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re: I'm about to inherit some Standard Oil stock from my grandparents.
Posted on 10/2/17 at 9:49 pm to TigerTatorTots
Posted on 10/2/17 at 9:49 pm to TigerTatorTots
I would say if the shares are in an Edward Jones account, they have already been converted to XOM.
Posted on 10/2/17 at 10:24 pm to whit
Absent extenuating circumstances, such as a pre-nup or a previous existing court order, any asset that comes to a couple during the life of the marriage has 50/50 shared ownership in Louisiana due to our community property laws.
Eta: that's the general rule. There are always exceptions depending on specific circumstances.
Eta: that's the general rule. There are always exceptions depending on specific circumstances.
This post was edited on 10/2/17 at 10:46 pm
Posted on 10/2/17 at 11:05 pm to LSURussian
quote:
Absent extenuating circumstances, such as a pre-nup or a previous existing court order, any asset that comes to a couple during the life of the marriage has 50/50 shared ownership in Louisiana due to our community property laws.
The general rule does not hold in this instance.
LINK
According to LA Civil Code Article 2341:
quote:
The separate property of a spouse is his exclusively. It comprises: property acquired by a spouse prior to the establishment of a community property regime; property acquired by a spouse with separate things or with separate and community things when the value of the community things is inconsequential in comparison with the value of the separate things used; property acquired by a spouse by inheritance or donation to him individually; damages awarded to a spouse in an action for breach of contract against the other spouse or for the loss sustained as a result of fraud or bad faith in the management of community property by the other spouse; damages or other indemnity awarded to a spouse in connection with the management of his separate property; and things acquired by a spouse as a result of a voluntary partition of the community during the existence of a community property regime.
Judging by the facts stated, it appears that this will specified that it was to be given to the children of the grandparents, or to their children (i.e. grandchildren) if the parents are predeceased.
As such, I would think it's clear that the inheritance is to the poster individually and thus separate property.
Also, this is not legal advice. I am not, and will not, be your attorney. No confidentiality, etc and so forth.
Posted on 10/3/17 at 12:04 am to Doc Fenton
Who gave the downvote to Doc? It's answers like his that keeps me coming back to the board.
Best board on TigerDroppings.
Best board on TigerDroppings.
Posted on 10/3/17 at 5:37 am to bbrownso
quote:
property acquired by a spouse with separate things or with separate and community things when the value of the community things is inconsequential in comparison with the value of the separate things used;
this part I find interesting, can anyone elaborate exactly what this means, or exactly what are "seperate things"?
Posted on 10/3/17 at 6:56 am to cave canem
quote:
property acquired by a spouse with separate things or with separate and community things when the value of the community things is inconsequential
quote:
this part I find interesting, can anyone elaborate exactly what this means, or exactly what are "seperate things"?
Separate (spelled with two A's because there is "a rat" in separate) things are separate property, such as cash or stock you owned before you got married, land you inherit, etc.
If you use your separate property (inherited stock) to acquire something else (hunting camp), the new item is also/still separate property. The rule applies even if you used $300 of community money (an inconsequential amount compared to value of camp; it's a nice one) to pay the appraiser.
If you use your inherited stock to put a down payment on the camp, finance the balance, and use community income to make the mortgage payments, you screwed up. You have either commingled separate and community and made the whole camp community, or you will need a CPA and two divorce lawyers to sort it out. This is the kind of dumb shite that many people do to screw themselves out of their separate property.
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