Asset protection can be found in many different forms, including insurance, business entities, retirement accounts, homestead exemptions, and asset protection trusts. These varying types of asset protection may be suitable for some individuals, while not suitable for others. The Majors Law Firm, P.C. can help identify and implement those asset protection strategies that may be suitable for the client.
Effective as of July 1, 2007, the Wyoming Legislature enacted legislation permitting individuals to establish asset protection trusts in Wyoming, formally known as a Qualified Spendthrift Trust, which can provide certain protection from creditors, liabilities and judgments. Our office assists clients and attorneys throughout the country with the establishment of domestic asset protection trusts in the State of Wyoming.
The Majors Law Firm, P.C. consults on a daily basis with clients desiring to take advantage of the Limited Liability Protection afforded through the establishment of Limited Liability Companies and Corporations in the State of Wyoming.
Creditor protection is one of the main reasons clients create business entities. Many state statutes only give nominal creditor protection for their business entities; however Wyoming has favorable creditor protection legislation. By way of example, the Wyoming Close LLC gives maximum protection as it mandates by statute that a creditor of a member of an LLC only has the rights of a transferee and that the charging order is the exclusive remedy by which a judgment creditor may satisfy a judgment. Wyoming Statute Section 17-29-503.
On July 1, 2010, the Wyoming Legislature revised the Limited Liability Company Act to provide that the charging order is the exclusive remedy for single member LLC’s. This revision provides additional creditor protection for single member LLC’s, not otherwise provided by other state Limited Liability Company Acts, and enhances creditor protection for Wyoming LLC’s and single member LLC’s.
Wyoming Statute Section 17-29-503. Charging order.