What can one of these trusts do for me that a Wyoming LLC cannot, or, why do they compliment each other?
As with all statutory entities, a Wyoming LLC carries with it all the limitations and responsibilities of any statutory entity. Even though Wyoming, New Mexico, and Nevada are three of the best states in which to incorporate, to maximize privacy and minimize taxes, they still nevertheless are subject to the whims of the legislature. Are you thinking short term or long term? If you want to leave a legacy for future generations, how do you know the state in which you have incorporated will not have changed all its laws by then?
With a NLT, it goes on generation after generation. It can be renewed every 21 years. It transcends the changing whims of governmental legislation. It is impervious to the changing policies of congresses and parliaments. It is based on principles that are timeless and can never become extinct. This is the very best of long-term thinking.
In addition, an LLC owes fees once a year. What if those fees are not paid? The LLC can be shut down. Not so with the NLT. The NLT never owes any fees for its existence to anyone or anything.
Further, LLCs have to file tax returns. They may or may not owe any taxes, but they have to report. Even tax exempt 501(c)3s have to file. It’s like they’re saying, “O dear Mr. Taxman, I hereby bow at your feet. Here is every penny that came in and every penny that went out. Is that okay? Can I be approved to exist another year?”
Any statutory entity, no matter how friendly the jurisdiction may be, can be interfered with or terminated by the state that sponsored it, for any reason at any time. And you are asking “What can one of these trusts do for me that a Wyoming LLC cannot?”