HB 1361 - Family Wealth Preservation Trust Act Amendments

• Modifies the definition of "Oklahoma assets" to clarify that stock or equity interests issued by Oklahoma-based companies are considered Oklahoma assets "without reference to assets owned by the Oklahoma-based company."

• Removes the exception that previously allowed attachment of preservation trust funds exceeding $1,000,000 in contributions, providing full protection to trust corpus and income from creditor claims except for child support judgments.

• Requires notice of the date of any transfer of money or property to a preservation trust to be filed in the office of the clerk of Oklahoma County.

• Maintains existing protections for preservation trusts established under Oklahoma law with Oklahoma-based trustees and qualified beneficiaries, ensuring exemption from forced sale and execution.

• Takes effect November 1, 2011.