What does fwpt mean

If and when that day comes, it will be important to have previously designed your fences to meet your unique needs. One size does not fit all. It is necessary that your fences are erected prior to the need for protection to avoid any allegations of fraudulent transfer. It is also important to understand that some assets must continue to reside with you outside your fence. If an FWPT is tested, a creditor will be more likely to break through the fence if you do not have sufficient assets outside the fence to support yourself.

The recent changes to the FWPT statute give us better materials to build even stronger fences. If you currently have an FWPT, it would be wise for an attorney to review the trust in light of the new legislation as well as recent case law in other states. Whenever Trust Company of Oklahoma is named as trustee, we will take an active role in both the creation and management of the FWPT, including any underlying LLC or other entity that is a trust asset.

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