Paragraph.TextboxTightWrap (Word)

Returns or sets a WdTextboxTightWrap constant that represents how tightly text wraps around shapes or text boxes. Possible return values are wdTightAll - Wraps text around the text box tightly to the contents of the text box on all lines, wdTightFirstAndLastLines - Wraps text tightly only on first and last lines, wdTightFirstLineOnly - Wraps text tightly only on the first line, wdTightLastLineOnly - Wraps text tightly only on the last line, wdTightNone - Does not wrap text tightly around the contents of a text box.

ActiveDocument.Lists(1).ListParagraphs(1).TextboxTightWrap = wdTightAll