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I'm about to inherit some Standard Oil stock from my grandparents.
Posted by whit on 10/1/17 at 6:09 pm31
It was left to my father in my grandfathers will but my father passed away before my grandfather so it's coming to me now. My question is if my wife is entitled to half if we were to split? We live in Louisiana. TIA
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by TigerTatorTots on 10/1/17 at 6:11 pm to whit
I don't know the answer, but I am curious as to what value Standard Oil stock holds since the company was broken up over 100 years ago
Inheritance is separate property in Louisiana, i.e., not part of the community property regime. So no, half does not automatically belong to her. Now, if you die without a will, that's another story.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by Doc Fenton on 10/1/17 at 6:23 pm to TigerTatorTots
I'd say the most plausible fact pattern is that his grandfather's will was from before 1972, and referred to Standard Oil of New Jersey, which used the Esso brand (and also the Enco & Humble brands) before becoming Exxon. Of the seven sisters from the 1911 split, SONJ had the most reach in the southeastern United States.
EDIT: It still doesn't make a lot of sense as to why it would be coming to him now, unless the will went unchanged for over 45 years.
EDIT2: Fun fact... the Esso brand is still used for gas stations in Germany and Switzerland to this day.
EDIT: It still doesn't make a lot of sense as to why it would be coming to him now, unless the will went unchanged for over 45 years.
EDIT2: Fun fact... the Esso brand is still used for gas stations in Germany and Switzerland to this day.
This post was edited on 10/1 at 6:56 pm
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by whit on 10/1/17 at 6:57 pm to Doc Fenton
Doc I have no clue about any of this. My great grandfather worked for standard oil and passed down his stocks to my grandfather. I'm not sure if it's changed names or what. I actually had no idea I was inheriting this until a few months ago. Succession is complete and I'm going to my grandfathers financial guy this week to sign papers to put the stock in my name.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by GREENHEAD22 on 10/1/17 at 7:04 pm to whit
Congrats on the windfall.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by Doc Fenton on 10/1/17 at 7:10 pm to whit
Fair enough. I'm guessing these are physical stock certificates then, and that ExxonMobil would honor their redemption with the appropriate amount of XOM shares.
Will do. In the succession papers it only list account names. The stock is under Edward Jones. I'm curious as well. I'll find out this week. I'm also inheriting govt bonds they bought in the 70's
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re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by makersmark1 on 10/1/17 at 9:20 pm to whit
Your basis is the price the day you inherited the stock.
So that will help if you don’t like single stock risk.
So that will help if you don’t like single stock risk.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by TigerDeBaiter on 10/1/17 at 10:24 pm to whit
Just curious with this being (likely) an old standard oil paper stock certificate... do you know if he has been receiving dividends?
That’s the first thing I thought of. This should have been converted long ago to receive or reinvest the dividends, though maybe that is still possible. Definitely something you should ask about.
That’s the first thing I thought of. This should have been converted long ago to receive or reinvest the dividends, though maybe that is still possible. Definitely something you should ask about.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by matthew25 on 10/1/17 at 10:47 pm to Doc Fenton
Doc - say SONJ stock was bought on Jan 1, 1972.
100 shares.
How many shares today, and where do you find this info?
100 shares.
How many shares today, and where do you find this info?
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by Doc Fenton on 10/1/17 at 11:28 pm to matthew25
Looking up the 1972 and 1999 changes, it appears that 1972 was just a name change, and 1999 was an acquisition of Mobil using Exxon stock. So it seems that 100 shares of Standard Oil would still be 100 shares of ExxonMobil, that is before incorporating ordinary dividends and splits, which you can do with Yahoo for XOM.
The 1/1/1972 close of XOM is given as $2.35, with an adjusted close of $0.30, so that means that theoretically, 100 shares of Standard Oil at the beginning of 1972, carried through with dividends and splits, should be worth about 100 x ($2.35 / $0.30) = 783 shares of ExxonMobil today (with the latest close being at $81.98). The 783 XOM shares would be worth about $64,218, compared to the $235 worth of 100 SO shares at the beginning of 1972. That works out to a multiple of around 273, or about a 13% geometric mean for nominal annual returns.
I could have made a mistake somewhere though, as I'm not really used to dealing with this type of stuff.
The 1/1/1972 close of XOM is given as $2.35, with an adjusted close of $0.30, so that means that theoretically, 100 shares of Standard Oil at the beginning of 1972, carried through with dividends and splits, should be worth about 100 x ($2.35 / $0.30) = 783 shares of ExxonMobil today (with the latest close being at $81.98). The 783 XOM shares would be worth about $64,218, compared to the $235 worth of 100 SO shares at the beginning of 1972. That works out to a multiple of around 273, or about a 13% geometric mean for nominal annual returns.
I could have made a mistake somewhere though, as I'm not really used to dealing with this type of stuff.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by MasterofTigerBait on 10/2/17 at 10:36 am to whit
Was it testate or intestate?
Testate - depends on the intent of the testator, whether they intended to bequeath to you as an individual or to the community.
Intestate - default rule is seperate property. I'm not sure if there are any exceptions
Testate - depends on the intent of the testator, whether they intended to bequeath to you as an individual or to the community.
Intestate - default rule is seperate property. I'm not sure if there are any exceptions
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by whit on 10/2/17 at 10:46 am to MasterofTigerBait
Testate. The will stated that everything be split between his 3 children and if one of his children are deceased it be passed along to grandchildren(my brother and I).
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by cajuncarguy on 10/2/17 at 3:08 pm to Doc Fenton
If that stock in SO was before the splits then he would get stock in more than just Exxon/Mobil. Chevron and Amaco also possible.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by bayoubengals88 on 10/2/17 at 4:38 pm to whit
Let us know what happens. I'd like to tell my students this story for US HIST
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by Jag_Warrior on 10/2/17 at 7:23 pm to bayoubengals88
I agree. I wouldn't mind seeing this become a sticky, so that we can all find out how it turns out.
Pretty fascinating story.
Pretty fascinating story.
re: I'm about to inherit some Standard Oil stock from my grandparents.Posted by whit on 10/2/17 at 8:06 pm to Jag_Warrior
Guys I don't plan on splitting with the wife I probably could have phrased it a little better. I was genuinely curious But I'll let you guys know in the next couple of days the stock info.
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