Fully developed speckle has been used previously to estimate the out-of-plane motion of ultrasound images. However, in real tissue the rarity of such patterns and the presence of coherency diminish both the precision and the accuracy of the out-of-plane motion estimation. In this paper, for the first time, we propose a simple mathematical derivation for out-ofplane motion estimation in which the coherent and non-coherent parts of the RF echo signal are separated. This method is based on the Rician-Inverse Gaussian stochastic model of the speckle formation process, which can be considered as a generalized form of the K-distribution with richer parameterization. The flexibility of the proposed method allows considering any patch of the RF echo signal for the purpose of displacement estimation. The experimental results on real tissue demonstrate the potential of the proposed method for accurate out-of-plane estimation. The underestimation of motion in ex vivo bovine tissue at 1 mm displacement is reduced to 15.5% compared to 37% for a base-line method.