Change in Value.

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Presentation transcript:

Change in Value

General Rule Appreciation and depreciation are irrelevant.

Securities O’Neill v. Alford – p. 146

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Securities Securities automatically included in gift: Same organization via stock split, stock dividend, redemption, etc. Another organization via merger, consolidation, etc.

Securities Securities automatically excluded from gift: Newly purchased on the market. Newly purchased via purchase options. Acquired through cash dividend reinvestment plan.

Securities Cash dividend Based on who (testator or beneficiary) owns on the accrual date (“record date”). Not when paid or received.

Note 3 – Page 149 Willie (beneficiary of stock) Ethyl (residuary beneficiary) Willie & Ethyl divide equally I don’t know. You should hire a UT grad.

Interest on Unpaid Legacies Begins running at judgment rate one year after death. Property Code § 116.051(3)(A).