8 minute read
Mixology
TIPSY TEMPTATIONS
Glassware: Chilled Cocktail Glass
Method: Combine ingredients into a cocktail shaker and shake with ice. Strain into a chilled cocktail glass. Serve and enjoy.
*Honey Syrup: Combine equal parts honey with hot water and stir till properly mixed.
Ingredients: 2 oz. Plymouth Gin .75 oz. Lemon Juice .5 oz. Honey Syrup*
An old prohibition legend, the creation of the “Bee’s Knees” may be lost to the lore of time. Even without a proper origin story, this cocktail turns out successfully at bars and home bars across the world. The old story goes that lemon and honey were used by speakeasy bartenders as a remedy to the bathtub gin. Today, modern gins make this cocktail sing like a choir of songbirds on a sunny spring Saturday. Here, in keeping with tradition, a bottle of Plymouth Gin (the icon of history founded in 1793) is called as the base. The unique note of green cardamom combined with bright citrus sets the 7 botanicals of Plymouth as an elegant pairing for this spring sipper. Simple and straight forward, using a traditional sour recipe, this cocktail is as classic as it gets: shaken, not stirred, and served in a chilled cocktail glass, ready to go. Did this cocktail take its name from the phrase the “Bee’s Knees,” or did it give rise to it?
Glassware: Rocks Glass
Method: Combine ingredients over ice in a rocks glass. Stir to chill, dilute, and integrate ingredients. Garnish, serve and enjoy.
*Wildflower Honey Syrup: Combine equal parts wildflower honey with hot water and stir till properly mixed.
Ingredients: 2 oz. Redbreast Irish Whiskey (12yr.) .25 oz. Wildflower Honey Syrup* 1 dash Cherry Bitters 1 dash Regan’s Orange Bitters
Garnish: Raspberry and Lemon Peel
According to superstition, the sighting of the first redbreast robin of spring brings eternal wealth, fortune and longevity. No such better story could befit a drink to set an evening on a proper path. The base of this “old fashioned” style cocktail is the iconic and award-winning Redbreast Irish Whiskey. Smooth on the initial palate, robust thought the middle, and soft as velvet on the finish, Redbreast is exactly the type of whiskey needed for a good night or a good flight. Due to the inherent flavors of the base, not much else is needed. A little dash of flavored bitters represents the traditional orange and cherry, while a dash of honey syrup lifts the soft touch of the spirit. This spring raise a toast to the “First Robin” – the bird that you want to see the most.
Glassware: Rocks Glass
Method: Directions: Combine ingredients into a cocktail shaker and shake with ice. Strain over ice into rocks glass, garnish with a float of red wine, serve and enjoy.
*Orange Blossom Honey Syrup: Combine equal parts orange blossom honey with hot water and stir till properly mixed.
Ingredients: 1.5 oz. Martell Blue Swift .5 oz. Pear Liqueur .75 oz. Lemon Juice .5 oz. Orange Blossom Honey Syrup* .25 oz. Orange Juice
Garnish: .5 oz. Float of Red wine and Orange Peel
It isn’t spring without birds all a flutter. This cocktail is inspired from the look of a classic Oriole. It starts with Martell Blue Swift, a VSOP grade cognac, finished in Kentucky Bourbon Barrels. This brandy manages to find its way to a robust flavor of fruits, vanilla and baking spice, while at the same time having a taste as light as if its floating on air. To enhance the depth, the classic flavoring of pear adds rich stone fruit overtures but doesn’t overtake the main spirits. Orange and lemon add a spring zesty tone akin to a bird talking flight into a relaxing spring breeze. Each sense plays; tying them together is the orange blossom honey syrup. After straining over ice, the red wine acts as an accoutrement to counter and balance the corresponding cocktail (and finishes out the black and orange layer of the Oriole bird). Don’t leave this spring “for the birds,” but let the “birds of a feather flock together.” adds the desired kick, for a mix that is somehow refreshing and energizing, much like the song it takes its name from. Make 2020 one to remember, and never hesitate to get the mood right and look a day in the eye and say “Don’t Stop Me Now”.
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MONEY & FINANCE
MONEY SENSE
New tax changes were approved on December 20th of last year and will have an impact on your retirement plans. This was a major change to some of the rules. As in most tax changes, some gave benefits while some took benefits away.
HERE ARE SOME OF THE BENEFICIAL THINGS THAT OCCURRED IN THE TAX CHANGE.
Required Minimum Distributions were changed from starting at age 70.5 to now starting at age 72. This allows people to let their retirement plans grow for an additional year and a half before you are required to withdraw funds from them. The penalty for not pulling out enough funds is still 50% of what you were supposed to withdraw.
THE AGE RESTRICTION ON CONTRIBUTING TO AN IRA WAS REMOVED.
People were not allowed to contribute to an IRA if they were over age 70; the new law allows them to contribute beyond age 70 as long as they meet the income limits if they want to. The Roth IRA’s didn’t have the age restriction before, just the regular IRA’s did. Now you can contribute to your IRA if you have earned income.
BIRTH OR ADOPTION OF A CHILD ALLOWS A $5,000 PENALTY FREE WITHDRAWAL.
You can take out up to $5,000 after the birth or adoption of a child without the 10% penalty. You would still owe income taxes on the distribution, but the 10% penalty would go away. This may not be the best option, but if you need the funds, at least you do not have to worry about the penalty on the first $5,000.
STARTING IN 2021 PART TIME EMPLOYEES WILL BE ELIGIBLE TO PARTICIPATE IN A 401K.
If the employee is at least 21, works 500 hours per year for 3 consecutive years and is not covered under a collective bargaining plan, they will be eligible to participate in a 401K plan. SMALL BUSINESS TAX CREDITS ARE BEING OFFERED TO HELP BUSINESSES COVER EXPENSES.
There is a 50% tax credit to cover the start-up cost of a retirement plan; the credit has a maximum amount of $5,000.
If a retirement plan has auto enrollment there is a new $500 tax credit added on.
Starting in 2021 businesses will be allowed to join together and have a pooled plan provider that will allow many companies to join together. This should save administration expenses due to resources being shared.
GRADUATE STUDENTS AND CARE PROVIDERS CAN QUALIFY FOR AN IRA CONTRIBUTION.
You cannot make a bigger IRA contribution than your compensation amount. Graduate students and post doctor students typically receive stipends that are not considered compensation and do not qualify for an IRA contribution. The new law counts stipends as compensation, and they will be allowed to make an IRA contribution. This change also allows foster care providers to qualify because “difficulty of care” payments will also be considered compensation and they will be allowed to contribute to IRA’s and 401K’s.
HERE IS ONE OF THE POTENTIALLY NEGATIVE CHANGES TO THE ACT.
STRETCH IRA’S FOR NON -SPOUSES ALONG WITH SOME EXCEPTIONS ARE ELIMINATED FOR ANY INHERITED IRA’S STARTING IN 2020 AND BEYOND.
It used to be that a surviving child could stretch out their parent’s IRA account over their lifetime. This mean that a 50-year-old can stretch the value of an inherited IRA for their lifetime and then make their children and grandchildren beneficiaries so they can stretch the account over their lifetime. This creates a legacy for the family, especially if the account is fairly large.
The new tax law eliminates the stretch and makes you pull the funds fully out and pay all of the taxes over a 10-year period. This can create a major amount of tax due and require people expend all of their funds that potentially could have lasted their lifetime. In this situation, the heirs should be cautious not to
spend all of the funds after the 10 years is up. We will be setting up strategies to help the heirs keep as much money as possible after tax to help with their retirement.
The exception to this rule is surviving spouse, minor children, the disabled, chronically ill and anyone not more than 10 years younger than the account owner.
If you want to provide for your children who do not meet the exceptions, there are several strategies that should be explored. These include life insurance, charitable trusts and Roth Conversions.
I hope this gives you a broad overview of the SECURE act. Please feel free to reach out to me to help you plan for non-spouse beneficiaries to your retirement accounts. My email is marcs@ equityplanning.com .
I hope you have a great Spring.
Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.
