By Mike Eden, Managing Director, First Western Trust, Jackson Hole
As you’re probably realizing, Jackson Hole offers a unique opportunity for real estate investors, residents and business owners when it comes to local investing, lending, Wyoming Trusts and tax laws. And, given recent tax laws, these rules have changed again. If you haven’t consulted a Jackson Hole lender or financial planner recently, now might be the time.
At First Western Trust, we have a team of professionals who live here in Jackson so we can look at your entire financial picture based on the local market before recommending a solution. Our clients often have complex and sophisticated financial situations, and probably similar to you, their financial plan doesn’t fit into a specific box. The local team at Jackson Hole includes Certified Financial Planners and Private Bankers who are all committed to taking a deeper look at a client’s financial picture to ensure that we are offering the best possible solution for the Wyoming market. Our ConnectView® approach represents an understanding of a simple financial truth: every financial decision—every investment, real estate holding, trust, or philanthropic endeavor—connects. It’s a belief that when one of these financial realities changes, no matter how small, it affects others.
For example, this past year, our team worked with many clients on new tax laws and how to structure their loan to maximize deductions. The new tax law made changes to how mortgage interest deductions were applied, and we helped many people find mortgage solutions that worked best for them. These solutions might include placing a mortgage on a second home rather than foregoing the interest deduction on a home equity loan. Moreover, interest-only mortgages have proven to be a desirable outcome for primary and secondary homeowners looking for some flexibility.
We’ve also worked with many clients to help them determine how to create asset protection through a Wyoming Trust. Wyoming is one of the only states that has enacted statutes to provide asset protection benefits through a “self-settled trust.” These trusts allow you to both create the trust and be a beneficiary. A self-settled trust also protects you and your beneficiaries from the claims of creditors, which helps ensure that your wealth is passed on in the way you intended.
Sure, you can hire another lender or wealth management advisor but make sure they have a good understanding of our Jackson market. Our planning perspective and local team make First Western a great choice to serve all of your financial needs in Jackson Hole. As a fiduciary company, we have a strong obligation to provide the right solutions whether it is private banking, trust services, wealth management, retirement services or lending. We believe that we have developed a unique private banking process that best serves the Western Wealth Management Client. Through our relationship-based team approach, we work closely with our clients to become trusted advisors to develop a customized financial plan that supports all areas of your life.
Backed by our team of experts in Denver, our mission is to provide outstanding service and products to the people of Jackson and the greater Yellowstone area.
Feel free to schedule a complimentary ConnectView® consultation with Mike Eden, Managing Director in Jackson Hole. Connect with Mike here.
