You can then drag the new wrap point to the desired position. Each of the wrap points is connected with a small dashed red line. Word displays the wrap points around the picture. Word displays a list of wrapping options. (This tab is visible only if the picture is selected.)
If you want, you can create custom wrapping of text by editing the wrap points so they more closely reflect exactly what you want. When you wrap text around the picture, the wrap points define how close the text can come to the picture.
By default there are four wrap points that surround the perimeter of the picture, forming a rectangle. When you insert a picture in Word, it defines a series of 'wrap points' around the picture.
