Client Question: What Should I Do With an Inherited IRA?

Month: June 2026

Posted on

Published June 23, 2026

At a Glance

  • Your first move isn’t a financial decision — it’s identifying which type of beneficiary you are. That one fact sets every deadline and withdrawal rule that follows.
  • The “10-year rule” is the trap most heirs never see coming. Many non-spouse beneficiaries must empty an inherited IRA within ten years — and if the original owner was already taking required withdrawals, you may owe them each year along the way.
  • Move deliberately, not quickly. A rushed lump-sum withdrawal can hand a large share of the inheritance to the IRS in a single tax year. The right sequence, not the fastest one, is what protects the money.

Few financial events arrive as tangled up with emotion as an inheritance. When a parent or a spouse leaves you an IRA, you are handed a meaningful gift and a stack of unfamiliar rules in the same breath — and some of those rules carry deadlines you can trip over without ever knowing they were there. Some version of this question reaches me a few times a year, usually a few weeks after a loss, and it almost always opens the same way: “I inherited an IRA. What am I supposed to do with it?”

The honest answer is that it depends on who you are to the account. Once we settle that, the path gets a great deal clearer. Here is how I walk clients through it.

First, figure out what kind of beneficiary you are

Before you touch the money, you need to know your status, because the rules around withdrawals and timing change depending on it. The IRS sorts heirs into a few categories — and which one you fall into drives everything that comes next.

Beneficiary type Who you are General withdrawal timeline
Designated beneficiary Named on the account, but not in the eligible group below (often an adult child). Empty the account within 10 years.
Eligible designated beneficiary A surviving spouse, a minor child of the owner, someone no more than 10 years younger, or someone chronically ill or disabled. Usually exempt from the 10-year rule; can stretch withdrawals over your own life expectancy.
Nondesignated beneficiary Not named on the account; you inherit it through a will or the estate. Five years, or continued annual withdrawals — depending on the owner’s age at death.

Most of the people who ask me this question turn out to be designated beneficiaries — an adult child who inherited a parent’s IRA — which means the 10-year rule is usually the part that matters most. We’ll come back to it.

One deadline that’s easy to miss

There’s an early trap worth flagging before we go further. If the person you inherited from was already taking required minimum distributions (RMDs) — the mandatory withdrawals that begin at age 73 — their withdrawal for the year of death still has to come out by December 31 of that year. If it doesn’t, the IRS can assess a 25% penalty on the amount that should have been withdrawn. It’s one of the first things I check, because the clock is often already running by the time we talk.

Your four options

Once you know your status, you generally have four paths. Which one fits depends on your tax picture, your timeline, and what the money is ultimately for.

1. Disclaim it

You can refuse the inheritance — for instance, if accepting it would push you into a higher tax bracket and another family member is better positioned to receive it. A disclaimer has to be made within nine months of the owner’s death, after which the IRA passes to an alternate beneficiary or to the estate. It’s an uncommon move, but a powerful one in the right circumstances — usually as part of a deliberate, family-wide tax plan rather than a snap decision.

2. Take a lump sum

You can withdraw everything at once. With a traditional IRA, the entire amount lands on your tax return as ordinary income that year, which can quietly bump you into a higher bracket and inflate everything from your Medicare premiums to your capital-gains rate. With a Roth IRA the withdrawal is generally tax-free — provided the account has been open at least five years, otherwise a 10% penalty can apply. The money is yours either way; the real question is what it costs you to take it all in a single year, and whether spreading it out would keep more of it in your pocket.

3. Withdraw over time

Often the more tax-efficient route: leave the assets in an inherited IRA, where they keep growing tax-deferred, and draw them down on a schedule. This is the path where the 10-year rule lives — and because the timing differs by beneficiary type, it deserves its own breakdown, just below.

4. Roll it into your own IRA

This option belongs to surviving spouses only. You can move the assets into an IRA in your own name and treat them as though they had always been yours — frequently the simplest and most flexible choice, since it resets you onto the ordinary retirement-account rules. One catch: if the original owner hadn’t taken their required withdrawal for the year, you generally have to take it on their behalf before moving the funds.

The 10-year rule, explained

Since the SECURE Act, most non-spouse beneficiaries can no longer “stretch” an inherited IRA across their lifetime. Instead, how long you have to draw the account down depends on your category. The current distribution rules (IRS Publication 590-B) break down like this:

  • Designated beneficiaries (not in the eligible group) must empty the account within 10 years — the clock starting the year after the owner’s death. If the owner had already begun RMDs, you also have to take an annual withdrawal in each of those years, not just a lump sum at the end.
  • Eligible designated beneficiaries generally escape the 10-year rule and can stretch withdrawals over their own life expectancy. For a minor child who inherits, the 10-year clock starts ticking at age 21.
  • Nondesignated beneficiaries who inherit through an estate face either a five-year deadline or continued annual withdrawals, depending on whether the owner had reached their required-distribution age.

You don’t need to memorize the life-expectancy math — the IRS publishes tables for that, and getting the numbers right is exactly the kind of thing we handle together.

Where people get tripped up

The rules above are knowable, but a few details cause most of the avoidable mistakes I see. The first is treating an inherited IRA like your own and accidentally commingling it with a contributory or rollover IRA. They are legally distinct accounts with different distribution rules, and mixing them creates tracking headaches you do not want. If you are already juggling several retirement accounts and tempted to tidy up, it is worth reading why I usually counsel keeping an inherited account in its own lane.

The second is timing. The year-of-death withdrawal, the 10-year deadline, the five-year Roth aging window — each has a date attached, and the penalties for missing them are steep. These are deadlines worth putting on a calendar the moment the account changes hands.

The third is forgetting that this is an estate-planning moment as much as a tax one. An inherited IRA is a natural prompt to confirm that your own beneficiary designations are current — because the smoothest inheritances are almost always the ones where someone did this work ahead of time.

The bottom line

Inheriting an IRA can feel both meaningful and overwhelming — a reminder that someone cared for you, wrapped in decisions that carry real tax consequences. The most important thing to know is that you don’t have to sort them out alone, and you rarely need to act in a hurry. The early deadlines matter, but most of the choices reward a measured, tax-aware approach over a fast one.

If you’ve recently inherited a retirement account — or you’re the one doing the planning and want to make this easier on the people you love — let’s walk through your situation together before any clocks run out. That’s exactly the kind of question I’m here to help you answer.

Part of TAGStone’s Client Questions series. See also: How Do I Give My Kids a Head Start on Investing?

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Data sources for returns and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources we believe to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes  only  to  reflect  the  current  market  environment;  no  index  is  a directly  tradable investment.  There  may  be  instances  when  consultant  opinions  regarding any fundamental or quantitative analysis do not agree.

The  commentary  contained  herein  has  been  compiled  by  W.  Reid Culp,  III  from  sources  provided  by  TAGStone  Capital,  as well  as  commentary  provided  by  Mr.  Culp,  personally,  and  information independently  obtained  by  Mr.  Culp.  The  pronoun  “we,”  as  used  herein,  references collectively the sources noted above.

TAGStone Capital, Inc. provides this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult your advisor from TAGStone or others for investment advice regarding your own situation.

Posted on

Published June 16, 2026

At a Glance

  • Money scripts aren’t good or bad on their own. Left unexamined, though, they quietly drive how we spend, save, and worry.
  • For each of the four common scripts — status, worship, avoidance, and vigilance — there are practical ways to keep the strengths and loosen the grip of the costs.
  • Lasting change comes from spotting the habit loop and making small, steady adjustments.

In Part 1 of this series, we looked at where our money beliefs come from — the unconscious “money scripts” we absorb early in life and then perform on autopilot as adults. We walked through the four most common ones: money status, money worship, money avoidance, and money vigilance.

Naming the script is the first step. The harder, more rewarding part is deciding what to do about it. None of these patterns is inherently a problem — each carries real strengths alongside its costs. The goal isn’t to erase them. It’s to keep what serves you and loosen the grip of what doesn’t.

Here’s where to start with each.

Managing money status

When self-worth gets tied to net worth, the drive to prove it can show up as overspending, creeping debt, or a constant habit of measuring yourself against others.

The most useful tool here is a pause. Put intentional space between the urge to buy and the act of buying, and use it to ask one question: am I buying this to meet a real need, or to soothe an emotional one? A luxury purchase isn’t wrong — but it’s worth knowing whether it’s moving you toward a goal you care about or just quieting a feeling for an afternoon.

It also helps to remember that we rarely factor in other people’s debt when we size them up. The neighbors you might be tempted to keep pace with may be stretched thinner than they look, carrying more than their lifestyle can actually support. That’s not a race worth winning.

Managing money worship

Money worship is the belief that enough wealth will finally deliver happiness, freedom, or security. Money certainly helps — it can relieve real stress — but the research on whether more money keeps making us happier is genuinely mixed. Some studies suggest well-being levels off once basic needs and a comfortable margin are met; others find it keeps rising, but slowly. What’s consistent is that money alone is a poor engine for lasting contentment.

The practical move is to take money out of the happiness equation on purpose. Redirect some of that energy toward the things that actually produce joy for you — experiences, relationships, a hobby you keep meaning to start, time with people you love, giving back to your community. Get specific about what matters to you beyond the number, then spend your attention there.

Managing money avoidance

Money avoidance often grows from a belief that money is somehow tainted or shameful. It can look like neglected finances, an unopened-statement pile, or guilt around earning and spending.

The fix is built through small, repeated contact:

  • Create a habit. Start with 15 minutes a week — review the budget, check balances, glance at where the money went. The more routinely you engage with your finances, the less intimidating they become.
  • Reframe the tool. Money isn’t good or bad; it’s a tool. Picture what financial security actually lets you do: help the people you love, support causes you believe in, sleep a little easier. Familiarity and a healthier frame slowly replace the shame with a sense of control.

Managing money vigilance

Money vigilance usually produces good habits — diligent saving, low debt, careful planning. Its cost is on the other side: anxiety about spending, and difficulty enjoying what you’ve worked hard to build.

Watch for the signs that vigilance has tipped into something more restrictive:

  • Are you checking your accounts far more than any decision requires?
  • Do you feel guilty spending on things that genuinely improve your life?
  • Are you afraid to spend even when you can clearly afford it and the purchase fits your goals?

Saving matters. So does enjoying the result. Build a little intentional room into your budget for the things that bring you pleasure — and give yourself permission to use it.

Discovering your own script

These four patterns aren’t a complete list, and they aren’t mutually exclusive. Most of us carry a blend, shaped by experience. The work is figuring out which ones pull hardest on you. A few honest questions to sit with:

  • What did my family and community teach me about money? Was it a source of pride, stress, or something we didn’t talk about? Did financial success signal status?
  • What did my circumstances teach me? Scarcity in childhood can leave money feeling like something to hoard or fear. Security can make it feel like safety.
  • What did my culture teach me? In the U.S., talking about money is often taboo — even as the surrounding culture pushes hard toward spending and accumulating.

As you reflect, sort your beliefs into two piles: the ones that have served you well, and the ones that may be holding you back.

Flipping the script

Identifying a script is the beginning, not the finish. Changing one takes ongoing attention and a willingness to try new behaviors.

A good place to start is watching for habit loops. What do you actually do when money crosses your mind? Open a shopping app? Reorganize a drawer to avoid the bank balance? Notice the trigger, the behavior, and the result — bouts of overspending, denied small pleasures you could easily afford, or financial tasks left undone.

Reshaping a money script is a lifelong project. New experiences keep refining how you relate to money, and small adjustments compound into lasting change. If you’ve worked at it and still feel stuck, a financial therapist can help you get underneath the emotions steering your decisions — that’s a real and worthwhile resource, not a last resort.

And as always, we’re here to help however we can. If you’d like to talk through how these patterns show up in your own plan, reach out anytime — we’re always glad to start that conversation.

Related reading

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Data sources for returns and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources we believe to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes  only  to  reflect  the  current  market  environment;  no  index  is  a directly  tradable investment.  There  may  be  instances  when  consultant  opinions  regarding any fundamental or quantitative analysis do not agree.

The  commentary  contained  herein  has  been  compiled  by  W.  Reid Culp,  III  from  sources  provided  by  TAGStone  Capital,  as well  as  commentary  provided  by  Mr.  Culp,  personally,  and  information independently  obtained  by  Mr.  Culp.  The  pronoun  “we,”  as  used  herein,  references collectively the sources noted above.

TAGStone Capital, Inc. provides this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult your advisor from TAGStone or others for investment advice regarding your own situation.

Posted on

Published June 9, 2026

At a Glance

  • Timing is everything. Your Initial Enrollment Period is just seven months around your 65th birthday. Miss it and Part B and Part D surcharges follow you for life.
  • Higher earners, plan ahead. IRMAA surcharges are based on income from two years prior — so decisions before 65 (Roth conversions, capital gains timing) shape what you’ll pay.
  • Medigap vs. Medicare Advantage. For affluent retirees the choice usually turns on access and flexibility over premium — the post lays the trade-offs side by side.

Most people spend decades saving, investing, and planning for retirement. Yet one of the most consequential financial decisions of those years has almost nothing to do with your portfolio. It comes down to a government program, a single birthday, and a deadline you do not want to miss.

The program is Medicare, and the window to enroll opens around your 65th birthday. Signing up on time lets you make full use of the coverage you’ve already paid for — and preserves your flexibility as healthcare becomes a larger line item later in retirement. Here’s what’s worth understanding before that birthday arrives.

The enrollment window — and why timing matters

Medicare was created in 1965 to give older Americans access to affordable healthcare. It isn’t free, but if you or your spouse paid payroll taxes for at least 10 years, you’ve already funded a meaningful share of it — a good reason to claim your benefits as soon as you’re eligible.

Your Initial Enrollment Period runs for seven months: the three months before the month you turn 65, your birthday month, and the three months after. Miss it, and you can face delayed coverage and permanently higher premiums — surcharges designed to discourage people from waiting until they’re sick to sign up. You enroll through the Social Security Administration’s website.

One important exception: if you’re still covered by a current employer’s group health plan (yours or a spouse’s), you may be able to delay enrollment without penalty. Whether that applies depends on the size of the employer and the specifics of the plan, so it’s worth confirming rather than assuming.

The four parts, briefly

Part A — hospital coverage. Covers inpatient hospital stays, skilled nursing care, hospice, and some home healthcare. For most people there’s no monthly premium, because you prepaid it through payroll taxes. You’ll still owe deductibles — $1,736 in 2026 for the first 60 days of a hospital stay, with meaningful copays beyond that. If you’ve paid in over your career, there’s no penalty for delaying Part A — and no real reason to.

Part B — outpatient coverage. Covers doctor visits, the ER, preventive care, lab work, and medical equipment. The standard 2026 premium is $202.90 per month (higher for upper-income households — more on that below), with a $283 annual deductible and a 20% coinsurance on most services. Missing your Initial Enrollment Period adds a permanent 10% surcharge for every full 12 months you delayed.

Part C — Medicare Advantage. Optional plans from private insurers that bundle Parts A and B, often with Part D, and frequently add dental, vision, and hearing. They typically replace Part B’s open-ended 20% coinsurance with fixed copays and a capped annual out-of-pocket maximum. You still pay your Part B premium, plus any additional plan premium — though some Advantage plans charge none.

Part D — prescription drug coverage. Sold through private insurers; the average 2026 premium is about $34.50 per month, with an annual deductible up to $615 depending on the plan. If you already have creditable drug coverage (through a current employer, say), you can delay without penalty. Otherwise, waiting adds a permanent 1% surcharge for every month you go without it.

Medigap: filling the gaps

Medigap policies are supplemental private coverage that pick up out-of-pocket costs left by Parts A and B. They carry higher premiums — sometimes several hundred dollars a month — but they smooth out the unpredictable copays and coinsurance that can otherwise add up.

The timing here is its own trap. Your six-month Medigap enrollment window opens the first month you’re both 65 and enrolled in Part B. Enroll during that window and you cannot be turned down or surcharged for preexisting conditions. Wait, and that protection may disappear. Note, too, that you can have Medigap or Medicare Advantage — not both.

Medigap vs. Medicare Advantage: which fits an affluent retiree?

For families with substantial assets, this choice usually turns on access and flexibility, not the monthly premium. Here’s how the two approaches compare on the factors that tend to matter most at higher levels of wealth:

Feature Medigap (Original Medicare + Supplement) Medicare Advantage (Part C)
Provider access Unrestricted. See any doctor or specialist nationwide that accepts Medicare — no networks. Network-based. Limited to local or regional HMO/PPO networks; a preferred specialist may be out of network.
Care approvals Minimal. Original Medicare rarely requires prior authorization, so physicians drive care decisions. More gatekeeping. Prior authorization is common and can delay specialist care.
Global coverage Usually included. Most Medigap plans cover foreign-travel emergencies up to plan limits. Emergency-only. Typically thin abroad — a gap for frequent international travelers or multi-property owners.
Cost structure Predictable. Higher monthly premium, low cost at the point of care (Plan G still leaves the 2026 Part B deductible of $283). Variable. Lower premium, but copays accrue up to an annual out-of-pocket maximum.
Concierge medicine Compatible. Pairs cleanly with concierge or private-physician memberships. Often friction. Managed-care network rules can conflict with concierge practices.

Comparison reflects how Original Medicare with Medigap and Medicare Advantage generally work; specifics vary by plan. Sources: Medicare.gov; KFF.

For those who prize unrestricted access to specialists and minimal administrative friction — and who can comfortably carry a higher premium — Medigap (often Plan G) tends to be the better fit. Families who prefer a lower premium and don’t mind network rules may still do well with Medicare Advantage. The right answer depends on your health, how much you travel, and how you like to receive care, and it’s worth weighing alongside the rest of your plan.

A note for higher-income households

For many of the families we work with, the standard premiums are only the starting point. Higher-income retirees pay an Income-Related Monthly Adjustment Amount — IRMAA — on top of their Part B and Part D premiums. The surcharge is tiered, and it can add hundreds of dollars a month per spouse at the upper brackets.

The detail that surprises people most: IRMAA looks back two years. Your 2026 premiums are based on the income you reported for 2024. That lag is exactly why the years leading up to 65 matter so much. Decisions about Roth conversions, when to realize capital gains, and how to time large or charitable distributions can ripple into what you pay for Medicare later. It’s one more reason a thoughtful approach to spending and withdrawals pays off, and a conversation worth having well before your enrollment year.

The takeaway

Medicare has a lot of moving parts, and the penalties for getting the timing wrong follow you for life. The good news is that the decisions are manageable with a little preparation. With some advance planning, many retirees can keep their healthcare costs in check even as their medical needs grow — and avoid the avoidable surcharges along the way.

This is one piece of a larger retirement picture that also includes how your accounts are organized and whether your core legal documents are current. If you’re approaching 65 — or helping a parent who is — we’re glad to walk through how Medicare fits into your plan and to coordinate the timing with the rest of your financial life.

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Data sources for returns and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources we believe to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes  only  to  reflect  the  current  market  environment;  no  index  is  a directly  tradable investment.  There  may  be  instances  when  consultant  opinions  regarding any fundamental or quantitative analysis do not agree.

The  commentary  contained  herein  has  been  compiled  by  W.  Reid Culp,  III  from  sources  provided  by  TAGStone  Capital,  as well  as  commentary  provided  by  Mr.  Culp,  personally,  and  information independently  obtained  by  Mr.  Culp.  The  pronoun  “we,”  as  used  herein,  references collectively the sources noted above.

TAGStone Capital, Inc. provides this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult your advisor from TAGStone or others for investment advice regarding your own situation.

Posted on

Published June 2, 2026

At a Glance

  • How we think about money is mostly shaped before we ever start managing any of it — by family, upbringing, and the conversations (or silences) we grew up around.
  • Most of those beliefs fall into four patterns: chasing status, worshiping wealth, avoiding it, or guarding it too tightly. Most of us carry pieces of more than one.
  • Spotting your pattern is the first step to changing it. Part 2 will cover how.

When families come to us, the conversation usually starts with numbers — accounts, balances, projections, tax brackets. But the more time we spend together, the more another conversation surfaces: the one about how each person thinks about money in the first place.

Psychologist Dr. Brad Klontz calls these underlying beliefs our money scripts — unconscious rules about money that we absorb early in life, usually from family, and then carry into adulthood without ever revisiting them. Some serve us well; others quietly steer us off course. Most of us don’t know we’re running them.

“The problem is that we take these beliefs for granted as adults, and we rarely go back and examine them, let alone decide to change them,” Klontz says. “Instead, they’re kind of like an actor’s script in a movie; we just continue to read the lines in our heads…and believe that they’re true, when in fact, they are often quite distorted and limit our success.”

The good news: once you can name your money script, you can decide whether to keep following it.

Why scripts get written in the first place

Most money scripts are inherited. A parent who grew up with scarcity might raise a child who equates spending with danger, hoarding savings they never feel free to use. A household where one big raise or windfall changed everything can produce adults who treat money as the answer to every problem. Research from the UK found that children who were raised in households where spending was secretive were more likely to develop hoarding and other compulsive money habits as adults.

These patterns aren’t character flaws. They’re scripts — written by experience, performed automatically.

The four most common scripts

Klontz and his colleagues have grouped money scripts into four broad patterns. Few people fit neatly into one. Most of us carry pieces of each, with one or two pulling harder than the others.

  • Money status. Self-worth gets tied to net worth. People in this pattern may overspend to project success — the right car, the right address, the right watch. They may round up when describing their income or keep purchases hidden from a spouse. The underlying belief: what I have signals who I am.
  • Money worship. Money is treated as the path to happiness, freedom, and security. The belief that “if I just had more, the problem would go away” keeps the goalposts moving. This script often shows up in high earners who keep working past the point where additional income changes anything — because the script says it should.
  • Money avoidance. Wealth itself is viewed as suspect or even shameful. People with strong avoidance scripts may sabotage their own accumulation, give too much away, or simply refuse to look at statements. Underneath is often the quiet belief that I don’t deserve to have money, or that having it makes someone a worse person.
  • Money vigilance. Money is treated as a tool to be managed carefully. Vigilant savers tend to be frugal, private about finances, and uncomfortable spending on themselves — even when spending is clearly warranted. The strength of this script is discipline. The cost is often a reluctance to enjoy what they’ve worked to build.

These categories sound extreme on purpose. Read straight through, none of them are particularly flattering. But that’s the point — extremes are easier to recognize than nuance. In reality, we likely contain a bit of each of these patterns to varying degrees. Some may pull stronger than others, and some that sound overtly negative may offer strengths. For example, a money vigilant saver might also have a little money status running underneath, which is why the same person who clips coupons all year may also buy the flashier car. Both scripts are operating; both are inherited; both can be examined.

Why this matters for planning

With an understanding of the most common money scripts under your belt, you’re equipped to start keeping an eye out for where echoes of each appear in your own life in positive and negative ways. This identification process is important, because it allows you to move away from tendencies that don’t serve you well and toward those that do. In the second part of this series, we’ll offer strategies for flipping the script on these common behaviors and exploring your own personal money scripts. Stay tuned!

And in the meantime, we’re here to answer questions or offer strategies that can help you better reach your long-term financial goals. Reach out anytime — we’re always glad to start that conversation.

Related reading

How to Have Family Conversations About Money

Spend Better, Not Less: A Guide to Thoughtful Spending

The Power of Purpose in Retirement

Five Behavioral Finance Resolutions for a Better Financial Year

How to Master the Markets by Mastering Ourselves

Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain.

Data sources for returns and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources we believe to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes  only  to  reflect  the  current  market  environment;  no  index  is  a directly  tradable investment.  There  may  be  instances  when  consultant  opinions  regarding any fundamental or quantitative analysis do not agree.

The  commentary  contained  herein  has  been  compiled  by  W.  Reid Culp,  III  from  sources  provided  by  TAGStone  Capital,  as well  as  commentary  provided  by  Mr.  Culp,  personally,  and  information independently  obtained  by  Mr.  Culp.  The  pronoun  “we,”  as  used  herein,  references collectively the sources noted above.

TAGStone Capital, Inc. provides this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult your advisor from TAGStone or others for investment advice regarding your own situation.