Laramie, Wyoming Real Estate: Taking Title as a Trust
By Brenda Whitman, Live in Laramie Real Estate, Broker/Co-Owner, Laramie, Wyoming
(Live in Laramie Real Estate, Laramie, Wyoming)
In Wyoming, you have the choice of taking title of real property as a Trust. The legal and tax implications of setting up a trust are complex and vary widely from state to state. Attorneys and tax experts should always be consulted on the subject of trust.* That being said, the basic premise of a trust is the transfer of ownership to a third party to hold or manage for a beneficiary. There are three main participants in a trust: The Trustor - the creator of the trust The Trustee - The party who holds legal title and is "entrusted" to carry out the purpose of the trust as defined by the Trustor The Beneficiary - The party who benefits from the trust. Any of these parties may be a real person, or a legal entity, such as a ...