, and minimum impact on the environment, this property’s thriving riparian corridor, forests, and meadows shelter an abundance of wildlife species and offers unparalleled recreational opportunities.

With a feeling of seclusion, yet a location that is convenient to the town of Jackson, the airport, and Grand Teton and Yellowstone National Park, today’s Bar BC Ranch blends as beautifully with its surroundings as it does with modern living. And with Jackson Hole rated as the #1 Best Retreat by Barons, the combination of amenities becomes nearly irresistible.

Property Highlights:

– Minutes from the town of Jackson, Jackson Hole Mountain Resort, Manganic Resort and two championship golf courses

– Diverse wildlife migration

– Elevated, unobstructed Teton mountain views

– A short drive to Grand Teton and Yellowstone National Parks

– Private blue-ribbon trout fishing

Wyoming state tax benefits

Limited remaining inventory. www.barbcranch.com