SB 1904 Summary

• Amends the Family Wealth Preservation Trust Act (31 O.S. 2011, Sections 11-12) to modify definitions and exemptions related to preservation trusts in Oklahoma.

• Clarifies the definition of "Oklahoma assets" to include stocks, bonds, and other interests in Oklahoma-based companies without reference to assets owned by those companies.

• Removes the $1,000,000 aggregate fair market value cap on contributions to preservation trusts, allowing unlimited contributions while maintaining asset protection from creditors.

• Preserves existing protections that exempt trust corpus and income from attachment and execution, with the exception remaining only for child support judgments.

• Becomes effective November 1, 2014.