(1) Except as otherwise provided in subs.
(2) and (3), appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.
(2) Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of the law relating to fraudulent conveyances.
(3) For purposes of this subchapter, if the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated as a general power of appointment.