HB 1361 Summary

• Modifies the definition of "Oklahoma assets" in the Family Wealth Preservation Trust Act by clarifying that equity or debt interests in Oklahoma-based companies do not require reference to assets owned by those companies.

• Removes the $1 million exception that previously allowed creditors to attach trust funds exceeding that threshold, providing broader asset protection for preservation trusts.

• Requires notice of the date when money or property is transferred to a preservation trust to be filed with the Oklahoma County clerk's office.

• Maintains existing protections for preservation trust assets against attachment or execution, except for child support judgments, and clarifies that mortgages and security interests on transferred assets remain valid.

• Takes effect November 1, 2011.